3  3 


SECRETARY  OF  THE  TREASURY 


UNITED  STATES, 


IN  OBEDIENCE  TO  THE  ACT  OF  MAY  10,  1800, 


"  SUPPLEMENTARY   TO  THE   ACT.   ENTITLED    '  AN  ACT  TO   ESTABLISH  THE   TnEAStT.V   DEPARTMENT. '  ** 


TO    WHICH   ARE    PREFIXED 


THE  REPORTS  OF  ALEXANDER  HAMILTON, 


PUBLIC  CREDIT,  A  NATIONAL  BANK,  MANUFACTURES, 


THE  ESTABLISHMENT   OF  A  MINT. 


VOL.    II. 


WASHINGTON: 

PRINTED  BY  BLAIR  &  RIVES. 
1837. 


Stack 
Annex 

50129€ 


TABLE   OF  CONTENTS. 


Page. 

Report  by  Mr.  Dallas  on  the  Finances  -  December,  1815  5 

Report  by  Mr.  Crawford  on  the  Finances  December,  1816  73 

Report  by  Mr.  Crawford  on  the  Finances  -.          -                      December,  1817  8§ 

Report  by  Mr.  Crawford  on  the  Finances  .-           ~-jt                  November,  1818  110 

Report  by  Mr.  Crawford  on  the  Finances  -      rrVy       December,  1819  144 

Report  by  Mr.  Crawford  on  the  Finances  December,  1820  167 

Report  by  Mr.  Crawford  on  the  Finances  -                                  December,  1821  198 

Report  by  Mr.  Crawford  on  the  Finances  -                                  December,  1822  217 

Report  by  Mr.  Crawford  on  the  Finances  -                                  December,  1823  247 

Report  by  Mr.  Crawford  on  the  Finances  -                        December,  1824  276 

Report  by  Mr.  Rush  on  the  Finances     -  December,  1825  312 

Report  by  Mr.  Rush  on  the  Finances     -  December,  1826  353 

Report  by  Mr.  Rush  on  the  Finances     -  December,  1827  388 

Report  by  Mr.  Rush  on  the  Finances     -  -                                  December,  1828  439 

Report  by  Mr.  Crawford  on  the  state  of  the  Currency  of  the  United  States,  in  1820  481 


.    - 


•  i*»;»r,8f-. 

1-"''  REPORTS 

OP  THE 
SECRETARY  OF  THE  TREASURY  OF  THE  UNITED  STATES. 


REPORT  ON  THE  FINANCES. 

DECEMBER,  1815. 

In  obedience  to  the  acts  entitled,  respectively,  "  An  act  to  establish  the 
Treasury  Department,"  and  "  An  act  supplementary  to  the  act  entitled  '  An 
act  to  establish  the  Treasury  Department,'  "  the  Secretary  of  the  Treasury 
has  the  honor  to  lay  before  Congress  the  following  report:  comprehending, 

1.  A  cursory  review  of  the  financial  operations  of  the  Government,  in 
reference  to  the  recent  state  of  war  : 

2.  A  view  of  the  finances  for  1815,  with  estimates  of  the  public  revenue 
and  expenditures  for  1816 : 

3.  Propositions  for  the  improvement  and  management  of  the  revenue, 
and  for  the  support  of  public  credit. 

I.  A  cursory  review  of  the  financial  operations  of  the  Government,  in 
reference  to  the  recent  state  of  war. 

In  order  to  introduce  to  the  consideration  of  Congress,  with  advantage, 
the  measures  which  will  be  respectfully  suggested  for  replacing  the  finances 
of  the  United  States  upon  the  basis  of  a  peace  establishment,  a  review 
of  the  financial  operations  of  the  Government,  in  reference  to  the  recent 
state  of  war,  appears  to  be  a  necessary  preliminary. 

The  restrictive  system,  which  commenced  in  the  year  1807,  greatly  di- 
minished the  product  of  the  public  revenue  ;  but  it  was  not  until  the  crisis 
involved  an  actual  declaration  of  war,  that  the  augmentation  in  the  expenses 
of  the  Government  became  obvious  and  important.  With  the  occasional 
aid  of  temporary  loans,  the  ordinary  receipts  of  the  Treasury  had  exceeded 
the  ordinary  expenditures,  even  during  a  period  of  a  suspended  commerce;  ( 1 ) 
and  a  report  from  this  department,  presenting  the  estimates  for  the 
year  1812.  seems  to  have  given  the  first  intimation  that  the  portion  of  ex- 
traordinary expenses  to  be  incurred  for  the  military  and  naval  service,  on 
account  of  the  then  existing  state  of  the  country,  would  raise  the  demands 
upon  the  Treasury  to  a  considerable  amount  beyond  the  estimated  product 
of  the  current  revenue.  (2)  The  ordinary  disbursements  for  the  year  end- 
ing on  the  30th  September,  1811,  were  stated  as  amounting  to  the  sum  of 
$13,052,657  73  ;  and  the  ordinary  receipts  for  the  same  year  were  stated 
as  amounting  to  the  sum  of  $13.541,446  37,  independent  of  a  temporary 
loan,  (raised  in  1810,  and  repaid  in  1811,)  as  well  as  of  the  balances  in 
the  Treasury  at  the  commencement  and  the  close  of  the  year.  But  the 

(1)    See  the  annexed  table  A,  exhibiting  a  statement  of  the  gross  annual  receipts  and 
disbursements  of  the  Treasury,  from  the  year  1791.  to  the  year  1812. 

(•2)    See  the  annual  report  of  the  Secretary  of  the  Treasury,  dated  the  22d  ^"ov.  1811. 


6  REPORTS  OF  THE  [1815. 

estimates  for  the  year  1812  required,  on  account  of  the  current  expenses, 
the  sum  of  $9,400,000— 

For  the  civil  and  diplomatic  departments      -  $1 ,260,000  00 
For  the  military  department,  (including  the 
militia,  the  Indian  department,  the  charge 
of  arsenals,  army,  and  ordnance,  <fcc.)       -    3,415,000  00 
For  the  naval  department    -  -     2,500,000  00 

And  for  the  interest  on  the  public  debt          -     2,225,000  00 

$9,400,000  00 

And  the  subsisting  revenue  to  meet  these  expenses  was 
estimated  at  the  sum  of  $8,200,000 ;  proceeding — 
From  the  customs    -  -  -  $7,500,000  00 

From  the  sale  of  public  lands  600,000  00 

And  from  miscellaneous  payments   -  100,000  00 

8,200,000  00 


Leaving  a  deficit,  for  which  it  was  proposed  to  provide  by  a 

loan,  amounting  to  the  sum  of      -  $1,200,000  00 

Such  were  the  limited  objects  of  expense,  and  such  the  limited  means  of 
supply,  at  the  commencement  of  the  year  in  which  war  was  declared.  An 
increase  of  the  expense,  and  a  diminution  of  the  supply,  must  have  been 
anticipated,  as  the  inevitable  consequences  of  that  event ;  but  the  Govern- 
ment reposed  with  confidence  for  all  the  requisite  support  upon  the  untried 
resources  of  the  nation,  in  credit,  in  capital,  and  in  industry.  The  confi- 
dence was  justly  reposed ;  yet  it  may,  perhaps,  be  considered  as  a  subject 
for  regret,  and  it  certainly  furnishes  a  lesson  of  practical  policy,  that  there 
existed  no  system  by  which  the  internal  resources  of  the  country  could  be 
brought  at  once  into  action,  when  the  resources  of  its  external  commerce 
became  incompetent  to  answer  the  exigencies  of  the  time.  The  existence 
of  such  a  system  would  probably  have  invigorated  the  early  movements  of 
the  war ;  might  have  preserved  the  public  credit  unimpaired  ;  and  would 
have  rendered  the  pecuniary  contributions  of  the  people  more  equal  as  well 
as  more  effective.  But,  owing  to  the  want  of  such  a  system,  a  sudden  and 
almost  exclusive  resort  to  the  public  credit  was  necessarily  adopted,  as  the 
chief  instrument  of  finance.  The  nature  of  the  instrument  employed  was 
soon  developed ;  and  it  was  found  that  public  credit  could  only  be  durably 
maintained  upon  the  broad  foundations  of  public  revenue. 

On  the  opening  of  the  session  of  Congress,  in  November,  1811,  the  legis- 
lative attention  was  devoted  to  the  organization  of  the  military  and  naval 
departments,  upon  the  enlarged  scale  of  a  war  establishment ;  so  that  the 
appropriations  for  this  purpose  far  exceeded,  in  a  short  time,  the  estimates 
and  the  resources  of  the  Treasury,  as  they  have  been  already  described. 
Ways  and  means  were  therefore  provided  to  meet  the  extraordinary  de- 
mands thus  created  ;  but  they  were  derived  exclusively  from  the  operations 
of  foreign  commerce  and  of  public  credit. 

1.  The  Mediterranean  fund  was  at  first  continued,  until  the  4th  of  March, 
1813,  and  afterwards  until  March,  1815,  (when  it  became  extinct,)  affording 
an  additional  duty  of  2^  per  cent,  ad  valorem,  on  all  imported  goods  paying- 
duties  ad  valorem ;  ancT  a  discriminating  duty  of  10  per  cent,  upon  that  ad- 
ditional duty,  in  respect  to  ail  goods  imported  in  vessels  not  of  the  United 
States.  (3) 

(3)  See  the  act  of  the  25th  March,  1804 :  7  vol.  133 ;  and  the  31st  January,  1812:  11  vol. 
28 ;  and  the  act  of  the  27th  February,  1813 :  11  vol.  401. 


1815.]  SECRETARY  OF  THE  TREASURY.  7 

2.  There  were  imposed  an  additional  duty  of  100  per  cent,  upon  the  per- 
manent duties  on  goods  imported  into  the  United  States  from  any  foreign 
place  ;  a  discriminating  duty  of  10  per  cent,  upon  that  additional  duty,  in 
respect  to  all  goods  imported  in  vessels  not  of  the  United  States ;  and  an 
additional  duty  of  $]   50  per  ton  (the  previous  duty  being  at  the  rate  of  50 
cents  per  ton)  upon  all  vessels  belonging  wholly  or  in  part  to  the  subjects 
of  foreign  powers.     But  the  continuance  of  the  act  being  limited  to  the  ex- 
piration of  one  year  after  the  conclusion  of  the  peace,  these  additional  duties 
will  cease  on  the  17th  of  February,  1816.  (4) 

3.  An  authority  was  given  to  raise,  by  loan,  a  sum  not  exceeding  11.000,000 
dollars,  and  to  create  stock  for  the  amount,  bearing  interest  not  exceeding 
the  rate  of  6  per  cent,  per  annum,  and  reimbursable  at  any  time  after  the 
expiration  of  twelve  years  from  the  1st  of  January,  1813.  The  payment  of  the 
interest,  and  the  redemption  or  the  purchase  of  this  stock,  are  charged  upon 
the  sinking  fund.  (5) 

4.  And  an  authority  was  given  to  issue  Treasury  notes,  for  a  sum  not  ex- 
ceeding $5,000,000,  bearing  interest  at  the  rate  ot  5§  per  cent,  per  annum, 
and  reimbursable  at  such  places,  respectively,  as  should  be  expressed  on  the 
face  of  the  notes,  one  year  after  the  day  on  which  the  same  shall  have  been 
issued.     The  notes  were  declared  to  be  receivable  in  payment  of  all  duties 
and  taxes  laid  by  the  United  States,  and  all  public  land  sold  by  their  au- 
thority ;  and  the  payment  of  the  interest,  and  the  redemption  or  the  purchase 
of  these  notes,  were  charged,  like  the  funded  debt,  upon  the  sinking  fund.  (6) 

The  effect  of  the  additional  ways  and  means  provided  by  Congress,  from 
time  to  time,  during  the  late  war,  may  readily  be  traced.  From  the  report 
dated  the  1st  of  December,  1812,  it  appears,  that  the  actual  receipts  into  the 
Treasury,  during  the  year  ending  on  the  30th  of  September,  1812,  including 
a  portion  of  the  loan,  and  of  the  issue  of  Treasury  notes,  amounted  to  the  sum 
of  $16,782,159  40,  (almost  double  the  amount  of  the  previous  estimate,) 
and  that  the  actual  disbursements  for  the  same  year  amounted  to  the  sum  of 
$18,368,325  07,  (which  was  almost  double  the  amount  of  the  previous 
estimate,)  independent  of  the  balances  in  the  Treasury  at  the  commence- 
ment and  the  close  of  the  year,  (7)  But  the  estimates  for  the  year  1813  re- 
quired, on  account  of  the  accumulating  expenditures,  a  sum  of  $31,925,000. 
For  the  civil  and  diplomatic  departments  -  -  $1.500,000- 

For  the  military  department  -  -       17,000,000 

For  the  naval  department  4,925,000 

And  for  the  interest  and  reimbursement  of  the  principal  of 
the  public  debt  -  -  -  -        8,500,000 


$31,925.000 

And  the  subsisting  revenue  to  meet  these  expenditures 
was  estimated  at  the  sum  of  $12,000,000:  proceeding, 
From  the  customs  11,500,000 

From  the  sale  of  public  lands,  &c.  500,000 

12.000,000 


(4)  See  the  act  of  the  1st  of  July,  1812:  11  vol.  261. 

(5)  See  the  act  of  the  14th  March,  1812:  11  vol.  72. 
(G)  See  the  act  of  the  30th  June,  1812:  11  vol.  255. 

(7)  See  the  annual  report  of  the  Secretary  of  the  Treasury,  dated  the  1st  of  December,  1812. 


8  REPORTS  OF  THE  [1815, 


Leaving  a  deficit,  for  which  it  was  proposed  to 
provide :    1st,  by  the  outstanding  balances  of  the 
authorized  loan  and  issue  of  Treasury  notes ;  and    •  ,.  •; 
2d,  by  a  new  authority  to   borrow,  and   to    issue 
Treasury  notes  to  the  amount  of  -«V  $19,925,000 

During  the  session  of  Congress  which  commenced  in  November,  1812, 
and  closed  on  the  3d  of  March,  1813,  the  appropriations  for  the  army,  the 
navy,  and  the  other  branches  of  the  public  service,  were  considerably  aug- 
mented ;  but,  without  adverting  to  the  imposition  of  a  small  duty  upon  im- 
ported iron-wire,  (8)  no  new  source  of  revenue  was  then  opened;  but 
additional  aid  was  extended  to  the  Treasury,  by  authorizing  a  repetition,  of 
the  appeal  to  public  credit. 

1.  An  authority  was  given  to  raise  by  loan  a  sum  not  exceeding  16,000,000 
of  dollars,  and  to  create  stock  for  the  amount,  bearing  interest  not  exceeding 
the  rate  of  6  per  cent,  per  annum,  and  reimbursable  at  any  time  after  the  ex- 
piration of  12  years  from  the  1st  of  January,  1814.     The  payment  of  the 
interest,  and  the  redemption  or  purchase  of  this  stock,  are  charged  upon  the 
sinking  fund.  (9) 

2.  And  an  authority  was  given  to  issue  Treasury  notes,  for  a  sum  not 
exceeding  $5,000,000,  absolutely ;  with  a  provisional  authority  to  issue  an 
additional  sum  of  $5,000,000,  to  be  deemed  and  held  to  be  a  part  of  the  loan 
of  $16,000,000  authorized,  as  above  stated,  to  be  raised.     The  notes  were 
to  bear  interest  at  the  rate  of  $5|  per  cent,  per  annum;  to  be  reimbursable 
at  such  places  respectively  as  should  be  expressed  on  the  face  of  them,  one 
year  after  the  day  on  which  they  should  be  issued ;  to  be  receivable  in  pay- 
ment of  all  duties  and  taxes  laid  by  the  United  States,  and  all  public  lands 
sold  by  their  authority;  and  the  payment  of  the  interest,  and  the  redemp- 
tion or  purchase  of  these  notes,  were  charged,  like  the  funded  debt,  upon 
the  sinking  fund.  (10) 

The  necessities  of  the  Treasury  becoming,  however,  more  urgent,  and  the 
reliance  on  the  public  credit  becoming  more  hazardous,  Congress  determined, 
at  a  special  session  which  commenced  in  May,  1813,  to  lay  the  foundation  of  a 
system  of  internal  revenue ;  selecting,  in  particular,  those  subjects  of  taxation 
which  were  recommended  by  the  experience  of  a  former  period,  and  com- 
puting their  general  product  at  the  sum  of  $5,000,000.  (11)  The  continu- 
ance of  these  taxes  being  limited,  at  first,  to  one  year  after  "the  termination 
of  the  war,  they  acquired  the  denomination  of  the  '•  war  taxes;"  but  by  sub- 
sequent laws  almost  all  the  existing  revenues  are  pledged,  with  the  faith  of 
the  United  States,  to  provide  for  the  payment  of  the  expenses  of  Government, 
for  the  punctual  payment  of  the  public  debt,  principal  and  interest,  according 
to  the  contracts,  and  for  creating  an  adequate  sinking  fund,  gradually  to  re- 
duce, and  eventually  to  extinguish,  the  public  debt ;  until  those  purposes 
shall  be  accomplished,  or  until  Congress  shall  provide  and  substitute  by  law, 
for  the  same  purposes,  other  duties,  which  shall  be  equally  productive.  In 
the  session  of  May,  1813 — 

(8)  See  the  act  of  the  25th  of  February,  1813:  tl  vol.  385. 

(9)  See  the  act  of  the  8th  of  February,  1813:  11  vol.  367. 

(10)  See  the  act  of  the  25th  of  February,  1813:  11  vol.  377. 

(11)  See  the  letter  of  the  Secretary  of  the  Treasury  to  the  chairman  -of  the  Committee  of 
Ways  and  Means,  dated  January  10.  1812,  and  the  report  of  the  acting  Secretary  of  the 
Treasury,  dated  June  2d,  1813. 


1815.J  SECRETARY  OF  THE  TREASURY.  9 

1.  A  direct  tax  of  $3,000,000  was  laid  upon  the  United  States,  and 
apportioned  to  the  States  respectively,  for  the  year  1814 ;  and  it  was  after- 
wards subjected  to  the  general  pledge  above  stated.  (12) 

2.  A  duty  of  four  cents  per  pound  was  laid  upon  all  sugar  refined  within 
the  United  States.     The  continuance  of  the  duty  was  limited  to  one  year 
after  the  war  ;  and  as  the  general  pledge  has  not  been  applied  to  it,  the  duty 
will  cease  on  the  17th  of  February,  1816.  (13) 

3.  A  duty  was  laid  upon  all  carriages  for  the  conveyance  of  persons, 
kept  by  any  person  for  his  own  use,  or  to  be  let  out  for  hire,  or  for  the  con- 
veyance of  passengers,  which  was  graduated,  according  to  the  denomination 
of  the  carriage,  from  tiie  yearly  sum  of  twenty  dollars  to  the  yearly  sum  of 
two  dollars.     The  continuance  of  this  duty  was  originally  limited  to  the 
war  ;  but  the  general  pledge  has  been  applied  to  it,  with  some  modifications 
in  the  mode  of  laying  and  collecting  the  duty.  (14) 

4.  A  duty  was  imposed  on  licenses  to  distillers  of  spirituous  liquors, 
which  was  graduated  according  to  the  capacity  of  the  still,  the  time  of  em- 
ploying it,  and  the  materials  consumed.     The  continuance  of  this  duty  was 
originally  limited  to  the  war  ;  but  the  general  pledge  has  been  applied  to  it, 
with  considerable  modifications  in  the  principle  and  provisions  of  the 
law.  (15) 

5.  A  duty  was  laid  on  sales  at  auction,  of  merchandise,  and  of  ships  and 
vessels,  at  the  rate  of  one  per  cent,  of  the  purchase  money  of  goods,  and  of 
twenty-five  cents  for  every  hundred  dollars  of  the  purchase  money  of  ships 
and  vessels.     The  continuance  of  this  duty  was  originally  limited  to  the 
war  ;  but  the  general  pledge  has  been  applied  to  it,  with  a  considerable  ad- 
dition to  the  amount,  and  a  modification  of  the  provisions  of  the  law.  (16) 

6.  A  duty  was  laid  on  licenses  to  retailers  of  wines,  spirituous  liquors, 
and  foreign  merchandise,  graduated  according  to  the  place  of  retailing,  and 
the  nature  of  the  article  retailed.     The  continuance  of  this  duty  was  origin- 
ally limited  to  the  war  :  but  the  general  pledge  has  been  applied  to  it.  (17) 

7.  A  duty  was  laid  on  notes  of  banks  and  bankers,  on  bonds,  obligations, 
or  promissory  notes,  discounted  by  banks  or  bankers,  and  on  foreign  or 
inland  bills  of  exchange  above  fifty  dollars,  and  having  one  or  more  endors- 
ers, graduated  according  to  the  nominal  amount  of  the  instrument.     The 
continuance  of  this  duty  was  limited  to  one  year  after  the  war  ;  and  as  the 
general  pledge  has  not  been  applied  to  it,  the  duty  will  cease  on  the  17th  of 
February,  1816.  (18) 

But  besides  the  direct  tax  and  the  internal  duties,  there  were  added  to 
the  resources  of  the  Treasury,  during  the  sessions  of  May,  1813 — 

8.  A  duty  of  20  cents  per  bushel  upon  all  salt  imported  from  any  foreign 
place  into  the  United  States,  which,  being  limited  to  the  war,  and  not  being 
included  in  the  general  pledge,  will  cease  on  the  17th  of  February,  1816.  (19) 

9.  And  an  authority  to  raise  by  loan  a  sum  not  exceeding  $7,500,000,  and 
to  create  stock  for  the  amount,  reimbursable  at  any  time  after  the  expiration 
of  twelve  years  from  the  1st  of  January,  1814.     The  rate  of  interest  was  not 

(12)  See  die  acts  of  the  22d  of  July,  and  the  2d  August,  1813,  and  9th  January,  1815; 
12  vol.  53.  135.  35. 

(13)  See  the  act  of  the  24th  July,  1813:  12  vol.  88. 

(14)  See  the  acts  of  the  24lh  July,  1813,  and  15th  December,  1814:  12  vol.  101.  12. 

(15)  See  the  acts  of  the  2tth  July.  1813,  and  24th  December,  1814:  12  vol.  105. 18. 

(16)  See  the  acts  of  the  24th  July,  1813,  and  23d  December,  1814:  12  vol.  111.  26. 

(17)  See  the  acts  of  the  2d  of  August,  1813,  and  23d  December,  1814:  12  vol.  184. 2G. 
(IS)  See  the  act  of  the  2d  of  August,  1813 :  12  vol.  204. 

(19)  See  the  act  of  the  29th  of  July,  1813:  12  vol.  127. 


10 


REPORTS  OF  THE 


[1815. 


limited  by  the  law,  but  it  was  provided  that  no  certificate  of  stock  should 
be  sold  at  a  rate  less  than  88  per  cent.,  or  $88  in  money  for  $100  in  stock. 
The  payment  of  the  interest,  and  the  redemption  or  the  purchase  of  this 
stock,  are  charged  upon  the  sinking  fund.  (20) 

The  sources  of  revenue  thus  opened  in  1813  could  not,  however,  be  ex- 
pected to  aid  the  Treasury  until  1814;  and,  accordingly,  in  the  annual  re- 
port from  this  department,  dated  the  Sth  January,  1814.  neither  the  direct 
tax  nor  the  internal  duties  will  be  found  as  an  item  of  the  actual  receipts 
into  the  Treasury  during  the  year  ending  the  30th  of  September,  1813. 
The  amount  of  those  receipts  was  stated  in  the  proceeds  of  the  customs,  of 
the  sales  of  public  lands,  &c.,  at  $13,568,042  43,  and  in  the  proceeds  of 
loans     and     Treasury    notes,    at    $23,976,912  50,    making,    together, 
$37.544,954  93 ;  and  the  actual  disbursements  of  the  same  period  were 
stated  at  $32,928,955  19,  independent  of  the  balances  in  the  Treasury  at 
the  commencement  and  the  close  of  the  year.  (21)  But  the  estimates  for  the 
year  1814  required  a  sum  of  $45,350.000 : 
For  civil,  diplomatic,  and  miscellaneous  ex- 
penses -    $1,700,000 
For  the  payment  of  interest  on  the  old  and 
new  debt,  and  the  instalments  of  the  prin- 
cipal of  the  old  debt                                 -     12,200.000 
For  the  military  establishment                  ;;;-3<    24,550^000 
For  the  naval  establishment                     ?  -       6,900,000 


And  the  subsisting  revenue  to  meet  these  ex- 
penditures was  estimated  at  the  sum  of 
$14,370,000,  proceeding— 

From  the  customs,  and  sales  of  public  lands  $6,600,000 
From  the  internal  duties  and  direct  tax  -  3,500,000 
From  a  balance  of  loans  and  Treasury  notes  4,270,000 


$45.350,000 

'          ' 


14,370,000 


Leaving  a  deficit,  for  which  it  was  proposed  to  provide — 
1st.  By  a  part  of  the  balance  in  the  Treasury  ;  and 
2d.  By  loans  and  Treasury  notes,  amounting  to  -  -  $30,980,000 

For  the  deficit  thus  approaching  the  sum  of  $40,000,000,  the  only  provi- 
sion made  during  the  session  which  commenced  in  December,  1813,  rested 
again  upon  the  public  credit. 

1.  An  authority  was  given  to  issue  Treasury  notes,  for  a  sum  not  exceed- 
ing $5.000,000  absolutely,  with  a  pro  visional  authority  to  issue  an  addition- 
al sum  of  $5,000,000,  to  be  deemed  and  held  to  be  a  part  of  any  loan  which 
might  be  authorized  during  the  session.     The  notes  were  to  bear  interest, 
at  the  rate  of  $5|  per  cent,  per  annum ;  to  be  reimbursable  at  such  places,  re- 
spectively, as  should  be  expressed  on  the  face  of  them,  one  year  after  the 
day  on  which  they  should  be  issued ;  to  be  receivable  in  payment  of  all  du- 
ties and  taxes  laid  by  the  United  States,  and  all  public  lands  sold  by  their  au- 
thority; and  the  payment  of  the  interest,  and  the  redemption  or  purchase  of 
these  notes,  were  charged,  like  the  funded  debt,  upon  the  sinking  fund.  (22) 

2.  And  an  authority  was  given  to  raise,  by  loan,  a  sum  not  exceeding 
$25,000,000,  and  to  create  stock  for  the  amount,  reimbursable  at  any  time 
after  the  expiration  of  twelve  years,  from  the  last  day  of  December,  1814 

(20}  See  the  act  of  the  2d  of  August,  1813 :  12  vol.  200. 

(21)  See  the  annual  Report  of  the  acting  Secretary  of  the  Treasury,  dated  Sth  Jan.  1814. 

(22)  See  the  act  of  the  4th  March,  1814:  12  vol.  276. 


1815.]  SECRETARY  OF  THE  TREASURY.  11 

Neither  the  rate  of  the  interest,  nor  the  price  of  the  stock,  was  limited  ; 

and  the  payment  of  the  interest,  and  the  redemption  or  the  purchase  of  the 

stock,  are  charged  upon  the  sinking  fund.  (23) 

The  embarrassments  of  the  Treasury,  after  the  adjournment  of  Congress, 

in  the  year  1814,  became  extreme.     It  appears  (24)  that  the  disbursements 

during  the  first  half  of  that  year  had  amounted  to  the  sum  of  $19,693,781  27. 
For  the  civil,  diplomatic,  and  miscellaneous  expenses  -  $1,444,762  60 
For  the  military  department  -  11,210,238  00 

For  the  naval  department  -  -  -     4,012,199  90 

For  the  public  debt  -  -    3,026,580  77 

19,693,781  27 

And  the  balance  of  the  appropriations  for  the  same  objects 
of  expenditure,  required  during  the  other  half  of  the 
same  year,  was  stated  at  the  sum  of  -  -  27,576,391  19 

$47,270,172  46 
But  the  actual  receipts  into  the  Treasury,  during  the  first 

half  of  the  year  1814,  had  amounted  to  $19,219,946  33  ; 

proceeding — 

From  the  customs  -     $4,182.088  25 

From  the  sale  of  public  lands,  (including 

those  in  the  Mississippi  Territory,  the 

proceeds  of  which  are  payable  to  the 

State  of  Georgia)  540,065  68 

From  the  internal  duties  and  direct  tax  2,189,272  40 
From  postage  and  incidental  receipts  -  166,744  00 
From  loans  -  9,679,676  00 

From  Treasury  notes  :V*  f  -      2,462,100  00 

$19,219:946  33 

And  it  was  estimated  that  there  would  be 
received  from  the  same  sources  of  reve- 
nue,(includingloans  and  Treasury  notes 
to  the  amount  of  $8.320,000,)  during  the 
other  half  of  the  same  year,  the  sum  of  13.160,000  00 


32,379,946  33 
To  this  amount  add  the  balance  of  the  cash 

in  the  Treasury,  on  the  1st  of  July,  1814,     4,722,639  22 


Arid  the  estimated  aggregate  of  the  funds, 
to  meet  the  demands  on  the  Treasury,  to 
the  close  of  the  year  1814,  was  the  sum  of  -  37,102,585  55 

Leaving  a  deficit  for  the  service  of  1814,  after  absorbing 
all  the  cash  of  the  Treasury,  amounting  to  the  sum  of  -    $10,167,586  91 

To  supply  this  deficit  of  $10,1 67.586  91,  to  provide  an  additional  sum 
for  the  contingencies  of  the  year,  and  to  accelerate  the  fiscal  measures  which 
Were  essential  to  the  prosecution  of  the  war  in  1815,  the  interposition  of 
the  Legislature  was  deemed  indispensable.  The  plan  of  finance,  which 

(23)  See  the  act  of  the  24th  of  March,  1814  :    12  vol.  309. 

(24)  See  the  annual  report  of  the  Secretary  of  the  Treasury,  dated  23d  September,  1814. 


12  REPORTS  OF  THE  [1815. 

was  predicated  upon  the  theory  of  defraying  the  extraordinary  expenses  of 
the  war  by  successive  loans,  had  already  become  inoperative.  The  pro- 
duct of  the  revenues  had  ceased  to  furnish  an  amount  equal  to  the  expendi- 
ture of  the  former  peace  establishment,  with  an  addition 'of  the  interest 
upon  the  debt  contracted  on  account  of  the  war.  And  the  sudden  suspen- 
sion of  specie  payments,  at  the  principal  banks,  established  in  the  different 
States,  (however  it  may  be  excused  or  justified  by  the  apparent  necessity 
of  the  case,)  had  exposed  the  Government,  as  well  as  private  citizens,  to  all 
the  inconveniences  of  a  variable  currency,  devoid  alike  of  national  authori- 
ty and  of  national  circulation.  The  Treasury  could  no  longer  transfer  its 
funds  from  place  to  place,  and  it  became,  of  course,  impracticable  to  main- 
tain the  accustomed  punctuality  in  the  payment  of  the  public  engagements. 

Under  these  circumstances,  the  Congress  was  convened,  by  the  special 
call  of  the  President,  in  September,  1814 ;  when  the  citizens  of  every  occu- 
pation and  pursuit  seemed  eager  to  second  the  legislative  efforts  to  re- 
plenish an  exhausted  Treasury,  and  to  renovate  the  public  credit.  Com- 
merce continued  to  contribute,  perhaps,  to  the  extent  of  its  capacity.  Agri- 
culture, though  suffering  the  want  of  a  vent  for  some  of  its  important  staples, 
was  everywhere  prepared  for  the  requisite  exertion.  Domestic  manufac- 
tures, which  had  scarcely  surmounted  the  first  struggle  for  existence,  yielded 
to  the  patriotic  impulse.  And  the  capital  of  individuals,  in  all  its  variety 
of  form,  offered  a  ready  tribute,  to  relieve  the  necessities  of  the  country. 
Thus,  during  the  session  which  commenced  in  September,  1814,  and  closed 
on  the  3d  of  March,  1815,  the  following  internal  duties  were  increased  in 
their  amount,  the  duties  were  rendered  permanent  and  the  general  pledge 
was  applied  to  them  : 

(1) ,  The  direct  tax  was  raised  to  an  annual  sum  of  $6,000,000,  (25) 

and  it  was  extended  to  the  District  of  Columbia.  (26) 

(2)  The  duty  on  carriages  was  raised,  and  a  duty  on  the  harness  was 
added.  (27) 

(3)  The  duty  on  licenses  to  distillers  of  spirituous  liquors  was  con- 
tinued, and  a  duty  on  the  spirits  distilled  was  added.  (28) 

(4)  The  duties  on  sales  at  auction,  and  on  licenses  to  retail  wines, 
and  spirituous  liquors,  and  foreign  merchandise,  were  raised.  (29) 

(5)  The  rates  of  postage  were  raised  50  per  cent.  (30) 

2.  The  following  new  duties  were  permanently  laid,  and  the  general 
pledge  was  applied  to  them.  But  it  was  at  the  same  time  declared,  that  so 
long  as  the  duties  imposed  on  the  articles  of  domestic  manufacture  should 
continue  to  be  laid,  the  duties  then  payable  on  the  like  description  of  goods, 
imported  into  the  United  States,  should  not  be  discontinued  or  diminished. 

1.  Duties  on  various  articles,  manufactured  or  made  for  sale  within  the 
United  States,  or  their  Territories,  as  specified  in  the  annexed  table, 
marked  B. 

2.  Duties  on  articles  in  use :  (31)  to  wit : 

On  household  furniture,  the  value  in  anyone  family  (with  certain  excep- 
tions.) exceeding  $200  in  money,  according  to  a  scale  graduated  from 
$1  on  a  value  of  $400,  to  $100  on  a  value  of  $9,000. 


(26 
(27 
(28 
(29 
(30 
(31 


See  the  act  of  the  9th  of  January,  1815 :  12  vol.  35. 
See  the  act  cf  the  27th  February,  1815 :  12  vol.  119. 
Seethe  act  of  the  15th  of  December,  1814:  12vol.  r2. 
See  the  act  of  the  21st  of  December,  1814;  12  vol.  18. 
See  the  act  of  the  23d  of  December,  1814 :  12  vol.  2G. 
See  the  act  last  quoted. 
See  the  act  of  the  18th  of  January,  1815 :  12  vol.  65. 


1815.]  SECRETARY  OF  THE  TREASURY.  13 

On  every  gold  watch  kept  for  use,  $2. 

On  every  silver  watch  kept  for  use,  $1. 

But,  besides  establishing  these  sources  of  revenue,  (and  others  were  con- 
templated at  the  period  when  the  treaty  of  Ghent  was  announced,)  Congress 
sought  to  confer  upon  the  Treasury  the  means  of  anticipating  the  collection 
of  the  duties  ;  of  recovering  the  punctuality  of  its  payments  ;  and  of  invit- 
ing the  co-operation  of  the  moneyed  institutions,  and  moneyed  men  of  the 
United  States,  in  plans  for  restoring  a  uniform  national  currency.  With 
these  views,  various  measures  were  sanctioned. 

1.  An  authority  was  given  to  raise,  by  loan,  a  sum  not  exceeding 
83,000.000,  (particularly^destined  to  provide  for  the  expenditures  of  the 
last  quarter  of  the  year  1814,)  and  to  create  stock  for  the  amount,  reimburs- 
able at  any  time  after  the  31st  December,  1814.  No  limitation  was  pre- 
scribed as  to  the  rate  of  interest,  or  the  price  of  the  stock;  but  it  was  de- 
clared, that  in  payment  of  subscriptions  to  this  loan,  or  to  loans  authorized 
by  any  other  act  of  Congress,  it  should  be  lawful  to  receive  Treasury  notes, 
becoming  due  on  or  before  the  1st  of  January,  1815,  at  their  par  value, 
together  with  the  interest  accrued. 

The  payment  of  the  interest,  and  the  redemption  or  the  purchase  of  the 
stock  to  be  thus  created,  were  charged  upon  the  sinking  fund  ;  but  the  act 
contained  these  further  assurances  :  1st,  that  in  addition  to  the  annual  sum 
of  SS;000,000,  heretofore  appropriated  to  the  sinking  fund,  adequate  and 
permanent  funds  should  be  provided  and  appropriated,  during  that  session 
of  Congress,  for  the  payment  of  the  interest  and  the  reimbursement  of  the 
principal  of  the  stock  ;  and  2d,  that  an  adequate  and  permanent  sinking 
fund,  gradually  to  reduce,  and  eventually  to  extinguish,  the  public  debt 
contracted  during  the  war,  should  also  be  established  during  the  same  ses- 
sion of  Congress.  (32) 

2.  An  authority  was  given  to  anticipate  the  collection  and  receipt  of  the 
duties  on  licenses  to  distillers  of  spirituous  liquors,  and  on  distilled  spirits, 
by  obtaining  a  loan  upon  the  pledge  of  the  duties,  to  an  amount  not  exceed- 
ing $6,000,000,  and  at  a  rate  of  interest  not  exceeding  six  per  cent,  per 
annum.  (33)    And  a  similar  authority  was  given  to  raise  a  like  sum,  at  the 
same  rate,  by  the  pledge  of  the  direct  tax.  (34) 

3.  An  authority  was  given  to  issue  Treasury  notes,  for  so  much  of  the 
sums  authorized  to  be  borrowed  under  the  acts  of  the  24th  of  March,  and 
the  loth  of  November,  1814,  as  had  not  been  borrowed,  or  otherwise  em- 
ployed in  the  issue  of  Treasury  notes ;  provided  that  the  whole  amount 
should  not  exceed  the  sum  of  $7,500,000.     And,  by  the  same  act,  an  au- 
thority was  also  given  to  issue  a  further  sum  of  $3,000,000,  to  supply  a 
deficiency  in  the  appropriations  for  the  expenses  of  the  War  Department. 
The  Treasury  notes  issued  under  these  authorities  were,  in  all  respects, 
similar  to  the  prior  issues  of  Treasury  notes  ;  except  that  the  payment  of 
the  interest,  and  the  reimbursement  of  the  principal,  were  not,  as  hereto- 
fore, charged  upon  the  sinking  fund,  but  upon  any  money  in  the  Treasury 
not  otherwise  appropriated.  (35) 

4.  An  authority  was  given  to  issue  and  re-issue  Treasury  notes,  for  a 
sum  not  exceeding  $25,000,000,  upon  principles  essentially  different  from 
the  prior  issues.  (36) 


(32)  See  the  act  of  the  15th  of  Dec.  1814:  12vol.  5. 

(33)  See  last  sec.  of  the  act  of  the  21st  of  Dec.  1814 :  12  vol.  26. 

(34)  See  the  lust  sec.  of  the  act  of  the  9th  of  Jan.  1815 :  12  vol.  56. 

(35)  Sse  the  act  of  the  26th  of  Dec.  1814 :  12  vol.  30. 

(36)  See  the  act  of  the  24th  of  Feb.  1815;  12  vol.  113. 


14  REPORTS  OF  THE  [1815. 

(1.)  These  Treasury  notes  might  be  of  any  denomination.  If  they  were 
of  a  denomination  less  than  $100,  they  were  to  be  payable  to  the  bearer,  to 
be  transferable  by  delivery,  and  to  bear  no  interest.  This  denomination 
has  acquired  the  designation  of  "  small  Treasury  notes."  If  they  were  of 
the  denomination  of  $100  or  upwards,  they  might  conform  to  the  foregoing 
description  ;  or  they  were  to  be  payable  to  order,  to  be  transferable  by  en- 
dorsement, and  to  bear  interest  at  the  rate  of  o2.  per  cent,  per  annum.  This 
denomination  (of  which  only  notes  for  $100  bearing  interest  have  been 
issued)  has  acquired  the  designation  of  "  Treasury  notes  of  the  new  emis- 
sion." 

(2.)  The  principal  and  interest  of  these  Treasury  notes  are  not  payable 
at  any  particular  time  ;  but  the  notes  are  everywhere  receivable  in  all  pay- 
ments to  the  United  States. 

(3.)  The  holders  of  "  small  Treasury  notes"  may  exchange  them  at 
pleasure,  in  sums  not  less  than  $100,  for  certificates  of  funded  stock,  bear- 
ing interest  at  7  per  cent,  per  annum,  from  the  first  day  of  the  calendar  month 
next  ensuing  that  in.  which  the  notes  shall  be  presented  to  the  Treasury  of 
the  United  States,  or  to  a  commissioner  of  loans,  for  the  purpose  of  ex- 
change. 

(4.)  The  holders  of  "  Treasury  riotes  of  the  new  emission"  may  ex- 
change them  at  pleasure,  in  sums  not  less  than  $100,  for  certificates  of 
funded  stock,  bearing  interest  at  6  per  cent,  per  annum,  from  the  first  day 
of  the  calendar  month  next  ensuing  that  in  which  they  shall  be  presented 
to  the  Treasury  of  the  United  States,  or  a  commissioner  of  loans. 

(5.)  The  stock  thus  created,  by  the  exchange  of  Treasury  notes  of  either 
denomination,  is  reimbursable  at  any  time  after  the  3 1st  of  December,  1824, 
and  it  is  charged  upon  such  funds  as  had  been,  or  should  be,  established  by 
law,  for  the  payment  and  reimbursement  of  the  funded  public  debt,  con- 
tracted since  the  declaration  of  war. 

5.  An  authority  was  given  to  raise,  by  loan,  a  sum  not  exceeding 
$18,452,800,  and  to  create  stock  for  the  amount,  reimbursable  at  any  time 
after  the  expiration  of  twelve  years  from  the  last  day  of  December,  1815.  (37) 
Neither  the  rate  of  interest,  nor   the  price  of  the  stock,   was  limited ; 
but  it  was  declared  that  there  might  be  received,  in  payment  of  subscrip- 
tions to  the  loan,  such  Treasury  notes  as  were  actually  issued  before  the 
passing  of  the  act,  and  which  were  made,  by  law,  a  charge  on  the  sinking 
fund.  (38)  And  the  payment  of  the  .interest,  and  the  reimbursement  or  the 
purchase  of  the  principal  of  the  stock,  are  charged  upon  the  sinking 
fund.  (39) 

6.  It  was  declared  that  any  holder  of  any  Treasury  notes,  issued,  or 
authorized  to  be  issued,  under  any  laws  previously  passed,  might  convert 
them  into  certificates  of  funded  debt,  bearing  an  interest  of  6  per  cent,  per 
annum.  (40) 

7.  And  it  was  declared  that  it  should  be  lawful  for  the  Secretary  of  the 
Treasury  to  cause  to  be  paid  the  interest  upon  Treasury  notes  which  have 
become  due  and  remain  unpaid,  as  well  with  respect  to  the  time  elapsed 
before  they  became  due,  as  with  respect  to  the  time  that  shall  elapse  after 
they  become  due,  and  until  funds  shall  be  assigned  for  the  payment  of  the 
said  Treasury  notes,  and  notice  thereof  shall  be  given. 


(37 


See  the  act  of  the  3d  of  March,  1815 :  12  vol.  145. 

See  the  act  last  quoted :  sec.  6. 

Idem,  sec.  4. 

See  the  9th  sec.  of  the  act  of  the  24th  Feb.  1815:  12  vol.  J16, 


1815.] 


SECRETARY  OF  THE  TREASURY. 


16 


The  progress  of  expenditure  and  of  revenue,  for  the  entire  period  of  the 
war,  is  thus  developed  ;  and,  independent  of  the  balance  of  the  appropria- 
tions for  the  year  1814,  which  is  transferred  to  the  accounts  for  the  year 
1815,  the  subject  may  be  reduced  to  the  following  general  abstract. 


THE  ACTUAL  RECEIPTS  OF  THE  TREASURY. 


In  1812,  they  amounted  to  the  sum  of  - 

From  revenue  -  -  $9,801,132  76 

From  loans    -  -   10,002,400  00 

From  Treasury  notes  ->  2,835,500  00 


In  1813,  they  amounted  to  the  sum  of 
From  revenue 
From  loans    -  jf 
From  Treasury  notes 

In  1814,  they  amounted  to  the  sum  of 
From  .revenue 

From  loans    -  j,^lJ 

From  Treasury  notes 


14,340,709  95 

20,089,635  00 

6,094,500  00 


-  11,500,606  25 

-  15,080,546  00 

-  8,297,280  00 


$22,639,032  76 


40,524,844  95 


34,878,432  25 


The  aggregate  amount  of  the  receipts  into  the  Treasury, 

for  the  three  years  of  war,  being  the  sum  of    -  -    $98.042,309  96 


THE  ACTUAL  DISBURSEMENTS  OF  THE  TREASURY. 


In  1812,  they  amounted  to  the  sum  of    - 

For  the  civil,  diplomatic,  and  miscellaneous  expenses 

of  the  Government  -  $1,791,360  31 

For  the  military  service  (including  the 

Indian  department)-  -  12,078,773  24 

For  the  naval  service  -  -     3,959,365  15 

For  the  public  debt    -  "  .  -  .  4,449,622  45 


In  1813,  they  amounted  to  the  sum  of   - 

For  the  civil,  diplomatic,  and  miscella- 
neous expenses  of  Government 

For  the  military  service  (including  the 
Indian  department)  - 

For  the  naval  service  - 

For  the  public  debt    - 

In  1814,  they  amounted  to  the  sum  of    - 

For  the  civil,  diplomatic,  and  miscella- 
neous expenses  of  Government 

For  the  military  service  (including  the 
Indian  department)  - 

For  the  naval  service  - 

For  the  public  debt    - 


1,833,308  80 

19,802,488  02 

6,446,600  10 

11,108,123  44 


2.337,897  13 

20,510,238  00 
7,312,899  90 

8,386,880  59 


$22,279,121  15 

;{ 


39,190,520  36 


38,547,915  62 
-•;    .gafeef 


$100,017,557  13 


16  REPORTS  OF  THE  [1815. 

But  as  the  receipts  of  the  Treasury,  for  the  year  1815,  are  derived  prin- 
cipally from  the  war  revenue  and  resources,  and  as  its  expenditures  arise, 
also,  principally  from  the  arrearages  of  the  war  demands,  it  is  proper  to 
comprise  them,  as  far  as  they  are  ascertained,  in  the  following  supplemen- 
tal statement : 

1.  The  gross  receipts  of  the  Treasury  for  1812,  1813,  and  1814,  amounted, 
as  above  stated,  to  the  sum  of  -     $98,042,309  96 

The  receipts  of  the  Treasury  for  1815,  to  the  30th  of  Sep- 
tember last,  cannot  be  precisely  stated,  as  the  accounts 
to  that  time  are  not  yet  actually  made  up,  but  they  are 
estimated  to  have  amounted  to  the  sum  of  -  -  39,372,000  00 

From  revenue  $12,400,000  00 

From  loans  -        ?V  -   11,034,000  00 

From  Treasury  notes  -   15,938,00000. 

The  aggregate  of  the  receipts  of  the  Treasury,  from  the 
1st  of  January,  1812,  to  the  30th  of  September,  1815, 
being  the  sum  of  -  $137.414,309  96 

2.  The  gross  disbursements  of  the  Treasury,  for  1812, 

1813,  and  1814,  amounted,  as  above  stated,  to  the  sum  of  $100,017,557  13 
The  disbursements  of  the  Treasury  for  1815,  to  the  30th 

of  September  last,  amounted  to  the  sum  of  .'-,  -  -  33.686,323  18 
For  the  civil,  diplomatic,  and  miscellaneous  ex- 
penses -  -  $2,537,000  00 
For  the  military  service,  &c.  -  15,190,144  71 
For  the  naval  service,  &c.  -  -  7,050,000  25 
For  the  public  debt  ,  ,y.  -  8,909,178  22 


The  aggregate  of  the  disbursements  of  the  Treasury,  from 
the  1st  of  January,  1812,  to  the  30th  of  September, 
1815,  being  the  sum  of  -  $133,703,880  31 

It  will  be  natural  here  to  inquire  into  the  general  effects  of  the  war  upon 
the  public  debt  of  the  United  States  ;  and  the  annexed  table  (marked  C) 
exhibits  a  detailed  statement  of  the  unsatisfied  amount  on  the  1st  day  of  Jan- 
uary, annually,  from  the  year  1791  to  the  year  1815,  both  inclusive.  The 
subject,  however,  may  be  placed  distinctly  in  the  following  point  of  view, 
upon  estimates  referring  to  the  date  of  the  30th  of  September,  1815. 

OF  T&E  PUBLIC  DEBT. 

1.  The  amount  qf  the  funded  debt  contracted  before  the  late  war,  which 
remained  unsatisfied  on  the  30th  of  September,  1815,  may  be  stated  at  the 
sum  of  $39,135,484  96,  to  wit : 

(1.)  In  old  six  per  cent,  stock,  the  nominal  amount 
being  $17,350,871  39 

And  the  amount  reimbursed  being        -  13,467,587  00 

Balance  due  on  the  30th  of  September,  1815     -  -    $3,883,284  39 

(2.)  In  deferred  six  per  cent,  stock,  the 
nominal  amount  being     .  .     9,358,320  35 

And  the  amount  reimbursed  being     "  -     4,152,543  93 

Balance  due  on  the  30th  of  September,  1815    -  -      5,205,776  42 


1815.] 


SECRETARY  OF  THE  TREASURY. 


17 


(3.)  In  three  per  cent,  stock      -  -  $16,158,177  43 

(4.)  In  exchanged  six  per  cent,  stock,  under  the  actof  1812       2,984,746  72 
(5.)  In  six  per  cent,  stock  of  1796  80,000  00 

(6.)  In  Louisiana  six  per  cent,  stock  '.>  3t\  •  -i-ri:  10,923.500  00 


Balance  on  the  30th  of  September,  1815,  of  the  whole 


of  the  public  debt  contracted  before  the  war 


-     39,135,484  96 


2.  The  amount  of  the  funded  debt  contracted  on  account  of  the  late  war, 
on  the  30th  of  September,  1815,  may  be  stated  at  the  sum  of  $ 63,144,972  50; 
to  wit : 

(1.)  In  six  per  cent,  stock  of  1812,  (the  $11,000,000 
loan,)  authorized  by  the  act  of  the  4th  of  March,  1812,  ob- 
tained at  par,  and  not  reimbursable  before  the  year  1825  -  $7,860,500  00 

(2.)  In  six  per  cent,  stock  of  1813,  (the  $16,000,000 
loan,)  authorized  by  the  act  of  the  8th  of  February,  1813, 
obtained  at  the  rate  of  $88  in  cash  for  $100  in  stock,  and 
not  reimbursable  before  the  year  1826  -  -  18,109,377  48 

(3.)  In  six  per  cent,  stock  of  1813,  (the  $7,500.000  loan,) 
authorized  by  the  act  of  the  2d  of  August,  1813,  obtained 
at  the  rate  of  $88  25  in  money  for  $100  in  stock,  and  not 
reimbursable  before  the  year  1826  -  8,498,581  95 

(4.)  In  six  per  cent,  stock  of  1814,  (which  arose  from 
loans  in  parts  of  a  sum  of  $25,000,000,  called  the  ten  mil- 
lion loan  and  the  six  million  loan,)  authorized  by  the  act 
of  the  24th  of  March,  1814,  obtained  at  different  rates,  and 
not  reimbursable  before  1827,  to  wit : 

$12,292.888  90  at  80  per  cent,  stock  $15,366,111  21 

140^810  00  at  85  per  cent,  stock          165,658  82 

43^222  22  at  90|  per  cent,  stock       '  47,627  79 

74,590  75  at  90£  per  cent,  stock          82,420  72 


12,551,511  87  15,661,818  54 


(5.)  In  six  per  cent,  stock  of  1815,  (the  $12,000,000 
loan,)  authorized  by  the  act  of  the  3d  of  March,  1815,  ob- 
tained at  different  rates,  payable  in  Treasury  notes,  or  in 
cash,  and  not  reimbursable  before  1827,  to  wit: 

$7,924,219  59  at  95  per  cent,  stock       $8,341,283  77 

1,047,846  30  at  96£  per  cent,  stock       1,085.851  08 

32,978  49  at  97  per  cent,  stock  33,998  44 

275,000  00  at  98  per  cent,  stock  280.612  24 

4,000  00  at  par,  stock  4,000  00 


(6.)  In  7  per  cent,  stock  of  1815,  created  by  funding 
Treasury  notes  not  bearing  interest,  issued  part  at  par  and 
part  upon  an  advance,  under  the  act  of  the  24th  of  Feb- 
ruary, 1815,  and  not  reimbursable  until  1825 

Estimated  amount  of  the  whole  of  the  funded  public 
debt  in  reference  to  the  late  war  - 


9,745,745  53 


3,268,949  00 


63,144,972  50 


3.  The  amount  of  the  floating  debt  contracted  since  the  commencement 
VOL.  ii.— 2 


18 


REPORTS  OF  THE 


[1815. 


of  the  late  war,  calculated  to  the  30th  September,  1815,  may  be  stated  at 

the  sum  of  $17,355,101 ;  to  wit : 

(1.)  The  aggregate  of  Treasury  notes  issued  under  the 

authority  of  the  several  acts  of  Congress  passed  prior  to 

the  act  of  the.  24th  of  February,  1815,  amounted  to  the 

sum  of  $20,201.600 ;  to  wit : 

Payable  in  1814,  but  unpaid    -  -  $2,799,200  00 

Payable  in  1815  -  -  -     7,847,280  00 

Payable  in  1816  -     2,772.720  00 

Payable  also  in  1816  (issued  under  the 

special  authority  of  the  act  of  the  26th  of 

December,  1814)  -  -  -     8,318,400  00 


Deduct  the  amount  reimbursed  in  1815 
(at  Philadelphia,  Baltimore,  Washington, 
Charleston,  and  Savannah) 


21,737,600  00 


1,536,000  00 


-  $4,531,587  06 


216,587  06 


Of  this  aggregate  there  has  been  sub- 
scribed, in  principal  and  interest,  to  the 
loan  of  1815,  about  the  sum  of 

From  which  deducting  an  average  esti- 
mate of  near  one  year's  interest,  about  the 
sum  of  - 

There  will  remain  for  the  amount  of  prin- 
cipal subscribed  to  the  loan,  about  the  sum  of  4,315,000  00 

And  it  is  estimated  that  there  has  been 
paid  on  account  of  duties  and  taxes,  to  the 
collectors  of  the  customs,  the  internal  du- 
ties, and  the  direct  tax,  about  the  sum  of  -  1,200,000  00 


$20,201,600  00 


Outstanding  amount  of  Treasury  notes,  bearing  interest 
at  5|  per  cent,  per  annum,  about  the  sum  of 

(2.)  The  aggregate  of  "  small  Treasury 
notes"  issued  and  reissued  under  the  act  of 
the  24th  of  February,  1815,  amounts  to 
about  the  sum  of  -  $4,142,850  00 

Of  this  aggregate  there  has 
been  funded  for  7  per  cent, 
stock,  included  in  the  fore- 
going statement  of  the  funded 
public  debt,  about  the  sum  of  $3,268,949  00 

And  there  has  been  paid, 
on  account  of  duties  and 
taxes,  about  the  sum  of  -  50,000  00 

3.318,949  00 


Outstanding  "small  Treasury  notes,"  about  the  sum  of 
(3.)  The  aggregate  of  Treasury  notes,  of  the  "new 
emission,"  issued  under  the  act  of  the  24th  of  February, 
1815,  amounts  to  about  the  sum  of       '  **«) 

Leaving  the  amount  of  floating  public  debt,  in  Treasury 
notes,  on  the  1st  of  October,  1815,  about  the  sum  of 


5.515,000  00 
14,686,600  00 


823,901  00 


694,600  00 
16,205,101  00 


1815.]  SECRETARY  OF  THE  TREASURY.  19 

But  to  this  amount  of  the  public  floating  debt,  in  Treasu- 
ry notes,  there  must  be  added  the  following  temporary 
loans,  to  wit : 

(1.)  A  temporary  loan  made  by  the  State  Bank  of  Bos- 
ton, in  1S12,  payable  the  1 5th  and  31st  of  December,  1814, 
but  unpaid  -  -  $500,000  00 

(2.)  A  temporary  loan  made  by  the  Cum- 
berland Bank,  in  IS  12,  payable  the  15th  of 
November,  1817  :,-';' 

(3.)  A  temporary  loan  made  by  the  Bank 
of  the  State  of  South  Carolina,  in  1814,  pay- 
able the  1st  of  December,  1815  -  - 

(4.)  A  temporary  loan  made  by  the  Me- 
chanics' Bank  of  New  York,  in  1S15,  paya- 
ble when  demanded  ...  200,000  00 

(5.)  A  temporary  loan  made  by  the  State 
of  New  York,  payable  in  the  year  181?  -  350,000  00 

' $1,150,000  00 


Making  the  aggregate  amount  of  the  floating  public  debt 
about  the  sum  of  -  $17,355,101  00 

RECAPITULATION. 

1.  The  amount  of  the  unsatisfied  funded  public  debt,  con- 
tracted before  the  war,  on  the  30th  of  September,  1815,  was 

the  sum  of  -  $39.135,484  96 

2.  The  amount  of  the  funded  public  debt, 
contracted  in  reference  to  the  late  war,  on 

the  same  day,  the  sum  of  -  $63,144,972  50 

3.  The  amount  of  the   floating  public 
debt,  contracted  since  the  war,  was,  on  the 

same  day,  the  sum  of  -  17,355,101  00 


Total  of  the  ascertained  amount  of  the  public  debt  cre- 
ated since  the  war,  to  the  30th  of  September,  1815  -  $80,500,073  50 

Total  amount  of  the  national  debt,  on  the  30th  of  Sep- 
tember, 1815  -  $119,635,558  46 

It  is  proper  to  remark,  that  the  aggregate  of  the  national  debt,  thus  stated, 
to  the  30th  of  September,  1815,  is  subject  to  considerable  changes  and  ad- 
ditions. The  floating  debt  in  Treasury  notes  is  convertible,  at  the  pleasure 
of  the  creditors,  into  funded  debt ;  and,  independent  of  a  direct  application 
of  the  current  revenue  to  discharge  the  Treasury  notes  as  well  as  the  tem- 
porary loans,  there  must  be  a  great,  though  gradual,  reduction  of  the  float- 
ing debt  by  the  payments  made  in  Treasury  notes  for  duties,  taxes,  and 
public  lands.  There  are,  indeed,  some  claims  known  to  exist  for  loans, 
supplies,  and  services,  during  the  late  war,  which  have  not  been  liquidated, 
or  are  not  embraced  by  existing  appropriations ;  and.  doubtless,  there  are 
other  legal  and  equitable  claims  which  have  not  yet  been  brought  into  view 
in  any  form  at  the  accounting  departments,  but  which  may  eventually  re-, 
ccive  the  sanction  of  Congress.  It  is  not,  however,  within  the  scope  of  any 


20  REPORTS  OF  THE  [1815. 

estimate  hitherto  made,  to  state  the  probable  addition  to  the  funded  debt, 
under  all  circumstances,  at  more  than  $7,000,000;  which  would  conse- 
quently place  the  aggregate  of  the  funded  debt,  created  in  consequence  of 
the  war,  at  a  sum  not  much  exceeding  $70,000,000.  But  it  may  be  import- 
ant to  recollect,  that  the  war  debt  has  not  been  entirely  incurred  for  ob- 
jects limited  to  the  continuance  of  the  war  ;  and  that  the  military  and  naval 
establishments,  in  particular,  have  derived  durable  advantages  from  the  ex- 
penditures of  the  Treasury. 

For  the  payment  of  the  interest,  and  the  reimbursement  or  gradual  ex- 
tinguishment of  the  national  debt,  the  resources  of  the  Treasury  are  abun- 
dant, although  the  state  of  the  circulating  medium  (which  will  be  more  par- 
ticularly considered  hereafter)  has  rendered  it  impracticable  to  obtain,  at  all 
times,  upon  reasonable  terms,  the  local  currency  of  some  of  the  places  ap- 
pointed for  the  discharge  of  the  public  engagements.  These  resources  de- 
pend upon  the  sinking  fund,  connected  with  the  faith  of  the  United  States, 
which  is  pledged  to  supply  from  the  existing  or  from  other  objects  of  reve- 
nue the  deficiencies  of  that  fund. 

THE  SINKING  FUND. 

The  public  debt  amounted,  on  the  1st  of  January,  1791,  to  the  sum  of 
$75,463,476  52;  and  it  consisted 

Of  the  foreign  debt  -   $12,812,821  92 

Of  the  domestic  debt            -  -                        -     62,650,654  60 


$75,463,476  52 

The  foreign  debt  experienced  various  changes  in  form  and  in  amount. 
From  1792  to  1795,  it  rose  above  the  amount  stated  for  1791;  but  from  that 
period  it  was  gradually  reduced,  and  on  the  1st  of  January,  1801,  it  stood 
at  the  sum  of  $10,419,000.  From  the  year  1801,  however, the  annual  reduc- 
tion was  more  rapid,  and  in  the  year  1810  the  foreign  debt  became  extinct. 

The  domestic  debt  has  also  experienced  various  changes  in  form  and 
amount.  It  was  originally  stipulated  that  it  should  be  subject  to  redemption 
by  payments  not  exceeding,  in  one  year,  on  account  both  of  principal  and 
interest,  the  proportion  of  $8  upon  $100  of  the  stock;  (41)  and  when  the 
sinking  fund  was  constituted  and  organized,  provision  was  made  for  effect- 
ing the  payments  in  that  proportion,  until  the  whole  debt  should  be  extin- 
guished by  dividends,  payable  on  the  last  days  of  March,  June,  and  Septem- 
ber, in  each  year,  at  the  rate  of  1^  per  cent.,  and  on  the  last  day  of  Decem- 
ber, in  each  year,  at  the  rate  of  3£  per  cent,  upon  the  original  capital.  (42) 
During  the  first  period  of  about  10  years,  from  1791  until  the  1st  of  Janu- 
ary, 1801,  the  amount  of  the  domestic  debt  never  fell  below  the  sum  which 
has  been  stated,  and  in  1801  it  stood  at  about  the  sum  of  $72,619,050  80. 
The  augmentation  created  on  account  of  the  purchaseof  Louisiana,  (amount- 
ing to  $15,000,000,)  raised  the  capital  of  the  domestic  debt,  in  1804,  to  the 
sum  of  $80,691,120  88  ;  but  from  that  period  there  was  a  considerable  an- 
nual diminution  of  the  amount,  until  it  was  reduced  on  the  30th  of  Septem- 
ber, 1815,  to  the  already  specified  sum  of  $39,135,484  96. 

The  sinking  fund,  by  whose  operations  these  beneficial  effects  have  been 
produced,  may  be  regarded  as  coeval  with  the  organization  of  the  present 
Government ;  but  it  has  undergone  many  important  modifications. 

See  the  4th  section  of  the  act  of  the  4th  August,  1790:  1  vol.  230. 
See  the  act  of  the  28th  of  April,  1796:  3  vol.  298. 


1815.]  SECRETARY  OF  THE  TREASURY.  21 

1 .  The  early  appropriations  of  the  revenue  were  confined  to  the  pay- 
ment of  the  interest  and  instalments  of  the  foreign  debt,  and  to  the  pay- 
ment of  the  interest  of  the  domestic  debt ;  but  so  early  as  the  4th  of  August, 
1790,  the  proceeds  of  the  sales  of  public  lands  in  the  Western  Territory  were 
permanently  and  exclusively  appropriated  and  pledged  towards  sinking  and 
discharging  the  debts  for  which  the  United  States  were  then  holden.  (43) 
The  annexed  table  D  will  exhibit  a  statement  of  the  quantity  of  the  public 
lands  which  have  been  annually  sold,  and  of  the  proceeds  of  the  sales,  as 
far  as  can  be  now  ascertained. 

2.  In  the  year  1792,  however,  commissioners  were  designated  and  au- 
thorized to  purchase  the  public  debt  at  its  market  price,  not  exceeding  the 
par  value;  and  the  interest  of  the  debt  purchased,  together  with  the  surplus 
of  certain  other  appropriations,  was  assigned  for  that  purpose.  (44)     When 
the  annual  amount  of  the  fund  thus  created  should  be  equal  to  two  per 
cent,  on  the  six  per  cent,  stock,  it  was  directed  to  be  first  applied  to  the 
redemption  of  that  stock,  according  to  the  right  reserved,  and  then  to  the 
purchase,  at  its  market  price,  of  any  other  public  stock. 

3.  In  the  year  1795,  "the  sinking  fund"  was  established  byname;  (45) 
its  resources  were  vested  in  the  same  commissioners ;  and  its  operations 
were  subjected  to  their  direction  and  management.     The  duty  of  the  com- 
missioners, independent  of  temporary  objects,  consisted  in  applying  the 
sinking  fund — 1st,  to  the  payment  of  the  six  per  cent,  stock,  at  the  stipu- 
lated rate  of  eight  per  cent,  per  annum;  2d,  to  the  payment  of  the  deferred 
stock,  after  the  year  1801,  according  to  the  same  stipulation;  and,  3d,  if 
any  surplus  remained,  towards  the  further  and  final  redemption  of  the  pub- 
lic debt  of  every  denomination.   For  the  accomplishment  of  these  purposes, 
there  were  permanently  appropriated  and  pledged,  in  addition  to  the  other 
moneys  constituting  the  sinking  fund,  and  the  interest  of  the  amount  of  the 
purchased  or  redeemed  debt — 1st,  a  sufficient  sum  arising  yearly,  and  every 
year,  from  the  duty  on  imports  and  tonnage,  and  the  duty  on  domestic 
distilled  spirits  and  stills,  as  might  be  rightfully  paid  of  the  principal  of  the 
six  per  cent,  stock,  commencing  on  the  1st  of  January,  1802 ;  2d,  the  divi- 
dends on  the  public  shares  in  the  Bank  of  the  United  States:  but  the  shares 
were  sold  in  1796  and  1802,  under  an  authority  given  in  1795 ;  3d,  the 
nett  proceeds  of  the  sales  of  public  lands  in  the  Western  Territory ;  4th, 
moneys  received  into  the  Treasury  on  account  of  old  debts ;  5th,  the  sur- 
pluses of  revenue  beyond  the  amount  of  the  appropriations. 

4.  Such  was  the  outline  of  the  sinking  fund  when,  on  the  6th  of  April, 
1802,  (46)  the  internal  duties  were  repealed;  and  on  the  29th  of  April, 
1802,  a  new  and  additional  provision  was  made  for  the  redemption  of  the 
public  debt.     Thus,  an  annual  sum  of  $7,300,000  was  permanently  appro- 
priated and  vested  in  the  commissioners  of  the  sinking  fund,  to  be  produced 
— 1st,  by  the  moneys  (other  than  the  surpluses  of  revenue)  which  then 
constituted  the  fund,  or  should  arise  to  it  by  virtue  of  any  previous  provi- 
sions; 2d,  by  the  sums  annually  required  to  discharge  the  interest  and 
charges  of  the  public  debt^  and, '3d,  by  so  much  of  the  duties  on  merchan- 
dise and  tonnage  as  would  be  necessary,  together  with  the  preceding  re- 
sources, to  complete  the  annual  investment  of  $7.300,000.     The  act  not 
only  placed  the  reimbursement  of  the  principal,  but  also  the  payment  on 

(43)  See  the  22d  section  of  the  act  of  the  4th  of  August,  1790 :   1  vol.  239. 

(44)  See  the  act  of  the  8th  of  May,  1792:  2  vol.  151. 

(45)  See  the  act  of  the  3d  of  March,  1795:  3  vol.  221. 

(46)  See  the  act  of  the  Gth  of  April,  1S02 :  6  vol.  58. 


22 


REPORTS  OF  THE 


[1815. 


account  of  interest  and  charges  of  the  public  debt,  under  the  superintend- 
ence of  the  commissioners;  making  it  their  duty  to  cause  the  fund  to  be 
applied  in  payment — 1st,  of  such  sums  as  by  virtue  of  any  acts  they  had 
previously  been  directed  to  pay ;  2d,  of  such  sums  as  may  be  annually 
wanted  to  discharge  the  interest  and  charges  accruing  on  any  other  part  of 
the  then  debt  of  the  United  States  ;  3d,  of  such  sums  as  may  be  annually 
required  to  discharge  any  instalment  of  the  principal  of  the  then  debt;  and. 
4th,  as  to  any  surplus,  to  apply  it  towards  the  further  and  final  redemption, 
by  payment  or  purchase  of  the  then  debt,  (47)  The  act  of  the  10th  Novem- 
ber, 1803,  having  created  six  per  cent,  stock  to  the  amount  of  $  11,250,000, 
in  pursuance  of  the  convention  for  the  purchase  of  Louisiana,  added  an 
annual  sum  of  $700,000  to  the  sinking  fund,  to  be  paid  out  of  the  duties  on 
merchandise  and  tonnage,  and  to  be  applied  by  the  commissioners  to  the 
payment  of  the  public  debt,  including  the  Louisiana  stock,  in  the  manner 
above  stated.  It  may  be  added  that  the  interest  on  the  Louisiana  stock  is 
payable  in  Europe ;  but  the  principal  is  reimbursable  at  the  Treasury  of 
the  United  States,  in  four  annual  instalments,  commencing  in  1818.  (48) 

It  is  obvious  that  a  sinking  fund  of  $ 8,000,000  (independent  of  the  gene- 
ral pledges  in  prior  laws)  was  ample  for  the  payment  of  the  interest  and 
the  principal  of  a  public  debt  amounting  only  to  the  sum  of  $86,000,000, 
extinguishing  the  six  per  cent,  stock  in  1818.  the  deferred  stock  in  1824, 
and  the  Louisiana  stock  in  1822,  as  fast  as  the  terms  of  the  contracts  and 
the  policy  of  Government  would  permit.  The  general  operation  of  the 
fund,  indeed,  has  been  shown ;  but  it  is  proper  more  particularly  to  add 
that,  on  the  1st  of  January.  1815,  there  had  been  transferred  to  the  credit 
of  the  commissioners,  in  the  books  of  the  Treasury,  an  amount  of  public 
debt  equal  to  the  sum  of  $33,873,463  98,  of  the  folio  wing  denominations, 
to  wit : 

1.    FOREIGN    DEBT. 


3  per  cent,  stock 
4^-  per  cent,  stock 

4  per  cent,  stock 


$8,200,000  00 

820,000  00 

3,180,000  00 


2.    DOMESTIC  DEBT. 


$12,200,000  00 


6  per  cent,  stock 
3  per  cent,  stock  -  \ 

Deferred  6  per  cent,  stock 
8  per  cent,  stock 
Exchanged  6  per  cent,  stock 
Commuted  6  per  cent,  stock 
4^  per  cent,  stock 
5^-  per  cent,  stock 
Navy  6  per  cent,  stock  - 
Louisiana  6  per  cent,  stock 
6  per  cent,  stock  of  1812 


$1,946,026  92 

698,55.5  41 
1,005,179  83 
6,482,500  00 
6,294,051  12 
1,859,850  70 

176.000  00 
1,848,900  00 

711,700  00  ' 

326,500  00 

324,200  00 
—  21,673,463  98 


$33,873,463  98 

But  the  charges  upon  the  sinking  fund  have  accumulated,  in  conse- 
quence of  the  late  war,  to  an  amount  which  it  has  not  the  capacity  to  defray ; 

(47)  See  the  act  of  the  29lh  of  April,  1802:  6  vol.  103. 

(48)  7  vol.  5. 


1815.]  SECRETARY  OF  THE  TREASURY.  23 

while  its  operations,  in  other  respects,  have  been  obstructed  by  the  tempo- 
rary failure  of  the  revenue  arising  from  duties  on  merchandise  and  tonnage, 
and  the  protracted  embarrassments  of  the  circulating  medium  :  thus — 

1.  The  annual  appropriation  for  the  sinking  fund  amounts  to  $8,000,000; 
and  consists,  at  present — 

(1.)  Of  the  interest  on  such  parts  of  the  public  debt  as 
have  been  reimbursed  or  paid  off,  (which,  however,  is  itself 
derived  from  the  customs,)  estimated  on  the  30th  of  Sep- 
tember, 1815,  at  the  sum  of  -  $1,969,577  64 

(2.)  Of  the  nett  proceeds  of  the  sales  of 
the  public  lands,  exclusive  of  lands  sold  in 
the  Mississippi  Territory,  (which,  as  yet, 
belong  to  the  State  of  Georgia,)  estimated 
annually  at  the  sum  of  -  800,000  00 

(3.)  Of  the  proceeds  of  duties  on  imports 
and  tonnage,  to  complete  the  annual  in- 
vestments, estimated  at  the  sum  of  -  5,230,422  36 

$8,000,000  00 

2.  The  annual  charge  upon  the  sinking 
fund,  estimated  for  1816,  will  amount  pro- 
bably to  the  sum  of  -    14.524,200  00 

On  account  of  the  interest  and  the  instal- 
ments of  the  old  debt,  the  sum  of  -  -  3,460,000  00 

On  account  of  the  interest  of  the  new 
debt,  computed  on  a  capital  of  $70,000,000, 
about  the  sum  of  -  4,200,000  00  •'.'.  : 

On  account  of  the  principal  and  interest 
of  Treasury  notes,  issued  under  the  acts  of 
the  30th  of  June,  1812,  the  25th  of  Feb- 
ruary, 1813,  and  the  4th  of  March,  1814, 
(after  allowing  for  the  amount  reimbursed, 
subscribed  to  the  loan,  and  paid  for  duties.) 
about  the  sum  of  -  -  6,864,20000 

14,524,200  00 

Deficit  in  the  amount  of  the  sinking  fund,  compared  with 
the  charges  upon  it,  estimated  for  1816  -  -  $6,524,200  00 

From  this  view  of  the  financial  operations  of  the  Government,  the  Sec- 
retary of  the  Treasury,  with  every  sentiment  of  deference  and  respect,  pre- 
sents the  following  general  conclusions  for  the  consideration  of  Congress. 

1.  That  the  existing  revenue  of  the  United  States  arises,  (1st.)  From  du- 
ties on  imported  merchandise  and  the  tonnage  of  vessels  ;  (2d.)  Internal  du- 
ties, including  the  direct  tax  upon  lands,  houses,  and  slaves;  and,  (3d.)  The 
proceeds  of  the  sales  of  public  lands.     But  some  of  these  duties  and  taxes 
are  permanently  imposed,  and  some  are  limited  in  their  duration. 

2.  That  the  following  duties  or  taxes  are  either  partially  or  wholly  lim- 
ited in  their  duration :  (1st.)  The  duties  on  merchandise  and  tonnage  will  be 
reduced  one-half  on  the  17th  of  February,  1816 ;  except  such  as  are  imposed 
on  goods  of  the  like  description  with  the  articles  of  domestic  manufacture 
on  which  duties  have  been  laid,  and  included  in  the  general  pledge.    (2d.) 
The  new  duty  on  salt,  the  duty  on  sugar  refined  within  the  United  States, 
and  the  stamp  duty  on  bank  notes,  promissory  notes  discounted,  and  on  bills 


24  REPORTS  OP  THE  [1815. 

of  exchange,  are  not  included  in  the  general  pledge,  and  will  wholly  cease 
on  the  17th  of  February,  1816. 

3.  That  the  following  duties  or  taxes  are  not  limited  in  their  duration, 
and  are  included  in  the  general  pledge  :  (1st.)  The  direct  tax  upon  lands, 
houses,  and  slaves  ;  (2d.)  The  duties  upon  licenses  to  distillers  of  spiritu- 
ous liquors,  and  upon  the  liquors  distilled ;  (3d.)  The  duty  upon  licenses  to 
retailers  of  wines,  spirituous  liquors,  and  foreign  merchandise  ;  (4th.)  The 
duty  upon  sales  at  auction  ;  (5th.)  The  duty  upon  carriages  and  harness  ; 
(6th.)  The  duties  upon  household  furniture  and  watches  ;  (7th.)  The  du- 
ties on  articles  manufactured  or  made  for  sale  within  the  United  States ; 
(8th.)  The  rate  of  postage. 

4.  That  the  faith  of  the  United  States,  and  the  revenue  arising  from  the 
duties  and  taxes,  which  are  not  limited  in  their  duration,  are  pledged  for  the 
punctual  payment  of  the  public  debt,  principal  and  interest,  according  to  the 
terms  of  the  contracts,  respectively  ;  and  for  creating  an  adequate  sinking 
fund,  gradually  to  reduce,  and  eventually  to  extinguish,  the  debt.     But  this 
pledge  will  be  satisfied  by  the  substitution  of  other  adequate  duties  or  taxes ; 
and  the  increase  in  the  proceeds  of  the  duties  on  merchandise,  subsequent 
to  the  pledge,  affords  an  advantageous  opportunity  of  making  such  substi- 
tution in  respect  to  the  more  inconvenient  and  burdensome  portion  of  the 
internal  duties. 

5.  That  the  establishment  of  a  revenue  system,  which  shall  not  be  exclu- 
sively dependant  upon  the  supplies  of  foreign  commerce,  appears,  at  this 
juncture,  to  claim  particular  attention. 

II.  A  view  of  the  finances  of  1815,  with  estimates  of  the  public  revenue 
and  expenses  for  1816. 

At  the  close  of  the  last  session  of  Congress,  the  demands  upon  the  Treas- 
ury were  interesting  in  their  nature,  as  well  as  great  in  their  amount. 
Exclusively  of  the  ordinary  expenses  of  the  Government,  they  consisted  of 
demands  for  the  payment  of  the  army,  preparatory  to  its  reduction  to  the 
peace  establishment,  with  other  very  heavy  arrearages  and  disbursements 
in  the  War  and  Navy  Departments ;  for  the  payment  of  the  dividends  on 
the  funded  debt,  and  of  the  arrearages,  as  well  as  the  accruing  claims,  on 
account  of  the  Treasury  note  debt ;  and  for  the  payment  of  the  Louisiana 
dividends ;  with  other  considerable  debts  contracted  in  Europe,  in  conse- 
quence of  the  late  war. 

The  efficiency  of  the  means  which  were  possessed  for  the  liquidation  of 
these  demands  depended  upon  circumstances  beyond  the  control  of  the 
Government.  The  balance  of  money  in  the  Treasury  consisted  of  bank 
credits,  lying  chiefly  in  the  southern  and  western  sections  of  the  Union. 
The  revenue  proceeding  from  the  provision  made  prior  to  the  last  session 
of  Congress  xvas  comparatively  of  small  amount :  the  revenue  proceeding 
from  the  provision  made  during  that  session  could  not  be  available  for  a 
great  portion  of  the  present  year  ;  and,  in  both  instances,  the  revenue  was 
payable  in  Treasury  notes,  or  it  assumed  the  form  of  bank  credits,  at  the 
respective  places  of  collection.  The  only  remaining  resources,  for  imme- 
diate use,  were  an  additional  issue  of  Treasury  notes,  and  a  loan  ;  but  the 
successful  employment  of  these  resources  was  rendered,  for  some  time, 
doubtful,  by  the  peculiar  situation  of  the  credit  and  currency  of  the  nation. 

The  suspension  of  specie  payments  throughout  the  greater  portion  of  the 
United  States,  and  the  consequent  cessation  of  the  interchange  of  bank 
notes  and  bank  credits  between  the  institutions  of  the  different  States,  had 


1815.]  SECRETARY  OF  THE  TREASURY.  25 

deprived  the  Treasury  of  all  the  facilities  of  transferring  its  funds  from 
place  to  place;  and  a  proposition,  which  was  made  at  an  early  period,  to  the 
principal  banks  of  the  commercial  cities  on  the  line  of  the  Atlantic,  with 
a  view,  in  some  degree,  to  restore  those  facilities,  could  not  be  effected  for 
the  want  of  a  concurrence  in  the  requisite  number  of  banks.  Hence  it  has 
happened  (and  the  duration  of  the  evil  is  without  any  positive  limitation) 
that,  however  adequate  the  public  revenue  may  be,  in  its  general  product, 
to  discharge  the  public  engagements,  it  becomes  totally  inadequate  in  the 
process  of  its  application ;  since  the  possession  of  public  funds  in  one  part, 
no  longer  affords  the  evidence  of  a  fiscal  capacity  to  discharge  a  public 
debt  in  any  other  part  of  the  Union. 

From  the  suspension  of  specie  payments,  and  from  various  other  causes, 
real  or  imaginary,  differences  in  the  rate  of  exchange  arose  between  the  seve- 
ral States,  and  even  between  the  several  districts  in  the  same  State;  and  the 
embarrassments  of  the  Treasury  were  more  and  more  increased,  since 
Congress  had  not  sanctioned  any  allowance  on  account  of  the  rate  of  ex- 
change, and  the  amount  of  the  legislative  appropriations  was  the  same, 
wherever  the  legislative  objects  were  to  be  effected.  But  the  Treasury 
notes  partook  of  the  inequalities  of  the  exchange,  in  the  transactions  of 
individuals,  although  the  Treasury  could  only  issue  them  at  their  par  value. 
The  public  stock,  created  in  consideration  of  a  loan,  also  partook  of  the  in- 
equalities of  the  exchange ;  although  to  the  Government,  the  value  of  the 
stock  created,  and  the  obligation  of  the  debt  to  be  discharged,  were  the 
same,  wherever  the  subscription  to  the  loan  might  be  made.  Thus,  not- 
withstanding the  ample  revenue  provided,  and  permanently  pledged  for 
the  payment  of  the  public  creditor ;  and  notwithstanding  the  auspicious  in- 
fluence of  peace  upon  the  resources  of  the  nation,  the  market  price  of  the 
Treasury  notes,  and  of  the  public  stock,  was  everywhere  far  below  its  par 
or  true  value,  for  a  considerable  period  after  the  adjournment  of  Congress : 
vibrating,  however,  with  a  change  of  place,  from  the  rate  of  75  to  the  rate 
of  90  per  cent.  Payments  in  bank  paper  were  universally  preferred,  during 
that  period,  to  payments  in  the  paper  of  the  Government ;  and  it  was  a 
natural  consequence  that,  wherever  the  Treasury  failed  in  procuring  a  local 
currency,  it  failed,  also,  in  making  a  stipulated  payment. 

Under  these  extraordinary  and  perplexing  circumstances,  the  great  effort 
of  the  Treasury  was,  1st.  To  provide  promptly  and  effectually  for  all  urgent 
demands,  at  the  proper  place  of  payment,  and  to  the  requisite  amount  of 
funds.  2d.  To  overcome  the  difficulties  of  the  circulating  medium,  as  far 
as  it  was  practicable ;  so  that  no  creditor  should  receive  more,  and  no  debtor 
pay  less,  in  effective  value,  on  the  same  account,  than  every  other  creditor 
or  every  other  debtor.  And,  3d.  To  avoid  any  unreasonable  sacrifice  of  the 
public  property,  particularly  when  it  must  also  be  attended  with  a  sacrifice 
of  the  public  credit.  It  was  not  expected  that  this  effort  would  everywhere 
produce  the  same  satisfaction,  and  the  same  results ;  but  the  belief  is  enter- 
tained, that  it  has  been  successful  in  the  attainment  of  its  objects,  to  the 
extent  of  a  just  anticipation. 

OF  THE  ISSUES  OF  TREASURY  NOTES. 

The  Treasury  notes,  which  were  issued  under  acts  passed  prior  to  the 
24th  of  February,  1815,  were,  for  the  most  part,  of  a  denomination  too  high 
to  serve  as  a  current  medium  of  exchange  ;  and  it  was  soon  ascertained  that 
the  small  Treasury  notes,  fundable  at  an  interest  of  7  per  cent.,  though  of  a 
convenient  denomination  for  common  use,  would  be  converted  into  stock 


26  REPORTS  OF  THE  [1815. 

almost  as  soon  as  they  were  issued.  With  respect  to  the  first  description, 
therefore,  the  issue  has  not  been  restrained;  but  with  respect  to  the  second 
description,  the  issue  has  been,  generally,  limited  to  cases  of  peculiar  urgency ; 
such  as  the  payment  of  the  army  preparatory  to  its  reduction ;  the  payment 
of  the  dividends  on  the  public  debt,  where  the  local  currency  could  not  be 
obtained ;  and  the  payment  of  an  inconsiderable  amount  of  miscellaneous 
claims,  apparently  entitled  to  distinction.  The  annexed  table  (marked  E) 
contains  a  statement  of  the  amount  of  the  small  Treasury  notes  which  had 
been  issued  on  the  30th  of  September,  1815 ;  from  which  it  appears — 

1.  That  there  had  been  issued  for  the  payment  of  the 

army,  the  sum  of  -  -     $1,465,069  00 

2.  That  there  had  been  issued  for  the  payment  of  the 

dividends  of  the  public  debt,  the  sum  of    -  -       1,203,10000 

3.  That  there  had  been  issued  for  sundry  miscellaneous 

claims,  the  sum  of  109,681  00 

4  That  there  has  been  sold  at  an  advance,  (producing 
$32,107  64,)  for  the  purpose  of  raising  funds  to  meet 
the  general  engagements  of  the  Treasury,  a  sum  of  1,365,000  00 

4,142,850  00 


OF  THE  LOAN. 

The  act  of  the  3d  of  March,  1S15,  authorized  a  loan  for  a  sum  not  ex- 
ceeding $18,452,800 ;  it  was  made  lawful  to  accept,  in  payment  of  sub- 
scriptions, such  Treasury  notes  as  had  been  charged  on  the  sinking  fund ; 
and  a  commission  not  exceeding  one  quarter  of  1  per  cent,  was  allowed 
for  selling  the  certificates  of  stock,  or  procuring  subscriptions  to  the  loan. 
Under  this  authority,  the  annexed  notice,  (marked  F,)  dated  the  10th  of 
March,  1815,  was  published,  opening  a  loan  for  the  sum  of  $12,000,000 ; 
with  a  view,  1st,  to  absorb  a  portion  of  the  Treasury  note  debt;  2d,  to  ob- 
tain funds  for  paying  the  unsubscribed  arrearages  of  that  debt ;  and,  3d, 
to  aid  the  Treasury  with  a  supply  of  the  local  currencies  of  different  places, 
in  some  proportion  to  the  probable  amount  of  the  local  demands. 

The  offers  to  subscribe  to  the  loan,  prior  to  the  19th  of  April,  1815, 
placed  (as  it  was  proper  to  place)  money  and  Treasury  notes  upon  the  same 
footing ;  but  the  offers  varied  essentially  in  the  terms  and  conditions  that 
were  annexed  to  them ;  and,  in  point  of  fact,  no  direct  offer  was  made  to 
subscribe  at  a  higher  rate  than  89  per  cent.,  while  some  of  the  offers  were 
made  at  a  rate  even  lower  than  75  per  cent.  Upon  this  experiment,  there- 
fore, it  was  seen  at  once  that  the  new  situation  of  the  Treasury  required  a 
new  course  of  proceeding;  and  that  neither  the  justice  due  to  the  equal  rights 
of  the  public  creditor,  nor  a  fair  estimate  of  the  value  of  the  public  property, 
nor  an  honorable  regard  for  the  public  credit,  would  permit  the  loan  to 
assume  the  shape  and  character  of  a  scramble,  subservient  to  the  specula- 
tions which  create  what  is  called  a  market  price,  and  shifting  in  every  town 
and  village  of  every  State,  according  to  the  arbitrary  variations  of  what  is 
called  the  difference  of  exchange. 

In  this  view  of  the  subject,  all  the  offers  of  subscription  to  the  loan,  made 
in  the  first  instance,  were  declined  ;  but  it  was  declared,  at  the  same  time, 
that  offers  at  the  rate  of  95  per  cent,  would  be  accepted.  The  rate  thus  pro- 
posed was  adopted  upon  a  consideration  of  the  value  of  the  stock,  of  the 
equitable  as  well  as  legal  claim  of  the  holders  of  Treasury  notes,  and  of  the 


1815.] 


SECRETARY  OF  THE  TREASURY. 


real  condition  of  the  public  credit.  The  objects  of  the  loan  being  (as  al- 
ready stated)  to  absorb  a  portion  of  the  Treasury  note  debt,  and  to  acquire  a 
sufficiency  of  local  currency  for  local  purposes,  the  price  of  the  stock,  at  the 
Treasury,  was,  of  course,  independent  of  the  daily  up-and-down  prices  of 
the  various  stock  markets  in  the  Union,  and  could  only  be  affected  by  the 
progress  towards  the  attainment  of  those  objects.  Thus,  while  the  wants  of 
the  Treasury  were  insufficiently  supplied,  offers  to  subscribe  were  freely  ac- 
cepted ;  and  the  parties  were  sometimes  authorized  and  invited  to  increase 
the  amount  of  their  offers ;  but  where  local  funds  had  so  accumulated  as  to 
approach  the  probable  amount  of  the  local  demands,  the  price  of  the  stock 
was  raised  at  the  Treasury;  and  w'here  the  accumulation  was  deemed 
adequate  to  the  whole  amount  of  the  local  demands,  the  loan  was  closed. 

The  policy  of  the  course  pursued  at  the  Treasury  was  soon  demonstrated. 
Offers  of  subscription  to  the  loan,  at  the  rate  of  95  per  cent,  payable  in 
Treasury  notes,  or  in  money,  were  presented  to  a  large  amount,  soon  after 
the  rule  of  the  Treasury  was  declared  ;  and  the  annexed  table,  marked  G, 
will  exhibit  the  progressive  and  actual  state  of  all  the  subscriptions,  to  the 
30th  of  September  last. 

In  the  District  of  Columbia,  the  money  subscriptions  (including  the  sub- 
scription of  certain  liquidated  claims  upon  the  Treasury)  were  successive- 
ly at  95,  96^.  97,  and  98  per  cent.,  and  finally  at  par.  In  the  city  of  Balti- 
more, the  money  subscriptions  have  been  at  95  and  96^  per  cent.  In  the 
city  of  Philadelphia,  the  money  subscriptions  have  been  entirely  at  95 
per  cent.  The  price  was  raised  at  the  Treasury,  from  95  to  98  per  cent, 
on  the  ISth  of  June,  (subject,  of  course,  to  all  unexecuted  subscriptions 
previously  accepted  or  authorized  ;)  and  since  that  time  considerable  offers 
have  been  received  at  95  and  96  per  cent.,  but  none  have  been  received  at 
the  increased  rate  of  98  per  cent.  The  subscriptions,  payable  in  Treasury 
notes,  have  been  made,  in  all  places,  at  the  same  rate  of  95  per  cent,  A 
general  abstract  of  the  state  of  the  loan  may  therefore  be  reduced  to  the 
following  form : 

In  the  District  of  Columbia,  the  subscriptions  have  amounted — 

1.  In  money,  to  the  sum  of  -    $2,282,03738 

2.  In  Treasury  notes,  to  the  sum  of       -        257,276  65 

In  'Baltimore,  the  subscriptions  have 
amounted — 

1.  In  money,  to  the  sum  of  -      1,994,818  50 

2.  In  Treasury  notes,  to  the  sum  of       -        608,661  90 

In  Philadelphia,  the  subscriptions  have 
amounted — 

1.  In  money,  to  the  sum  of  -      1,845,000  00 

2.  In  Treasury  notes,  to  the  sum  of  1,260,568  69 

In  New  York,  the  subscriptions  have 
amounted— 

1.  In  money,  to  the  sum  of  .  601  44 

2.  In  Treasury  notes,  to  the  sum  of       -         658,371  61 


$2,539,314  03 


2,603,480  40 


3,105.568  69 


In  Rhode  Island,  the  subscriptions  have  amounted,  in 
Treasury  notes,  to  the  sum  of        - 


658,973  05 
132,020  69 


28  REPORTS  OF  THE  [1815. 

In  Massachusetts,  the  subscriptions  have  amounted,  in 
Treasury  notes,  to  the  sum  of  $  97,301  32 

In  New  Hampshire,  the  subscriptions  have  amounted,  in 
Treasury  notes,  to  the  sum  of  52,386  20 

In  North  Carolina,  the  subscriptions  have  amounted,  in 
Treasury  notes,  to  the  sum  of  95,000  00 


$9,284,044  38 

•i  .,-••,  — 

Having  thus  absorbed  a  portion  of  the  Treasury  note  debt,  and  deeming 
the  Treasury  to  be  possessed  of  a  sufficient  supply  of  the  local  currency  of 
the  places  at  which  the  Treasury  notes,  unsubscribed,  and  in  arrears,  were 
payable  by  law,  except  in  the  cities  of  New  York  and  Boston,  the  Secre- 
tary of  the  Treasury  proceeded  to  assign  funds  for  the  payment  of  the 
Treasury  notes,  and  to  give  notice  thereof  in  the  form  of  the  annexed  copies, 
marked  respectively  H  and  I,  in  pursuance  of  the  act  of  Congress  passed 
on  the  3d  of  March,  181 5.  As  a  sufficient  supply  of  the  local  currencies  of 
Boston  and  New  York  had  not  been  obtained,  the  overture  was  made,  in 
the  same  notice,  to  discharge  the  Treasury  notes  payable  in  those  cities, 
and  in  arrears,  by  accepting  them  in  subscriptions  to  the  loan  at  the  rate  of 
95  per  cent.,  by  exchanging  them  for  other  Treasury  notes,  in  which  the 
interest  due  should  be  included  as  principal ;  or  by  giving  drafts  for  the 
amount  upon  any  of  the  banks  in  which  the  Government  possessed  funds. 
This  overture  is  still  open  to  the  consideration  and  acceptance  of  the  hold- 
ers of  the  Treasury  notes  in  question  ;  and  has  been  accepted  in  the  shape 
of  subscriptions  to  the  loan,  to  a  considerable  extent.  Since  the  30th  of 
September,  these  amount,  including  some  subscriptions,  the  details  of  which 
have  not  yet  been  completed,  to  more  than  two  millions  of  dollars. 

OF  THE    TRANSFER  OF  BALANCES  OF  APPROPRIATIONS  AND  OF  REVENUE^ 

FROM    1814   TO  1815. 

In  the  administration  of  the  finances,  it  has  been  the  practice  to  consider 
the  demands  and  the  supplies  of  each  year  as  distinct  subjects  for  legisla- 
tive provision,  independent  of  the  balances  of  appropriations,  or  of  revenue, 
existing  at  the  close  of  the  preceding  years.  The  same  course  will  now  be 
pursued,  but  with  a  few  explanatory  remarks.  The  annual  appropriations 
have  never  been  entirely  absorbed  during  the  year  for  which  they  were 
made  ;  and  the  credit  given  by  law  for  payments,  in  every  branch  of  the 
revenue,  necessarily  introduces  a  discrimination  between  the  amount  of 
duties  which  accrues  within  the  year,  as  a  debt  to  the  Government,  and  the 
amount  which  is  paid  within  the  year,  as  money  into  the  Treasury.  The 
annual  appropriations,  however,  are  not  charged  upon  the  revenue  of  the 
year,  specifically,  in  which  they  are  made ;  and,  in  point  of  fact,  they  are 
satisfied,  whenever  demanded,  out  of  any  unappropriated  money  in  the 
Treasury,  without  reference  to  the  time  when  the  revenue  accrued,  or  when 
the  money  was  actually  received  at  the  Treasury. 

The  inconvenience  of  continuing  appropriations  in  force,  which  were  lia- 
ble to  be  drawn  from  the  Treasury  during  an  indefinite  period,  induced  Con- 
gress to  enact,  in  the  year  1795,  (49)  that  any  appropriations  (except  perma- 
nent appropriations  for  the  interest  of  the  funded  debt,  or  appropriations  for 
the  payment  of  loans  and  the  accruing  interest,  for  the  sinking  fund,  and 

(49)  See  the  16th  section  of  the  act  of  the  3d  of  March,  1795:  3  vol.  232. 


1S15.] 


SECRETARY  OF  THE  TREASURY. 


29 


for  purposes  which  specially  require,  by  law,  a  longer  duration)  remaining 
unexpended  for  more  than  two  years  after  the  expiration  of  the  calendar 
year  in  which  the  act  of  appropriation  was  passed,  should  cease  and  deter- 
mine, and  that  the  unexpended  sum  should  be  carried  to  an  account  on 
the  books  of  the  Treasury,  to  be  denominated  "the  surplus  fund."  By  the 
operation  of  this  provision,  no  ordinary  appropriation  can  now  survive  the 
specified  period  of  two  years;  and  notwithstanding  the  formal  designation 
of  a  particular  account,  in  which  the  entry  shall  be  made,  the  sum  disen- 
gaged by  the  determination  of  each  appropriation  becomes  again  an  undis- 
tinguishable  part  of  the  public  treasure,  which  is  subject  to  the  future  dis- 
positions of  the  Legislature. 

With  these  remarks,  it  will  be  useful,  for  the  purposes  of  general  informa- 
tion, to  exhibit  the  gross  amount  of  the  balances  of  the  appropriations  for 
the  year  1814,  transferred  to  the  year  1815,  without  entering  into  a  com- 
parative detail  of  the  appropriations  and  of  the  revenues  during  the  par- 
ticular year  in  which  the  appropriations  were  made  by  law.     Thus, 
The  gross  amount  of  the  appropriations  for  1814,  including  the  aggregate 
of  the  balances  of  appropriations  for  the  year  1813.  amounted  to  the 
sum  of  '-     $55.978,464  20 

Of  this,  there  was  paid  on  or  before  the  31st  of  December, 
1814,  the  sum  of  $38,028,230  32 

And  on  the  1st  of  January,  1815,  there 
was  carried  to.  the  surplus  fund  the 
sum  of  -  592,309  99 

38,620,540  31 

Leaving,  as  a  general  balance  of  the  appropriations  of 

1814,  payable  at  the  Treasury  in  1815,  the  sum  of      -    $17,357,923  89 

OF   THE    DEMANDS    ON   THE   TREASURY   FOR    1815. 

The  demands  authorized  by  acts  of  appropriation  during  the  year  1815, 

(exclusively  of  certain  indefinite  appropriations,  the  amount  of  which  is 

not  yet  ascertained,)  were  the  following : 

For  civil,  diplomatic,  and  miscellaneous  expenses,  besides  the  unascer- 
tained product  of  fines,  penalties,  and  forfeitures,  assigned  to  defray  the 
charges  of  courts,  the  sum  of  -  $3,080,656  22 

For  military  expenses,  including  those  of 
the  Indian  department,  and  the  perma- 
nent appropriation  of  $200,000  for 
arming  and  equipping  the  militia,  the 
sum  of  .  5,618,790  41 

For  naval  expenses,  including  the  annual 
appropriation  of  200,000  dollars  for  the 
purchase  of  timber  -  -  5,233,02200 

For  the  public  debt,  to  wit : 

The  interest  on  the  debt  contracted  before 

th-e  war  .      1,900,000  00 

The  interest  on  the  debt  contracted  since 

the  war,  including  the  loan  of  1815,  and 

excluding  the  interest  of  Treasury  notes    3,560,000  00 
The  interest  of  5f  per  cent,  per  annum, 

upon  Treasury  notes,  outstanding  on  the 


30 


REPORTS  OF  THE 


[1815. 


1st  January,  1815,  including  notes  due 
in  1814,  and  not  paid,  (the  principal  be- 
ing then  10,646,480  dollars,)  the  sum  of  $575,000  00 

The  annual  reimbursement  of  the  princi- 
pal of  the  old  6  per  cent,  and  deferred 
stocks,  the  sum  of  -  -  1,590,000  00 

The  principal  of  Treasury  notes  payable 
in  1814,  and  the  1st  January,  1815,  but 
not  then  paid,  the  sum  of  '  -  2,799,200  00 

The  principal  of  Treasury  notes  payable 
in  1815,  and  the  1st  January,  1816,  the 
sum  of  -  7,847,280  00 

The  principal  of  temporary  loans  payable 
in  18  M,  but  not  then  paid  -  -  500,00000 

$18,771,480  00 

The  amount  of  the  appropriations  and  of  demands   for 
the  public  debt  for  1815,  being  the  sum  of  -     $32,703,948  63 

The  total   amount,  therefore,  demandable   at  the  Trea- 
sury during  the  year  1815,  was  -     $50,061,87195 

Consisting  of  appropriations  made  prior 
to  that  year,  and  unsatisfied  at  its  com- 
mencement, amounting  to  -  $17,357,923  89 

And  of  appropriations  and  demands  on  ac- 
count of  public  debt,  made  and  arising 
during  the  year  1815,  amounting  to  -  32,703,948  06 

$50,061,871  95 

OF  THE  WAYS  AND  MEANS  OF  THE  TREASURY,  FOR  THE  YEAR  1815. 

These  may  be  considered  in  a  twofold  aspect:  1.  As  to  the  ways  and 
means  placed  by  the  laws  within  the  power  of  the  Treasury;  and.  2.  The 
amount  capable  of  being  realized,  or  made  actually  available  by  the  Trea- 
sury, during  the  year. 

Under  the  first  view,  the  ways  and  means  consisted— 

1.  Of  the  cash  in  the  Treasury  at  the  commencement  of 
the  year,  which  amounted  to 

2.  Of  the  outstanding  revenue  which  accrued  prior  to  the 
year  1815,  and  remained  unpaid  at  its  commencement, 
estimated,  exclusive  of  the  sums  due  for  public  lands, 

at  about  -  4,600,000  00 

3.  Of  the  revenue  accruing  in  the  year  1815,  estimated 
at  $38,850,000,  viz  :  - 

Customs  -       $25,000,000 

Direct  tax,  nett  product  -  5,400,000 

Internal  duties,    do.     V  -  -  7,000,000          y' 

Public  lands      -  1,000,000 

Postage,  and  incidental  receipts  450,000 


4.  Of  the  unexecuted  authority  to  borrow 
money,  and  to  issue  Treasury  notes, 


38,850,000  00 


1S15.] 


SECRETARY  OF  THE  TREASURY. 


31 


conferred  by  acts  of  Congress  passed 

prior  to  the  year  1815,  viz,: 

The  loan  act  of  March  14,  1812  $765,300 

The  loan  act  of  March  24,  1814  8,562,119 

The  loan  act  of  November  15, 1814       -  3,000,000 

Treasury  note  act  of  March  4, 1814  2,772,720 

Treasury  note  act  of  December  26,  1814, 

estimated  at   -  8,600,000 

5.  Of  the  authority  to  borrow  money, 
and  to  issue  Treasury  notes,  conferred 
by  acts  of  Congress  passed  in  the  year 
1815.  viz: 

The  loan  act  of  March  3,  1815  -         18,452,800 

The  loan  act  of  February  13,  1815,  (for 

public  buildings  in  Washington)  500,000 

Treasury  note  act  of  February  24,  1815, 

(exclusive  of  the  re-issues  authorized 

by  this  act)    -  -         25,000,000 


f!2,327,419  00 


11,372,720  00 


43,952,800  00 
$112,629,937  63 


This  great  apparent  surplus  of  ways  and  means  within  the  power  of  the 
Treasury  arose,  in  part,  from  the  great  increase  in  the  amount  of  the  cus- 
toms accruing  in  the  year  1815,  which,  instead  of  $4,000,000,  the  amount 
estimated  prior  to  the  peace,  will,  probably,  in  consequence  of  that  event, 
amount  to  the  sum  of  $25,000,000,  as  here  stated.  A  great  portion,  also, 
of  the  sums  authorized  to  be  borrowed  or  raised  upon  Treasury  notes, 
it  was  evident,  could  not  be  obtained  or  raised  within  the  year ;  and  the 
several  successive  acts  by  which  the  authority  was  given,  although  they 
were  nominally  accumulative,  were  actually  the  result  of  attempts  to  vary 
or  modify  this  authority  in  such  way  as  to  render  it  more  easy  or  more 
effectual  in  its  execution. 

The  second  view  of  the  ways  and  means  for  the  year  1815  exhibits  the 
amount  actually  realized  and  received  into  the  Treasury  during  the  year. 
As  the  year  is  not  yet  terminated,  this  can  only  be  given  by  way  of  esti- 
mate. The  result  will,  probably,  not  differ  materially  from  the  following : 

1.  Cash  in  the  Treasury  at  the  commencement  of  the  year      $1,526,998  63 

2.  Receipts  from  revenue,  including  that  which  was  out- 

standing at  the  commencement  of  the  year,  viz : 
Customs  $8,000,000 

Direct  taxes       -  2,200,000 

Internal  duties   -  ; '••  «\          4,700,000 

Public  lands       -  1,000,000 

Postage  and  incidental  receipts  -  450,000 

16,350,000  00 

3.  Receipts  from  loans  and  Treasury  notes : 

Loans  under  the  act  of  March  14.  1812  -          50,000  00 
Loans  under  the  act  of  Nov.  15, 1814     -        950,000  00 


32 


REPORTS  OF  THE 


[1815. 


Loans  under  the  act  of 

March  3, 1815  -  $9,284,044  38 

Do.  temporary  loans      -        650,000  00 

: $9,934,044  38 

Loans  under  the  act  of  February  13, 1815       100,000  00 


Amount  actually  borrowed,  to  the  30th  of 
September,  1815,  per  statements  an- 
nexed, marked  G  and  K 

Amount  estimated  to  be  borrowed,  from 

the  1st  October  to  31st  December,  1815  3,000,000  00 


-  11,034,044  38 


Treasury  notes.     Amount  issued  prior  to 

the  1st  of  October,  1815 : 
1.  Treasury  notes  bearing  interest  under 

the  act  of  March  4,  1814-  $2,772,720 
Under  the  act  of  December 

26,  1814  -  -     8,318,400 

Under  the  act  of  February 

24,  1815  -  694,600 


14,034,044  38 


Per      statement      annexed, 

marked  L  -    11,785,720 

2.    Small    Treasury  notes, 

not  bearing  interest  under 

the  act  of  February  24, 

1815,  amount  issued  and 

re-issued,    per    statement 

annexed,  marked  E 


Amount  estimated  to  be  is- 
sued and  re-issued,  from 
the  1st  of  October  to  the 
31st  of  December,  1815  - 


4,152,850 
15,938,570 


16,938,570  00 


Making  the  total  amount  estimated  to  be  actually  re- 
ceived into  the  Treasury,  during  the  year  1815 


$48,849,613  01 


The  application  of  the  moneys  actually  received  into  the  Treasury,  during 
the  year  1815,  will  be  as  follows  :  To  the  30th  of  September,  the  payments 
have  amounted  to  the  following  sums  nearly  ;  the  accounts  not  being  yet 
made  up,  the  precise  amount  cannot  be  given : 
For  civil,  diplomatic,  and  miscellaneous  expenses 
^Military  service 
jNaval  service  - 
Public  debt,  (exclusive  of  the  sum  of  $300,000  repaid  by 

the  commissioner  of  loans  for  Georgia) 


$2,537,000  00 

15,190,144  71 

7,050,000  25 


8,909,178  22 
$33,686,323  18 


1815.]  SECRETARY  OF  THE  TREASURY.  33 

During  the  fourth  quarter  of  the  year,  the  payments  are 
estimated  to  amount  to  the  following  sums,  viz : 
For  civil,  diplomatic,  and  miscellaneous. 

expenses  $500,000 

Naval  service    -  -  1,500,000 

Public  debt,  to  the  1st  January,  1816,  in- 
clusive 3,000.000 

• $5.000,000  00 


$38,686,323  18 
As  the  receipts  into  the  Treasury,  during  the  year,  have 

been  estimated  at  -     48,849,613  0.1 

The  sum  left  in  the  Treasury,.at  the  end  of  the  year,  wjll  be  $10,163,289  83 

And  will  consist  principally  of  Treasury  notes,  paid  on  account  of  the  rev- 
enue and  of  loans. 

OF'  THE    ESTIMATES  OF    THE    PUBLIC  REVENUE  AND    EXPENDITURES  FOR 

1816. 

In  the  consideration  of  this  subject,  it  is  proper  to  premise,  that  the  rev- 
enue of  1816  must  be  charged  with  the  payment  of  a  considerable  amount 
of  the  unliquidated  debts  incurred  during  the  war  ;  and,  consequently,  that 
the  proportions  of  revenue  and  expenditure  for  that  year  cannot  be  reduced 
by  the  scale  of  a  peace  establishment.  The  arrearages  in  the  War  and 
Navy  Departments,  and,  generally,  the  outstanding  balance  of  the  floating 
public  debt,' including  Treasury  notes  and  temporary  loans,  must  be  satis- 
fied, before  a  permanent  and  uniform  arrang0111611*  °f  tne  finances  can  be 
effected ;  but  it  is  believed  that  the  period  of  a  single  year  will  be  sufficient 
for  that  purpose. 

It  is  also  proper  to  premise,  that  alt'iough  the  estimates  of  the  demands 
on  the- Treasury  for  1816  may  be  satisfactorily  made,  there  is  no  settled 
ground  upon  which  estimates  of  <he  ways  and  means  can  be  confidently 
iformed.  The  entire  system  of  external  and  internal  taxation  must  neces- 
sarily be  revised,  during  the  present  session  of  Congress;  and  the  sources,  as 
well  as  the  product,  of  the  public  revenue,  can  only  be  ascertained  from  the 
result  of  the  legislative  deliberations.  In  order,  however,  to  obviate  this 
difficulty  as  far  as  it  is  practicable,  distinct  statements  will  be  presented  for 
1816 — 1st.  Of  the  probable  demands  on  the  Treasury ;  2dly.  Of  the  reve- 
nue, estimated  According  to  the  laws  now  in  force  ;  and,  3dly.  Of  the  reve- 
nue, estimated  according  to  the  modifications  which  will  be  respectfully 
submitted. 

I.     OF    THE    PROBABLE    DEMANDS    ON    THE    TREASURY. 

The  amount  of  the  civil,  diplomatic,  and  miscellaneous 
expenses,  is  estimated  at  the  sum  of  $1,800,000 

The  amount  of  the  military  expenses  is  estimated  at  the 
sum  of    -  .  14,549,246 

For  the  military  establishment  of  1816          $5,112,159 

For  the  arrearages  of  1815,  beyond  the 
amount  of  the  appropriations        -  -  9,437.087 


$14,549,246 
VOL.  ii.— 3 


34 


REPORTS  OF  THE 


[1815. 


The  amount  of  the  naval  expenses  (supposing  them  to  be 
reduced,  on  the  peace  establishment,  to  one-half  of  the  amount 
appropriated  for  1815,  and  adding  the  annual  appropriation  of 
200,000  dollars  for  the  purchase  of  timber,)  is  estimated  at  the 
sum  of 

The  amount  of  the  payments  required  on  account  of  the 
public  debt  is  estimated  at  the  sum  of 

For  the  interest  and  annual  reimbursement  of  the  principal 


of  the  funded  debt,  prior  to  the  war 

For  the  interest  on  the  funded  debt  created  since 
the  war,  estimated  on  a  capital  of  .$70,000,000 

For  the  balance  of  principal  and  interest  on 
Treasury  notes  of  every  denomination  now  due, 
or  payable  in  1815  and  1816;  or  estimated  to  be 
paid  in  those  years,  by  being  received  for  du'ties 
and  taxes,  as  set  forth  in  the  annexed  table,  mark- 
ed L 

For  the  amount  of  temporary  loans  due  to  the 
State  Bank  of  Boston,  ($500,000,)  and  the  Me- 
chanics' Bank  of  New  York,  ($200,000)  . 


$3,460,000 
4.200,000 


-  15,458,513 


.  700,000 


$23,818,513 

From  this  aggregate  of  the  demands  for  1816,  the  charges 
of  a  temporary  nature  \*jing  deducted,  to  wit : 

Deduct  the  amount  of  Uie  arrearages  for  the   , 
military  service. of  L815  :  $9,437,087 

And  the  amount  of  the  floating  debt  to  be  liqui- 
dated iu  1816  .  -   16,158,513 


There  will  remain  as  the  probable  aimim!  expenditure  of 
the  peace  establishment,  independent  of  an  j  addition  to  the 
sinking  fund,  the  sum  of  -  :  i 


$2,716,510 
23,818,513 


42,884,269 


25,595,600 


-    $17,288,669 


II.    OF    THE    REVENUE    FOR     1816,     ESTIMATED 
I^AWS    NOW    IN    FORCE. 


ACCORDING    TO     THE 


By  the  laws  now  in  force,  the  revenue  arising  from  customs  during  the 
year  1816  will  be  effected  in  the  following  manner.  The  present  rates  of 
duties  continue  until  the  18th  of  February,  1816,  when  the  duty  on  salt  im- 
ported will  cease,  and  the  rates  of  duties  on  merchandise  of  every  descrip- 
tion imported  in  American  vessels  will  fall  to  one-half  of  tta  existing 
amount,  with  the  exception  of  certain  manufactured  articles,  being  of  the 
same  kinds  as  the  manufactured  articles  on  which  internal  duties  have  been 
imposed  ;  the  duties  on  the  imported  articles  continuing  at  the  existing  rates, 
so  long  as  the  existing  internal  duties  shall  be  continued  upon  the  corres- 
ponding articles  of  domestic  manufacture.  On  the  18th  of  February,  the 
extra  duties  on  merchandise  imported  in  foreign  vessels,  which  is  now  15^ 
per  cent,  on  the  amount  of  the  duty  in  American  vessels,  will  fall  to  10  per 
cent,  on  that  amount;  and  the  tonnage  duty  on  foreign  vessels,  which  is  now 


1815.]  SECRETARY  OF  THE  TREASURY.  35 

two  dollars  per  ton,  will  fall  to  fifty  cents  per  ton.  The  extra  duty  is  also 
liable  to  be  affected  by  the  operation  of  the  act  for  abolishing  all  discrimi- 
nating duties,  upon  a  basis  of  natural  reciprocity. 

By  the  laws  now  in  force,  the  revenue  arising  from  internal  duties  will 
be  affected  in  the  following  manner.  The  duties  on  bank  notes,  on  notes 
discounted  by  banks,  and  bills  of  exchange,  (commonly  called  the  stamp 
duties,)  and  the  duty  on  refined  sugar,  will  cease  on  the  18th  of  February, 
1816.  All  the  other  internal  duties,  together  with  the  direct  tax,  and  the 
increased  rates  of  postage,  will  continue. 

Under  these  circumstances,  the  revenue  which  will  accrue  to  the  United 
States,  during  the  year  1816,  is  estimated  as  follows: 
From  customs  -  -    $13,000,000 

From  internal  duties  :?r>:1;     1$  ^,  7,000,000 

From  direct  tax,  (nett  produce  to  the  Treasury)  5.600,000 

From  sales  of  public  lands    -  1^000,000 

From  postage,  and  incidental  receipts  400,000 

27,000,000 


The  sums  actually  receivable  info  the  Treasury  during  the  year  are  es- 
timated as  follows : 

From  customs  >:  ->..  $20,000,000 

From  internal  duties  -                     6,500,000 

From  direct  tax,  including  arrears  of  1815  -                         -        8,500.000 

From  the  sales  of  public  lands  1,000,000 

From  postage,  and  incidental  receipts  400,000 


36,400,000 

If  to  this  be  added  the  probable  amount  of  money  in  the 
Treasury  at  the  commencement  of  the  year  1816,  which 
may  be  estimated,  exclusive  of  Treasury  notes  paid  in 
previously  to  that  time,  on  account  of  revenue  and  of 
loans,  at  the  sum  of  -  3,000,000 

The  effective  ways  and  means  of  1816  will  produce,  in  the 

whole,  the  sum  of  -  -      39,400.000 

But  as  the  demands  upon  the  Treasury  for  the  same  year 
will  amount,  as  above  stated,  to  -  -  42,884,269 

— 

There  will  be  left  a  deficit,  to  be  supplied  by  means  other 
than  the  revenue,  of  the  sum  of  -  :  rL;)1  -  3,484,269 

III.    OF  THE  REVENUE  FOR  1816,  ESTIMATED    ACCORDING  TO    THE    MODI- 
FICATIONS AVHICH  WILL  BE  RESPECTFULLY  SUBMITTED. 

, 

From  the  review  of  the  financial  measures  of  the  Government,  in  refer- 
ence to  the  recent  state  of  war,  which  constitutes  the  first  part  of  the  pre- 
sent report,  it  appears  that  the  almost  entire  failure  of  the  customs,  or  duties 
on  importations,  and  the  increasing  necessities  of  the  Treasury,  rendered  it 
necessary  to  seek  for  pecuniary  supplies  in  a  system  of  internal  duties ; 
but,  both  in  respect  to  the  subjects  of  taxation  and  to  the  amount  of  the 
several  taxes,  the  return  of  peace  has  always  been  contemplated  as  a  per.od 
for  revision  and  relief.  In  the  fulfilment  of  that  policy,  a  reduction,  of  the 


36  REPORTS  OF  THE  [1815. 

direct  tax ;  a  discontinuance  of  taxes  which,  upon  triul,  have  proved  un- 
productive, as  well  as  inconvenient ;  and,  above  all,  the  exoneration  of  do- 
mestic manufactures  from  every  charge  that  can  obstruct  or  retard  their 
progress,  seem  to  be  the  objects  that  particularly  invite  the  legislative  atten- 
tion. There  will  still  remain,  however,  a  sufficient  scope  for  the  operation 
of  a  permanent  system  of  internal  duties,  upon  those  principles  of  national 
policy  which  have  already  been  respectfully  suggested. 

As  an  equivalent  for  the  diminution  of  the  revenue  by  the  contemplated 
abolition  or  reduction  of  some  of  the  duties  and  taxes,  and  in  observance  of 
the  public  faith,  which  is  pledged,  in  the  case  of  such  abolition  or  reduc- 
tion, to  provide  and  substitute  other  duties  and  taxes  equally  productive,  it 
is  intended  respectfully  to  recommend  a  continuance  of  the  duty  on  import- 
ed salt,  and  a  competent  addition  to  the  permanent  rates  of  the  duties  on 
merchandise  imported.  In  the  general  tariff,  which  has  been  directed  by  a 
resolution  of  the  House  of  Representatives  to  be  prepared,  and  which  will 
be  submitted  to  Congress  as  soon  as  the  materials  for  forming  it  call  be  di- 
gested and  arranged,  the  subject  will  .be  more  distinctly  as  well  as  more  satis- 
factorily presented;  but  as  it  is  not  probable  that  this  measure  can  be  so  ma- 
tured as  to  go  into  operation  on  the  18th  of  February  next,  it  becomes  ne- 
cessary to  suggest  the  expediency  of  continuing  the  present  rates  of  duties 
until  the  30th  of  June;  when  the  new  rates,  with  all  the  necessary  details 
to  give  effect  to  the  system,  may  be  introduced,  and  sufficient  notice  be  given 
to  the  merchants  to  regulate  their  commercial  operations  accordingly. 

In  relation,  then,  to  the  internal  duties,  it  is  intended  respectfully  to  re- 
commend that  the  duties  imposed  at  the  last  session  of  Congress,  on  vari- 
ous articles  manufactured  within  the  United  States,  shall  be  abolished  on 
the  18th  day  of  April  next,  which  will  complete  the  year,  commencing  from 
the  time  the  duties  went  into  operation ;  that  the  duty  imposed  during  the 
last  session  of  Congress,  on  spirits  distilled  within  the  United  States,  shall 
be  abolished  on  the  30th  day  of  June  next,  but  that,  at  the  same  time,  there 
be  added  100  per  cent,  on  the  rate  of  the  duty  which  had  been  charged  on 
licenses  to  distillers  of  spirituous  liquors  in  the  year  1813 ;  that  the  duty 
on  household  furniture,  and  on  gold  and  silver  watches,  be  abolished  on 
the  31st  day  of  March  next ;  that  the  additional  duty  imposed  during  the 
last  session  of  Congress,  on  licenses  to  retail  wines,  spirituous  liquors,  and 
foreign  merchandise,  be  abolished  on  the  31st  day  of  December,  1816;  and 
that  the  duties  on  refined  sugar,  and  the  stamp  duties,  be  continued  ;  and 
finally,  in  relation  to  the  direct  tax,  it  is  intended  respectfully  to  recommend 
that,  on  the  31st  day  of  March  next,  it  be  reduced  to  one-half  of  its  present 
amount ;  that  is,  to  the  annual  amount  of  $3,000,000. 

The  subtraction  from  the  revenue  by  these  changes  and  reductions  in 
the  direct  tax  and  the  internal  duties  is  estimated  at  the  annual  sum.of 
$7,000,000.  But  the  substitutes  for  supplying  the  equivalent  amount  are 
estimated  to  produce,  1st,  from  the  increase  of  the  duty  on  licenses  to  distil- 
lers, and  the  continuance  of  the  stamp  duties,  and  duties  on  refined  sugar, 
the  annual  sum  of  $1,500,000 ;  2d.  from  the  continuance  of  the  duty  on 
imported  salt,  the  annual  sum  of  $500,000 ;  and,  3d.  from  an  increase  upon 
the  permanent  rates  of  duties  on  the  importation  of  foreign  merchandise, 
the  annual  sum  of  $5,000,000. 

The  full  effect  of  the  alterations  which  have  been  stated  will  not  be  devel- 
oped until  some  time  after  the  year  1816  ;  but  if  they  be  adopted,  the  state 

of  the  revenue  for  that  year,  in  the  two  views  of  which  it  is  susceptible — 1st. 

au   j.o  a  .         j      i  .  . 


1815.]  SECRETARY  OF  THE  TREASURY.  37 

of  revenue  accruing  during  the  year  ;  and,  2dly,  of  money  receivable  into  the 
Treasury  during  the  year,  may  be  estimated  as  follows  : 

1.  The  revenue  which  will  accrue  in  1816  may  be  estimated — 

From  customs    -  -    $17,000,000 

Internal  duties  -  4,500,000 

Direct  tax,  (nett  product  to  the  Treasury)  -        2,700,000 

Sales  of  public  lands      -  1,000,000 

Postage,  and  incidental  receipts  400,000 

$25,600,000 

2.  The  moneys  which  will  be  actually  receivable  into  the  Treasury,  from 
revenue  in  1816.  may  be  estimated — 

From  the  customs"       -  -   $21,000,000 

Internal  duties  -  5,000,000 

Direct  tax,  including  arrears  of  1815  h-jb;»         -        6,000,000 

Sales  of  public  lands     -  -      -1,000,000 

Postage,  and  incidental  receipts  ''ft'       400,000 


$33,400,000 

If  to  the  sum  thus  estimated  to  be  receivable  into,  the  Trea- 
sury, from  the  revenue,  during  the  year  1816  .  -  $33,400,000 

There  be  added  the  money  which  will  probably  be  in  the 
Treasury  at  the  beginning  of  the  year,  -  3,000,000 


The  aggregate  will  be  the  sum  of  -     36,400.000 

And  the  demands  being  estimated,  as  above,  at      -  -      42;SS4,2C9 

There  will  be  left  a  deficit  of  '   -, 


It  is  here,  however,  to  be  recollected,  that,  the  estimate  of  the  demands 
on  the  Treasury  comprehends  the  .gross-  amount  of  the  arrearages  of  the 
War  Department,  and  a  provision  for  the  whole  of  the  floating  public  debt; 
and  although,  for  the  purposes  of  a  legislative  appropriation,  the  aggregate 
of  the  expenditures  to  be  authorized  for  .the  year  1816  is  necessarily  made 
the  basis  of  the  official  estimates,  yet  the  uniform  experience  of  the  Trea- 
sury evinces  that  the  demands  for  a  considerable  portion  of  the  annual  ap- 
propriation will  not  be  made  during  the  year. 

It  may  also  be  observed,  that  to  raise  a.  revenue  by  the  imposition,  or 
even  by  the  continuance  of  taxes,  adequate  to  the  immediate  discharge  of 
every  unliquidated  demand  upon  the  Treasury,  at  the  close  of  an  expensive 
war,  seems  hardly  to  be  necessary  under  the  present  circumstances  of  the 
country.  The  product  of  the  revenue,  arranged  in  the  manner  which  has 
been  stated,  may  be  estimated,  after  the  year  1816,  at  an  annual  amount  of 
nearly  four  millions  greater  than  the  sum  required  for  the  interest  on  the 
public  debt,  and  for  the  probable  expenses  of  the  peace  establishment.  If 
the  public  debt,  therefore,  were  increased  in  the  year  1816  by  a  sum  equal 
to  the  whole  amount  of  the  deficit,  as  above  stated,  an  equivalent  reduction 
would  be  effected  in  less  than  two  years.  The  unexecuted  authority  to  bor- 
row money,  and  to  issue  Treasury  notes,  already  provided  by  the  acts  of 
Congress,  is  sufficient  to  enable  the  Treasury  to  meet  the  deficit  in  either  of 


38  REPORTS  OF  THE  [1815. 

these  modes,  and,  consequently,  no  further  legislative  aid  (except,  perhaps, 
in  the  modification  of  the  issues  of  Treasury  notes,)  appears,  at  this  time,  to 
be  required. 

III.  Propositions  for  the  improvement  and  management  of  the  revenue  1 
and  for  the  support  of  public  credit. 

The  propositions  which  are  now  to  be  respectfully  submitted,  relate — 1, 
to  the  revenue;  2.  to  the  sinking  fund;  and  3,  to  the  national  circulating 
medium. 

1.  Propositions  relating  lo  the  revenue. 

The  changes  contemplated  in  the  revenue,  on  the  estimates  of  a  peace  es- 
tablishment, having  been  already  stated,  as  the  intended  objects  of  recom- 
mendation, it  is  only  now  necessary  to  submit  to  the  consideration  of  Con- 
gress the  measures  requiring  their  sanction  for  carrying  the  plan  into  effect. 

First.  It  is  respectfully  proposed  that  the  act  of  the  1st  of  July,  1812, 
imposing  an  additional  duty  of  100  per  cent,  upon  the  permanent  duties  on 
goods,  wares,  and  merchandise  imported  into  the  United  States  from  any 
foreign  port  or  place,  and  the  act  of  the  29th  of  July,  1813,  imposing 
a  duty  upon  imported  salt,  be  continued  in  force  until  the  30th  day  of  June, 
1816. 

Second.    It   is  respectfully  proposed  that  the  act  of  the  24th  of  July. 

1813,  imposing  a  duty  on  sugar  refined  within  the  United  States;  and  the 
act  of  the  2d  of  August,  1813,  imposing  a  duty  on  bank  notes,  notes  dis- 
counted, and  bills  of  exchange,  be  continued  by  law  in  force,  without 
limitation,  but  with  proper  amendments,  to  render  the  collection  of  the  du- 
ties more  equal  and  more  certain;  and  that  the  act  of  the  15th  of  December, 

1814,  imposing  duties  on  carriages,  and  the  harness  therefor  ;   and  that  so 
much  of  the  act  of  the  23d  of  December,  1814,  as  relates  to  the  duties  on 
sales  at  auction,  and  to  the  increasing  of  the  rates  of  postage;  be  allowed  to 
remain  in  force. 

Third.  It  is  respectfully  proposed  that  there  be  a  reduction  or  modifica- 
tion in  the  following  taxes  and  duties : 

1.  That  the  direct  tax  be  reduced  from  six  millions  to  three  millions  of  dol- 
lars, for  the  year  1816,  and  for  each  succeeding  year. 

2.  That  the  duties  on  distilled  spirits  be  discontinued  after  the  30th  day 
of  June,  1816;  and  that  the  duty  on  licenses  to  distillers  be  raised  on  that 
day  to  double  the  amount  fixed  by  the  act  of  the  24th  of  July,  1813. 

3.  That  the  duties  on  licenses  to  retailers  of  wines,  spirituous  liquors, 
and  foreign  merchandise,  be  reduced  to  the  rates  of  the  year  1813,  with 
proper  regard  to  the  periods  when  licenses  commence  and  expire. 

Fovrlh.  It  is  respectfully  proposed  that  the  act  of  the  18th  of  January, 

1815,  and  the  act  of  the  27th  of  February,  1815,  imposing  duties  on  various 
articles  manufactured  or  made  for  sale  within  the  United  States ;  and  the 
act  of  the  18th  of  January,  1815,  imposing  duties  on  household  furniture 
and  watches,  be  absolutely  and  entirely  repealed. 

Fifth.  It  is  respectfully  proposed  that  the  act  of  the  3d  of  March,  1815, 
further  to  provide  for  the  collection  of  the  duties  on  imports  and  tonnage: 
and  the  act  of  the  3d  of  March,  1815,  to  fix  the  compensations  and  in- 
crease the  responsibility  of  the  collectors  of  the  direct  tax  and  internal  du- 
ties, and  for  other  purposes  connected  with  the  collection  thereof,  so  far 
as  it  relates  to  the  compensation  of  the  collectors  of  the  direct  tax  and  in- 
ternal duties,  be  continued  in  force,  without  limitation. 


1815.J  SECRETARY  OF  THE  TREASURY.  39 

2.  Proposition  relating-  to  the  sinking  fund. 

The  sinking:  fund,  as  it  is  at  present  constituted,  amounts  to  the  annual 
sum  of  $8,000,000. 

It  is  charged,  in  the  first  instance,  with  the  payment  of  the 
interest,  and  the  annual  reimbursement  of  the  principal  of  the 
old  funded  debt,  which  will  require  for  1816,  and  each  of  the 
two  ensuing  years,  the  sjum  of  -  -  $3,460,000 

And  it  is  charged  with  the  payment  of  the  interest,  and 
the  eventual  reimbursement  of  the  principal  of  the  new  funded 
debt.  The  interest,  computed  on  a  capital  of  $70,000,000, 
will  require  for  the  year  1816,  and  each  subsequent  year,  the 
sum  of  -  -  -  *,-»V  4.200,000 


The  total  present  charge  on  the  sinking  fund,  on  account 
of  the  funded  debt,  being  the  annual  sum  of         j  4r,      ^     $7,660,000 

In  1818,  the  fund  will  be  released  from  the  annual  charge  of  $1,380,000. 
accruing  upon  the  old  six  per  cent,  stock,  as  the  stock  will  be  then  paid  and 
extinguished ;  but  in  the  same  year  it  will  be  subjected  to  a  charge  of 
$3,000,000  for  the  first  instalment  of  the  principal  of  the  Louisiana  stock, 
which  will  then  become  payable.  In  each  of  the  two  succeeding  years,  a 
similar  sum  will  be  payable;  and  in  the  year  1821,  such  sum  will  be  payable 
as  may  be  necessary  to  complete  the  reimbursement  of  that  stock,  and  which 
is  estimated  at  $1,923.500. 

The  sinking  fund  is  also,  at  present,  charged  with  the  payment  of  the 
principal  and  interest  of  the  Treasury  notes  issued  under  the  act  of  the  4th 
of  March,  1814,  and  prior  acts  :  and  of  certain  temporary  loans,  obtained 
under  the  loan  acts  of  1812,  and  of  subsequent  years.  The  several  acts 
charging  these  payments  on  the  sinking  fund  have  directed  that  such 
sums,  in  addition  to  the  annual  appropriation  of  $8,000,000,  should  be 
taken  from  any  moneys  in  the  Treasury  not  otherwise  appropriated,  as 
should  be  necessary  to  meet  and  satisfy  the  demand.  The  temporary  loans 
and  Treasury  notes  will,  therefore,  be  probably  paid,  or  absorbed,  in  1817  ; 
and  it  is  deemed  unnecessary,  for  the  present  purpose,  to  include  them  in  the 
consideration  of  the  form  and  extent  which  it  is  proposed  to  give  to  the 
sinking  fund  in  that  year. 

In  1803,  when  the  sinking  fund  was  established  on  its  present  footing, 
the  principal  of  the  public  debt  was  about  $86,000,000;  and  the  interest 
annually  payable  upon  it  about  $4,500;000.  At  that  time  there  was 
assigned  to  the  sinking  fund,  out  of  the  public  revenue,  $8,000,000;  of 
which  about  $3,500,000  were  annually  applicable  to  the  reduction  of  the 
principal  of  $86,000,000. 

At  the  commencement  of  the  year  1817,  it  is  estimated  that  the  principal 
of  the  funded  debt  will  amount  to  $110,000,01)0,  requiring  the  sum  of 
$8,150,000  for  the  payment  of  its  annual  interest.  If  a.  sum  applicable  to 
the  reduction  of  the  principal  of  the  debt  were  now  to  be  assigned,  bearing 
the  same  proportion  to  that  principal  which  the  sum  assigned  in  1804  then 
bore  to  the  principal,  it  would  amount  to  about  $4,350,000.  When  it  is 
added,  therefore,  to  the  sum  of  $6.150,000,  which  is  necessary  for  the  pay- 
ment of  the  interest,  there  would  be  required  for  the  amount  now  to  be  set 
apart,  to  constitute  the  sinking  fund,  the  sum  of  $10,500.000  per  annum. 


40  REPORTS  OF  THE  [IS  15. 

It  is  proposed,  however,  to  carry  the  amount  only  to  the  surn'of  $10,000,000, 
which  will  allow  about  $3,850,000  as  applicable  to  the  reduction  of  the 
principal  of  the  debt ;  a  sum  sufficient,  if  strictly  and  regularly  applied 
without  interruption,  upon  a  compound  principal,  to  pay  off  the  whole  of 
the  funded  debt  in  a  period  less  than  eighteen  years. 

Upon  these  grounds,  then,  the  Secretary  of  the  Treasury  respectfully 
submits  the  following  :i., ;, 

PROPOSITION. 

That  in  the  year  1817,  and  annually  in  every  subsequent  year,  there  be 
appropriated  the  sum  of  $2,000,000,  in  addition  to  the  sum  of  $8,000,000 
now  annually  appropriated  for  the  payment  of  the  interest  and  principal  of 
the  public  debt;  that  the  payment  of  this  additional  sum  be  made  out  of  the 
proceeds  of  the  revenue  derived  from  the  customs,  the  sales  of  public 
lands,  and  the  internal  duties,  or  from  either  of  them,  available  after  the 
payment  of  the  sums  for  which  they  are  now  respectively  pledged  or  ap- 
propriated; and  that  the  said  additional  sum  of  $2,000,000  annually  be 
payable  to  the  commissioners  of  the  sinking  fund,  to  be  applied  by  them 
in  the  same  manner  as  the  moneys  which  they  are  now  entitled  by  law  to 
receive:  that  is  to  say,  1st,  to  the  paymen,t  of  the  interest  on  the  public 
funded  debt;  2dly,  to  the  reimbursement  of  the  principal,  from  time  to  time, 
as  the  same,  or  any  portion  of  it,  shall  become  reimbursable,  according  to 
the  terms  of  the  contracts  by  which  it  has  been  created ;  and  3dly,  after 
having  answered  these  purposes,  if  there  shall  remain  a  surplus  at  their 
disposal,  to  the  purchase  of  such  parts  "of  the  public  funded  debt  as  shall 
appear  to  them  to  be  most  for  the  advantage  of  the  United  States,  in  the 
manner  prescribed  by  law,  and. at  a  rate  not  exceeding  the  par  value. 

3.  Proposition  relating  to  the  national  circulating  medium. 

The  delicacy  of  this  subject  is  only  equalled  by  its  importance.  In  pre- 
senting it,  therefore,  to  the  consideration  of  Congress,  there  is.  occasion  for 
an  implicit  reliance  upon  the  legislative  indulgence. 

By  the  constitution  of  the  United  States,  Congress  is  expressly  vested 
with  the  power  to  coin  money,  to  regulate  the  value  of  the  domestic  and 
foreign  coins  in  circulation,  and  ( as  a  necessary  implication  from  positive 
provisions)  to  emit  bills  of  credit";  while  it  is  declared,  by  the  same  instru- 
ment, that  "  no  State  shall  coin  money,  or  emit  bills  of  credit."  (50)  Under 
this  constitutional  authority,  the  money  of  the  United  States  has  been  estab- 
lished by  law,  consisting  of  coins  made  with  gold,  silver,  or  copper.  (51) 
All  foreign  gold  and  silver  coins,  at  specified  rates,  were  placed,  in  the  first 
instance,  upon  the  same  footing  with  the  coins  of  the  United  States ;  but 
they  ceased  ( with  the  exception  of  Spanish  milled  dollars,  and  parts  of  such 
dollars  )  to  be  a  legal  tender  for  the  payment  of  debts  and  demands,  in  the 
year  1809.  (52) 

The  constitutional  authority  to  emit  bills  of  credit  has  also  been  exercised 
in  a  qualified  and  limited  manner.  During  the  existence  of  the  Bank  of  the 
United  States,  the  bills  or  notes  of  the  corporation  were,  declared  by  law  to 
be  receivable  in  all  payments  to  the  United  States;  and  the  Treasury  notes 
which  have  been  since  issued  for  the  services  of  the  late  war,  have  been  en- 
dowed with  the  s.ame  quality.  But  Congress  ha§  never  recognised,  by  law, 

(50)  Constitution,  art.  1.  sec.  P.  10.  ' 

(51)  See  '2  vol.  37.  120.  158.  1G1 :  3vol.  7.  221.  31G:  4  vol.  G2.  375.  39,'-. 
(5-2)  See  2  vol.  1G1 :  4  vol.  G2:  8  vol.  66. 


1815.]  SECRETARY  OF  THE  TREASURY.  41 

the  notes  of  any  other  corporation,  nor  has  it  ever  authorized  an  issue  of 
bills  of  credit  to  serve  as  a  legal  currency.  The  acceptance  of  the  notes  of 
banks  which  are  not  established  by  the  federal  authority,  in  payments  to 
the  United  States,  has  been  properly  left  to  the  vigilance  and  discretion  of 
the  Executive  department;  while  the  circulation  of  the  Treasury  notes, 
employed  either  to  borrow  money  or  to  discharge  debts,  depends  entirely 
(as  it  ought  to  depend)  upon  the  option  of  the  lenders  and  creditors  to  re- 
ceive them. 

The  constitutional  and  legal  foundation  of  the  monetary  system  of  the 
United  States  is  thus  distinctly  seen;  and  the  power  of  the  Federal  Govern- 
ment to  institute  and  regulate  it,  whether  the  circulating  medium  consist  of 
coin  or  of  bills  of  credit,  must,  in  its  general  policy,  as  well  as  in  the  terms 
of  its  investment,  be  deemed  an  exclusive  power.  It  is  true,  that  a  system 
depending  upon  the  agency  of  the  precious  metals  will  be  affected  by  the 
various  circumstances  which  diminish  their  quantity  or  deteriorate  their 
quality.  The  coin  of  a  State  sometimes  vanishes  under  the  influence  of 
political  alarms,  sometimes  in  consequence  of  the  explosion  of  mercantile 
speculations,  and  sometimes  by  the  drain  of  an  unfavorable  course  of  trade. 
But,  whenever  the  emergency  occurs  that  demands  a  change  of  system,  it 
seems  necessarily  to  follow  that  the  authority  which  was  alone  competent 
to  establish  the  national  coin,  is  alone  competent  to  create  a  national  substi- 
tute. It  has  happened,  however,  that  the  coin  of  the  United  States  has 
ceased  to  be  the  circulating  medium  of  exchange,  and  that  no  substitute 
has  hitherto  been  provided  by  the  national  authority.  During  the  last  year, 
the  principal  banks  established  south  and  west  of  New  England  resolved 
that  they  would  no  longer  issue  coin  in  payment  of  their  notes,  or  of  the 
drafts  of  their  customers  for  money  received  upon  deposite.  In  this  act 
the  Government  of  the  United  States  had  no  participation;  and  yet  the  im- 
mediate effect  of  the  act  was  to  supersede  the  only  legal  currency  of  the 
nation.  By  this  act,  although  no  State  can  constitutionally  emit"  bills  of 
credit,  corporations,  erected  by  the  several  States,  have  been  enabled  to  cir- 
culate a  paper  medium,  subject  to  many  of  the  practical  inconveniences  of 
the  prohibited  bills  of  credit. 

It  is  not  intended,  upon  this  occasion,  to  condemn,  generally,  the  suspen- 
sion of  specie  payments;  for  appearances  indicated  an  approaching  crisis, 
which  would,  probably,  have  imposed  it  as  a  measure  of  necessity,  if  it  had 
not  been  adopted  as  a  measure  of  precaution.  But  the  danger  which  ori- 
ginally induced,  and  perhaps  justified  the  conduct  of  the  banks,  has  passed 
away ;  and  the  continuance  of  the  suspension  of  specie  payments  must  be 
ascribed  to  a  new  series  of  causes.  The  public  credit  and  resources  are 
no  longer  impaired  by  the  doubts  and  agitations  excited  during  the  war,  by 
the  practices  of  an  enemy,  or  by  the  inroads  of  an  illicit  commerce  ;  yet 
the  resumption  of  specie  payments  is  still  prevented,  either  by  the  reduced 
state  of  the  national  stock  of  the  precious  metals,  or  by  the  apprehension  of 
a  further  reduction  to  meet  the  balances  of  foreign  trade,  or  by  the  redun- 
dant issues  of  bank  paper.  The  probable  direction  and  duration  of  these 
latter  causes  constitute,  therefore,  the  existing  subject  for  deliberation. 
While  they  continue  to  operate,  singly  or  combined,  the  authority  of  the 
States  individually,  or  the  agency  of  the  State  institutions,  cannot  afford  a 
remedy  commensurate  with  the  evil;  and  a  recurrence  to  the  national  au- 
thority is  indispensable  for  the  restoration  of  a  national  currency. 


42  .REPORTS  OF  THE  [1815. 

In  the  selection  of  the  means  for  the  accomplishment  of  this  important 
object,  it  may  be  asked,  1st,  Whether  it  be  practicable  to  renew  the  circu- 
lation of  the  gold  and  silver  coins  ?  2dly,  Whether  the  State  banks  can  be 
successfully  employed  to  furnish  a  uniform  currency?  3dly,  Whether  a  na- 
tional bank  can  be  employed  more  advantageously  than  the  State  banks  for 
the  same  purpose?  and,  4thly,  Whether  the  Government  can,  itself,  supply 
and  maintain  a  paper  medium  of  exchange,  of  permanent  and  uniform 
value  throughout  the  United  States  ? 

1st.  As  the  United  States  do  not  possess  mines  of  gold  or  silver,  the  sup- 
ply of  those  metals  must,  in  a  time  of  scarcity,  be  derived  from  foreign  com- 
merce. If  the  balance  of  foreign  commerce  be  unfavorable,  the  supply 
will  not  be  obtained  incidentally,  as  in  the  case  of  the  returns  for  a  surplus 
of  American  exports,  but  must  be  the  subject  of  a  direct  purchase.  The 
purchase  of  bullion  is,  however,  a  common  operation  of  commerce,  and 
depends,  like  other  operations,  upon  the  inducements  to  import  the  article. 

The  inducements  to  import  bullion  arise,  as  in  other  cases,  from  its  be- 
ing cheap  abroad,  or  from  its  being  dear  at  home.  Notwithstanding  the 
commotions  in  South  America,  as  well  as  in  Europe,  there  is  no  reason  to 
believe  that  the  quantity  of  the  precious  metals  is  now  (more  than  at  any 
former  period)  insufficient  for  the  demand  throughout  the  commercial  and 
civilized  world.  The  price  may  be  higher  in  some  countries  than  in  others, 
and  it  may  be  different  in  the  same  country  at  different  times;  but,  general- 
ly, the  European  stock  of  gold  and  silver  has  been  abundant,  even  during 
the  protracted  war  which  has  afflicted  the  nations  of  Europe. 

The  purchase  of  bullion  in  foreign  markets,  upon  reasonable  terms,  is 
then  deemed  practicable;  nor  can  its  importation  into  the  United  States 
fail,  eventually,  to  become  profitable.  The  actual  price  of  gold  and  silver, 
in  the  American  market,  would,  in  itself,  afford  for  some  time  an  ample 
premium  ;  although  the  fall  in  the  price  must,  of  course,  be  proportionable 
to  the  increase  of  the  quantity.  But  it  is  within  the  scope  of  a  wise  policy 
to  create  additional  demands  for  coin,  arid  in  that  way  to  multiply  the  in- 
ducements to  import  and  retain  the  metals  of  which  it  is  composed.  For 
instance:  the  excessive  issue  of  bank  paper  has  usurped  the  place  of  the  na- 
tional money;  and,  under,  such  circumstances,  gold  and  silver  will  always 
continue  to  be  treated  as  an  article  of  merchandise:  but  it  is  hoped  that  the 
issue  of  bank  paper  will  be  soon  reduced  to  its  just  share  in  the  circulating 
medium  of  the  country;  and,  consequently,  that  the  coin  of  the  United 
States  will  resume  its  legitimate  capacity  and  character.  Again:  The  Trea- 
sury, yielding  from  necessity  to  the  general  impulse,  has  hitherto  consent- 
ed to  receive  bank  paper  in  payment  of  duties  and  taxes ;  but  the  period 
approaches  when  it  will  probably  become  a  duty  to  exact  the  payment 
either  in  Treasury  notes,  or  in  gold  or  silver  coin,  the  lawful  money  of  the 
United  States.  Again:  The  institutions  which  shall  be  deemed  proper, 
in  order  to  remove  existing  inconveniences,  and  to  restore  the  national  cur- 
rency, may  be  so  organized  as  to  engage  the  interests  and  enterprise  of  in- 
dividuals in  providing  the  means  to  establish  them,  And,  finally,  such 
regulations  may  be  imposed  upon  the  exportation  of  gold  and  silver  as  will 
serve,  in  future,  to  fix  and  retain  the  quantity  required  for  domestic  uses. 

But  it  is  further  believed,  that  the  national  stock  of  the  precious  metals 
is  not  so  reduced  as  to  render  the  operation  of  reinstating  their  agency  in 
the  national  currency  either  difficult  or  protracted.  The  quantity  actually 
possessed  by  the  country  is  considerable ;  and  the  resuscitation  of  public 


1815.]  SECRETARY  OF  THE  TREASURY.  43 

confidence  in  bank  paper,  or  in  other  substitutes  for  coin,  seems  alone  to  be 
wanting,  to  render  it  equal  to  the  accustomed  contribution  for  a  circulating 
medium.  In  other  countries,  as  well  as  in  the  United  States,  the  effect  of 
an  excessive  issue  of  paper  money  to  banish  the  precious  metals  has  been 
seen,  and  under  circumstances  much  more  disadvantageous  than  the  present. 
The  effect  of  public  confidence  in  national  institutions  to  recall  the  precious 
metals  to  their  uses  in  exchange,  has  also  been  experienced. 

Even,  however,  if  it  were  practicable,  it  has  sometimes  been  questioned 
whether  it  would  be  politic,  again  to  employ  gold  and  silver  for  the  purposes 
of  a  national  currency.  It  was  long  and  universally  supposed,  that,  to  main- 
tain a  paper  medium  without  depreciation,  the  certainty  of  being  able  to 
convert  it  into  coin  was  indispensable;  nor  can  the  experiment  which  has 
given  rise  to  a  contrary  doctrine  be  deemed  complete  or  conclusive.  But 
whatever  may  be  the  issue  of  that  experiment  elsewhere,  a  difference  in 
the  structure  of  the  government,  in  the  physical  as  well  as  political  situa- 
tion of  the  country,  and  in  the  various  departments  of  industry,  seems  to 
deprive  it  of  any  important  influence  as  a  precedent  for  the  imitation  of  the 
United  States. 

In  offering  these  general  remarks  to  the  consideration  of  Congress,  it  is 
not  intended  to  convey  an  opinion  that  the  circulation  of  the  gold  and  silver 
coins  can  at  once  be  renewed.  Upon  motives  of  public  convenience,  the 
gradual  attainment  of  that  object  is  alone  contemplated ;  but  a  strong  though 
respectful  solicitude  is  felt  that  the  measures  adopted  by  the  Legislature 
should  invariably  tend  to  its  attainment. 

2d.  Of  the  services  rendered  to  the  Government,  by  some  of  the  State 
banks,  during  the  late  war.  and  of  the  liberality  by  which  some  of  them 
are  actuated  in  their  intercourse  with  the  Treasury,  justice  requires  an  ex- 
plicit acknowledgment.  It  is  a  fact,  however,  incontestably  proved,  that 
those  institutions  cannot,  at  this  time,  be  successfully  employed  to  furnish  a 
uniform  national  currency.  The  failure  of  one  attempt  to  associate  them, 
with  that  view,  has  already  been  stated.  Another  attempt,  by  their  agency, 
in  circulating  Treasury  notes,  to  overcome  the  inequalities  of  the  exchange, 
has  only  been  partially  successful.  And  a  plan  recently  proposed,  with  the 
design  to  curtail  the  issues  of  bank  notes,  to  fix  the  public  confidence  in  the 
administration  of  the  affairs  of  the  banks,  and  to  give  to  each  bank  a  legiti- 
mate share  in  the  circulation,  is  not  Ifkely  to  receive  the  general  sanction  of 
the  banks.  The  truth  is,  that  the  charter  restrictions  of  some  of  the  banks, 
the  mutual  relation  and  dependance  of  the  banks  of  the  same  State,  and  even 
of  the  banks  of  the  different  States,  and  the  duty  which  the  directors  of  each 
bank  conceive  they  owe  to  their  immediate  constituents,  upon  points  of  secu- 
rity or  emolument,  interpose  an  insuperable  obstacle  to  any  voluntary  arrange- 
ment, upon  national  considerations  alone,  for  the  establishment  of  a  national 
medium  through  the  agency  of  the  State  banks.  It  is,  nevertheless,  with 
the  State  banks  that  the  measures  for  restoring  the  national  currency  of 
gold  and  silver  must  originate  ;  for,  until  their  issues  of  paper  be  reduced, 
their  specie  capitals  be  reinstated,  and  their  specie  operations  be  commenced, 
there  will  be  neither  room,  nor  employment,  nor  safety,  for  the  intro- 
duction of  the  precious  metals.  The  policy  and  the  interest  of  the  State 
banks  must,  therefore,  be  engaged  in  the  great  fiscal  work,  by  all  the  means 
which  the  Treasury  can  employ,  or  the  legislative  wisdom  shall  provide. 

3d.  The  establishment  of  a  national  bank  is  regarded  as  the  best,  and 
perhaps  the  only  adequate  resource,  to  relieve  the  country  and  the  Govern- 


44  REPORTS  OF  THE  [1815. 

ment  from  the  present  embarrassments.  Authorized  to  issue  notes  which 
will  be  received  in  all  payments  to  the  United  States,  the  circulation  of  its 
issues  will  be  co-extensive  with  the  Union  ;  and  tliere  will  exist  a  constant 
demand,  bearing  a  just  proportion  to  the  annual  amount  of  the  duties  and 
taxes  to  be  collected,  independent  of  the  general  circulation,  for  com- 
mercial and  social  purposes.  A  national  bank  will,  therefore,  possess  the 
means  and  the  opportunity  of  supplying  a  circulating  medium,  of  equal  use 
and  value  in  every  State,  and  in  every  district  of  every  State.  Established 
by  the  authority  of  the  Government  of  the  United  States ;  accredited  by  the 
Government  to  the  whole  amount  of  its  notes  in  circulation  ;  and  intrusted, 
as  the  depository  of  the  Government,  with  all  the  accumulations  of  the  pub- 
lic treasure  ;  the  national  bank,  independent  of  its  immediate  capital,  will 
enjoy  every  recommendation  which  can  merit  and  secure  the  confidence  of 
the  public.  Organized  upon  principles  of  responsibility,  but  of  indepen- 
dence, the  national  bank  will  be  retained  within  its  legitimate  sphere,  of  ac- 
tion, without  just  apprehension  from  the  misconduct  of  its  directors,  or 
from  the  encroachments  of  the  Government.  Eminent  in  its  resources  and 
in  its  example,  the  national  bank  will  conciliate,  aid,  and  lead  the  State 
banks  in  all  that  is  necessary  for  the  restoration  of  credit,  public  and  private  ; 
and.  acting  upon  a  compound  capital,  partly  of  stock  and  partly  of  gold 
and  silver,  the  national  bank  will  be  the  ready  instrument  to  enhance  the 
value  of  the  public  securities,  and  to  restore  the  currency  of  the  national  coin. 

4th.  The  power  of  the  Government  to  supply  and  maintain  a  paper  me- 
dium of  exchange  will  not  be  questioned ;  but,  for  the  introduction  of  that 
medium,  there  must  be  an  adequate  motive.  Thejsole  motive  for  issuing 
Treasury  notes  has  hitherto  been  to  raise  money  in  anticipation  of  the  rev- 
enue. The  revenue,  however,  will  probably  become,  in  the  course  of  the 
year  1816,  and  continue  afterwards,  sufficient  to  discharge  all  the  debts  and 
to  defray  all  the  expenses  of  the  Government ;  and.  consequently,  there  will 
exist  no  motive  to  issue  the^ paper  of  the.  Government  as  an  instrument  of 
credit. 

It  will  not  be  deemed  ,an  adequate  object  for  an  issue  of  the  paper  of  the 
Government,  merely  that  it  may  be  exchanged  for  the  paper  of  the  banks ; 
since  the  Treasury  will  be  abundantly  supplied  with  bank  paper,  by  the 
collection  of  the  revenue ;  and  the  Government  cannot  be  expected  to  ren- 
der itself  a  general  debtor,  in  order  to  become  the  special  creditor  of  the 
State  banks. 

The  co-operation  of  the  Government  with  the  national  bank  in  the  in- 
troduction  of  a  national  currency,  may,  however,  be  advantageously  em- 
ployed, by  issues  of  Treasury  notes,  so  long  as  they  shall  be  required  for 
the  public  service. 

Upon  the  whole,  the  state  of  the  national  currency,  and  other  important 
considerations-connected  with  the  operations  of  the  Treasury,  render  it  a 
duty  respectfully  to  propose — 

That  a  national  bank  be  established  atf  the  city  of  Philadelphia,  having 
power  to  erect 'branches  elsewhere;  and  that  the  capital  of  the  bank  (being 
of  a  competent  amount)  consist,  three-fourths  of  the  public  stock,  and  one- 
fourth  of  gold  and  silver. 

All  which  is  respectfully  submitted. 

A.  J.  DALLAS, 
Secretary  of  the  Treasury. 

TREASURY  DEPARTMENT,  December  6,  1815, 


1815.] 


SECRETARY  OF  THE  TREASURY. 
A. 


45 


STA  TEMHNT  of  the  aggregate  amount  of  the  receipts  and  expendi- 
tures of  the  Treasury  of  the  United  States,  for  each  year,  from,  the 
commencement  of  the  present  Government  to  the  year  1814. 


Year. 

Total  amount  re- 
ceived. 

Total  amount  ex- 
pended. 

To  the  end  of  the  year  1791 

$4,771,342  43 

$3,797,436  78 

1792    ,-           - 

8,772,458  76 

8,962,920  00 

1793-'.'     •"."•'•       - 

0,450,195  15 

6,479,977  97 

1794      -•- 

9,439,855  65 

9,041,593  17 

1795  -,-•     '    -           - 

9,515,758  59 

10,151,240  15 

1796     ..-           - 

8,740,329  26 

8,367,776  84 

1797     •-. 

8,758,780  99 

8,625,877  37 

1798  '  f-  7 

8,179,170  80 

.     8,583,618  41 

17'J9  '••*  -   .       '- 

'     12,546,813  31 

11,002,396  97 

1800      - 

12,413,978  34 

11,952,534  12 

1801       - 

12,945,455  95 

12,273,376  94 

1802       -        ,    -  " 

14,995,793  95 

13,270,487  31 

1803       - 

11,064,097  63 

11,258,983  67 

1804      - 

11,826,307  38 

12,615,113  72 

1805       - 

13,560,693  20 

13,598,309  47 

180G      -  • 

15,559,931  07 

15,021,196  26 

1807       -        ,  - 

16,398,019  26 

11,292,292  9!) 

1808      ~ 

17,060,661  93 

16,762,702  0-1 

1909  .,-..,  ,.  •  -,  -. 

7,773,473  12 

13,867,226  30 

.  1610      - 

12,134,214  28 

13,309,994  49 

18U,     - 

14,422,634  09 

13,592,604  8fi 

1812   •  -    •   '•%  -'    "-' 

22,639,032  76 

22,279,121  15 

1813       - 

40,524,844  95 

39,190,520  36 

1814      -' 

34,878,432  25 

38,547,915  62 

46 


REPORTS  OF  THE 
B. 


[1815. 


TABLE  of  duties  imposed  on  goods,  wares,  and  merchandise,  manufac- 
tured within  the  United  States,  or  the  Territories  thereof,  by  the  acts  of 
the  18th  of  January,  and  27th  of  February,  1815. 


Articles. 


Rates  of  duty. 


Pig  iron,  bar  iron,  rolled  or  slit  iron,  per  ton  . 

Castings,  of  iron 

Nails,  brads,  and  sprigs,  other  than  those  usually  denominated 
wrought,  per  pound  -  -  -  - 

Candles,  of  white  wax,  or  in  part  of  white  and  other  wax,  per 
pound  -  -  .  -  - 

Mould  candles,  of  tallow,  or  of  wax,  other  than  white,  or  in  part  of 
each,  per  pound  - 

Hats  and  caps,  in  whole  or  in  part  of  leather,  wool,  or  furs ;  bon- 
nets, in  whole  or  in  part  of  wool  or  fur,  if  above  two  dollars  in 
value;  hats,  of  chip  or  wood,  covered  with  silk  or  other  mate- 
rials, or  not  covered,  if  above  two  dollars  in  value 

Umbrellas  and  parasols,  if  above  the  value  of  two  dollars  - 

Paper    -  -  -.- 

Playing  and  visiting  cards      -  - 

Saddles  and  bridles 

Boots  and  bootees,  exceeding  five  dollars  per  pair  in  value 

Beer,  ale,  and  porter   - 

Tobacco,  manufactured,  segars  and  snuff 

Leather,  including  therein  .all  kinds  of  skins,  whether  tanned, 
tawed,  dressed,  or  otherwise  made 

Gold,  silver,  and  plated  ware,  and  jewelry  and  paste-work,  except 
time-pieces  -  ,  - 


1  dollar. 

1  dollar  50  cents. 

1  cent. 
5  cents. 
3  cents. 


8  per  cent. 
8  per  cent. 
3  per  cent. 
50  per  cent. 
6  per  cent. 

5  per  cent. 

6  per  cent. 
20  per  cent 

5  per  cent,  ad  valorem. 

6  per  cent,  ad  valorem. 


ad  valorem, 
ad  valorem, 
ad  valorem, 
ad  valorem, 
ad  valorem, 
ad  valorem, 
ad  valorem, 
ad  valorem. 


1815.] 


SECRETARY  OF  THE  TREASURY. 


47 


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Total  amount  due  to  individuals  - 
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1S15.] 


SECRETARY  OF  THE  TREASURY. 


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SECRETARY  OF  THE  TREASURY. 


51 


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52  REPORTS  OF  THE  [1815. 

E. 

SMALL  TREASURY  NOTES. 

iSTA  TEMENT  of  small  notes  issued,  and  estimate  of  those  re-issued 
prior  to  the  1st  of  October,  1815. 


To  whom  issued. 

For  the  payment  of 

Dividend  on 

The  army. 

Expenses  of  the 

Sold  for  a 

the  public 

navy,and  mis- 

premium. 

debt. 

cellaneous  ex- 

••> 

penses. 

William  Gardner 

. 

Si  ,000 

Benjamin  Austin 

. 

15,000 

Christopher  Ellery 

. 

2,000 

E,obert  Brent 

.    - 

_ 

$300,000 

Robert  Brent 

. 

-    _ 

454,000 

Robert  Brent 

... 

_ 

246,000 

T.  Macdonough  - 

... 

_ 

$3,000 

1 

B.  Homans 

-.    - 

50 

Robert  Brent 

... 

3007000 

Jonathan  Smith  - 

- 

_ 

$300,000 

William  Miller  - 

... 

_ 

35,000 

William  Gardner 

- 

8,300 

Christopher  Ellery 

. 

13,500 

Benjamin  Austin 

- 

180,000 

William  Few 

- 

425,000 

James  Marshall,  $300,000  not  used,  re- 

turned to  the  Treasury. 

Amount  issued     - 

-  '  . 

644,800 

1,300,000 

3,050 

335,000 

Amount  estimated  to-  have  been  re-issued 

after  having  been  funded  or  paid  in 

for  duties  or  taxes 

- 

558,300 

165,069 

106,631 

1,030,000 

Total      •>.  -"' 

1,203,100 

1,465,069 

109,681 

1,365,000 

The  notes  sold,  were  sold  at  the  following  rates : 


At  4   per  cent,  premium 
3|        do.           do. 

$300,000 
19,600 

Amount  of  the  premium       -        $12,000  I 
do.             '   do.              -               637  1 

3 

do. 

do.       >    - 

89,400 

do. 

do. 

2,682  1 

21 

do. 

do. 

55,000 

do. 

do. 

••'-,'          1,512! 

2J 

do. 

do. 

281,000 

do. 

do. 

7,025  ( 

91 

do. 

do. 

5,000 

do. 

do. 

112  i 

2 

do. 

do. 

340,000 

do. 

do. 

-i*«;      6,800  < 

H 

do. 

do. 

10,000 

do. 

do. 

«-£  •            175  ( 

U 

do. 

do. 

91,000 

do. 

do. 

1,365( 

It 

do. 

do. 

74,000 

do. 

do. 

925  ( 

li 

do. 

do.  with  one 

month's  interest  deducted 


100,000 
1,365,000 


do. 


do. 


Deduct  sundry  charges  incurred       .-  .       •-  ^ 
Nett  amount  of  premium  received  by  the  United  States 


1315.]  SECRETARY  OF  THE  TREASURY.  53 

F. 

NOTICE. 
TREASURY  DEPARTMENT,  March  10,  1815. 

In  pursuance  of  powers  which  Have  been  duly  vested  in  the  Secretary 
of  the  Treasury,  under  an  act  of  the  Congress  of  the  United  States,  entitled 
"  An  act  to  authorize  a  loan  for  a  sum  not  exceeding  eighteen  million 
four  hundred  and  fifty  two  thousand  eight  hundred  dollars,"  approved  by 
the  President  of  the  United  States  on  the  3d  of  March  current,  proposals 
will  be  received  by  the  Secretary  of  the  Treasury  from  this  time  until  the 
first  day  of  May  next,  (unless  the  amount  required  should  be  previously 
subscribed,)  for  a  loan  to  the  United  States  of  the  sum  of  twelve  millions 
of  doHars,  or  any  part  thereof,  on  the  following  terms,  and  in  the  following 
manner : 

1.  The  proposals  must  state  the  amount  to  be  loaned ;  the  rate  at  which 
the  stock  will  be  received;  the  instalments  in  which  the  party  will  make 
the  payments,  (not  exceeding,  for  the  whole,  ninety  days  from  the  date  of 
the  subscription,)  and  the  banks  into  which  the  payments  will  be  made. 

2.  The  payments  will  be  received  either  in  money,  or  in  approved  bank 
notes,  or  in  Treasury  notes  actually  issued  before  the  3d  of  March  cur- 
rent, under  the  acts  of  Congress  passed,  respectively,  the  30th  June,  1812, 
the  25th  of  February,  1813,  and  the  4th  of  March,  1814,  at  their  par  value, 
with  the  interest  accrued  thereon  at  the  time  of  payment.     The  kind  of 
payment  intended  to  be  made  must  be  stated  in  the  proposals;  and  where 
the  terms  of  subscription  are  equal,  a  preference  will  be  given  to  offers  for 
paying  in  Treasury  notes  which  have  become  due  and  remain  unpaid, 
with  an  allowance  of  the  interest  upon  such  notes,  as  well  since  as  before 
they  became  due. 

3.  On  failure  to  pay  any  instalment  at  the  time  stipulated,  the  next  pre- 
ceding instalment  shall  be  forfeited  for  the  use  of  the  United  States. 

4.  Scrip-certificates  will  be  issued  by  the  cashiers  of  the   banks  into 
which  the  payments  shall  be  made,  to  the  corporation  or  persons  making 
the  payments ;  the  cashiers  will  also  endorse  the  payment  of  the  successive 
instalments.  The  scrip-certificates  will  be  assignable  by  endorsement  and 
delivery;   and  will  be  funded  at  the  loan  office  of  the  State  in  which  the 
bank  is  situated  where  the  payments  have  been  made. 

5.  For  the  amount  loaned,  stock  will  be  issued  when  the  instalments  are 
completed,  bearing  interest  at  six  per  cent,  per  annum,  payable  quarter- 
yearly.     The  stock  will  be  reimbursable  at  the  pleasure  of  the   United 
States,  at  any  time  after  twelve  years  from  the  last  of  December  next;  and 
the  sinking  fund  is  charged  with  the  punctual  payment  of  the  interest, 
and  the  reimbursement  of  the  principal,  according  to  contract. 

It  is  desirable,  as  far  as  the  public  interest  will  permit,  to  reduce  the 
amount  of  the  Treasury  note  debt,  and  particularly  the  portion  of  it  which 
is  due  and  unpaid ;  and,  therefore,  an  early  subscription  is  recommended  to 
the  holders  of  Treasury  notes.  But,  in  order  to  save  time  and  trouble,  it 
may  be  proper  to  observe,  that  the  terms  of  the  proposals  should  bear  some 
relation  to  the  actual  fair  price  of  stock  in  the  market  of  Philadelphia  or 
New  York. 

A  commission  of  one-fourth  per  cent,  will  be  allowed  to  any  person  col- 
lecting subscriptions  for  the  purpose  of  incorporating  them  in  one  proposal, 
to  the  amount  of  25,000  dollars  or  upwards,  provided  such  proposals  shall 
be  accepted.  A.  J.  DALLAS, 

Secretary  of  the  Treasury. 


54 


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58  REPORTS  OF  THE  [1815. 


NOTICE. 

TREASURY  DEPARTMENT,,  June  15,  1815. 

Arrangements  are  making  to  discharge  the  whole  of  the  arrearages  of 
the  Treasury  note  debt,  where  the  same  became  due  and  payable,  us  soon 
as  a  competent  supply  of  current  money  can  be  obtained  at  the  seat  of  the 
several  loan  offices. 

Arrangements  are  also  making  to  furnish  a  competent  issue  of  Treasury 
notes,  to  assist  in  the  re-establishment  of  a  circulating  medium  throughout 
the  United  States;  but  it  has  been  ascertained  that  an  issue  of  Treasury 
notes,  not  bearing  interest,  and  fundable  at  seven  per  cent.,  cannot,  at  this 
time,  be  employed  for  that  purpose. 

Notice  is  therefore  hereby  given,  that  funds  have  been  assigned  for  the 
payment  of  such  Treasury  notes,  and  the  interest  thereon,  as  became  due, 
or  shall  become  due,  at  the  loan  office  in  Philadelphia,  in  the  State  of 
Pennsylvania,  on  the  following  days,  to  wit : 

On  the  21st  of  November ;  the  1st  and  llth  of  December,  1814. 

The  1st  of  January;  the  1st  and  21st  of  February  ;  the  21st  of  April ; 
the  1st,  llth,  and  21st  of  May;  the  1st,  llth,  and  21st  of  June;  and  the 
1st,  llth,  and  21st  of  July,  1815;  being  all  the  Treasury  notes  due,  or 
becoming  due,  at  Philadelphia,  prior  to  the  1st  day  of  August,  1815. 

And  the  said  Treasury  notes  will  accordingly  be  paid,  upon  the  applica- 
tion of  the  holders  thereof,  respectively,  at  the  said  loan  office,  in  the  city 
of  Philadelphia,  on  the  1st  day  of  August  next ;  after  which  day,  interest 
will  cease  to  be  payable  upon  the  said  "Treasury  notes. 

And  notice  is  hereby  further  given,  that  funds  have  been  assigned  for 
the  payment  of  such  Treasury  notes,  and  the  interest  thereon,  as  became 
due  at  the  loan  office  in  Savannah,  in  the  State  of  Georgia,  on  the  follow- 
ing days,  to  wit : 

On  the  1st  of  April,  and  the  1st  of  May,  1815 ;  being  all  the  Treasury 
notes  due  at  Savannah,  prior  to  the  1st  day  of  September,  1815. 

And  the  said  last  mentioned  Treasury  notes  will  accordingly  be  paid, 
upon  the  application  of  the  holders  thereof,  respectively,  at  the  said  loan 
office,  in  Savannah  aforesaid,  on  the  1st  day  of  September  next ;  after  which 
day.  interest  will  cease  to  be  payable  upon  the  said  Treasury  notes. 

And  notice  is  hereby  further  given,  that  funds  have  been  assigned  for  the 
payment  of  such  Treasury  notes,  and  the  interest  thereon,  as  became  due 
at  Washington,  in  the  District  of  Columbia,  on  the  following  days,  to  wit : 

On  the  llth  and  21st  of  April ;  on  the  1st  and  2Jst  of  May ;  and  on  the 
llth  of  June,  1815 ;  being  all  the  Treasury  notes  due  at  Washington. 

And  the  said  last  mentioned  Treasury  notes  will  accordingly  be  paid,  upon 
the  application  of  the  holders  thereof,  respectively,  at  the  Treasury  of  the 
United  States  in  Washington  aforesaid,  at  any  time  subsequent  to  the  date 
of  this  notice ;  and  interest  will  cease  to  be  payable  upon  .the  said  Treasury 
notes  after  the  1st  day  of  July  next.  And  all  Treasury  notes  hereafter 
payable  at  the  Treasury  of  the  United  States,  in  Washington  aforesaid,  will 


1815.]  SECRETARY  OF  THE  TREASURY.  59 

be  there  punctually  paid,  from  time  to  time,  as  the  same  shall  become  due 
and  payable;  and  the  interest  thereon  will  cease  on  the  day  or  days  when 
such  Treasury  notes  shall  respectively  become  payable. 

And  notice  is  hereby  further  given,  that  funds  have  been  assigned  for  the 
payment  of  such  Treasury  notes,  and  the  interest  thereon,  as  became  due 
at  the  loan  office  in  Baltimore,  in  the  State  of  Maryland,  on  the  1st  of 
June,  1815 ;  and  that  the  said  last  mentioned  Treasury  notes  will  accord- 
ingly be  paid,  upon  application  of  the  holders  thereof,  respectively,  at  the 
said  loan  office,  in  Baltimore  aforesaid,  at  any  time  subsequent  to  the  date 
of  this  notice;  and  that  interest  will  cease  to  be  payable  upon  the  said  Trea- 
sury notes  after  the  1st  day  of  July  next.  And  all  Treasury  notes  here- 
after payable  at  the  loan  office  in  Baltimore  aforesaid,  will  be  there  punc- 
tually paid,  from  time  to  time,  as  the  same  shall  become  due  and  payable; 
and  the  interest  thereon  will  cease  on  the  day  or  days  when  such  Treasury 
notes  shall  respectively  become  payable. 

And  notice  is  hereby  further  given,  that  as  funds  in  current  money  can- 
not at  present  be  obtained  at  Boston,  in  the  State  of  Massachusetts,  to  pay 
such  of  the  Treasury  notes  as  became  due,  and  remain  unpaid,  at  the  loan 
office  in  Boston,  aforesaid,  on  the  following  days,  to  wit: 

On  the  1st  of  November,  and  the  llth  and  2lst  of  December,  1814;  the 
21st  of  January,  and  the  1st  of  February,  1815; 

Subscriptions  in  the  principal  and  interest  of  the  said  last  mentioned 
Treasury  notes  will  be  received  to  the  loan  of  twelve  millions  of  dollars, 
at  the  rate  of  95  dollars  in  principal  and  interest,  in  Treasury  notes,  for  100 
dollars  of  six  per  cent,  stock.  The  holders,  respectively,  of  the  said  last 
mentioned  Treasury  notes  may  also,  at  their  option,  receive  drafts  on  Phila- 
delphia and  Baltimore  for  the  amount  of  their  claims ;  or  they  may  exchange 
the  old  for  new  Treasury  notes,  fundable  at  six  per  cent.,  to  include  the 
principal  and  interest  now  due. 

And  notice  is  hereby  further  given,  that  as  funds  in  current  money  can- 
not at  present  be  obtained  at  the  city  of  New  York,  in  the  State  of  New 
York,  to  pay  such  of  the  Treasury  notes  as  became  due,  and  remain  un- 
paid, at  the  loan  office  in  New  York  aforesaid,  on  the  following  days,  to 
wit: 

On  the  1st  and  llth  of  December,  1814;  the  1st  and  llth  of  January; 
the  llth  of  February ;  the  llth  of  March:  the  21st  of  April;  and  the  llth  of 
May,  1815; 

Subscriptions  in  the  principal  and  interest  of  the  said  last  mentioned 
Treasury  notes  will  be  received  to  the  loan  of  twelve  millions  of  dollars,  at 
the  rate  of  95  dollars  of  principal  and  interest  in  Treasury  notes,  for  100 
dollars  of  six  per  cent,  stock.  The  holders,  respectively,  of  thesaid  last  men- 
tioned Treasury  notes  may  also,  at  their  option,  receive  drafts  on  Philadel- 
phia and  Baltimore  for  the  amount  of  their  claims;  or  they  may  exchange 
the  old  for  new  Treasury  notes,  fundable  at  six  per  cent.,  to  include  the 
principal  and  interest  now  due. 

And,  finally,  notice  is  hereby  given,  that  on  the  1st  day  of  August  next, 
instructions  will  be  issued,  forbidding  the  collectors  of  duties  on  imports  and 
tonnage,  the  collectors  of  the  internal  duties  and  taxes,  and  the  receivers 
of  all  public  dues  whatsoever,  to  receive  in  payment  of  such  duties,  taxes, 
and  dues,  the  bank  notes  of  any  bank  which  does  not,  on  demand,  pay  its 
own  notes  in  gold  and  silver,  and,  at  the  same  time,  refuses  to  receive,  credit, 
re-issue,  and  circulate  the  Treasury  notes  emitted  upon  the  faith  and  se- 


60  REPORTS  OF  THE  [1815. 

curity  of  the  United  States,  in  deposites,  or  in  payments  to  or  from  the  bank 
in  the  same  manner,  and  with  the  like  effect,  as  cash,  or  its  own  bank, 
notes. 

The  loan  officers  of  the  several  States  are  requested  to  make  this  notice 
generally  known,  by  all  the  means  in  their  power ;  and  the  printers  author- 
ized to  print  the  laws  of  the  United  States  will  be  pleased  to  insert  it  in  their 
respective  newspapers. 

A.  J.  DALLAS, 
Secretary  of  the  Treasury. 


I. 

NOTICE. 
TREASURY  DEPARTMENT,  June  23, 1815. 

Funds  having  been  assigned  for  the  payment  of  such  Treasury  notes,  and 
the  interest  thereon,  as  will  become  due  at  Philadelphia  on  the  1st  day  of 
August  next,  and  on  all  subsequent  days,  prior  to  the  1st  day  of  January, 
1816: 

Notice  is  therefore  hereby  given,  that  the  said  Treasury  notes  will  be 
paid,  on  the  application  of  the  holders  thereof,  respectively,  at  the  loan  office 
in  Philadelphia,  on  the  day  or  days  when  they  shall  respectively  become  due ; 
and  interest  on  the  said  notes  will  cease  to  be  payable  thereafter. 

The  commissioners  of  loans  in  the  several  States  are  requested  to  make 
this  notice  generally  known  by  all  the  means  in  their  power ;  and  the  print' 
ers  authorized  to  publish  the  laws  of  the  United  States  will  be  pleased  to 
insert  it  in  their  respective  newspapers. 

A.  J.  DALLAS, 
Secretary  of  the  Treasury* 


1815-1  SECRETARY  OF  THE  TREASURY. 

K. 


61 


STATEMENT  of  moneys  borrowed  between  the  1st  of  October,  1814, 
and  the  3Qth  of  September,  1815,  under  the  act  of  Congress  of  the  \kth 
March,  1812. 

From  the  committee  of  defence  of  the  city  of  Philadelphia, 
for  which  6  per  cent,  stock  was  issued  at  par     -*.—         -    $100,000  00 

Of  which  sum  there  was  paid  in  the  year  1814    $50,€00  O'O 
And  in  the  year  1815  -      50,000  00 


STATEMENT  of  temporary  loans  madte  m  the  year  1815,  (prior  to 
the  1st  of  October  in  that  year,]  under  the  several  acts  of  Congress  of 
the  15th  November,  1814 ;  the  3d  of  March,  1815;  and  13th  of  February, 
1815. 


Act  under 
which  made. 

By  whom  made. 

Amount. 

Rate  of  inte- 
rest. 

When  reimbursable. 

1814. 
Novem.    15 
15 
15 
15 
15 
15 
15 
15 

1815. 
March       3 
3 

February  3 
3 
3 
3 

Manhattan  Company,  N.  Y. 
Mechanics'  Bank,         do. 
City  Bank,                     do. 
Do.                            do. 
Mechanics'  Bank           do. 
Manhattan  Company,    do. 
Bank  of  America,          do. 
Bank  of  the  State  of  S.  Car. 

Bank  of  Virginia  (a) 
Farmers'  Bank  of  Va.  (a)  - 

Bank  of  the  Metropolis 
Bank  of  Washington 
Bank  of  Columbia  - 
Union  Bank  of  Alexandria 

$200,000  00 
200,000  00 
200,000  00 
75,000  00 
75,000  00 
75,000  00 
75,000  00 
50,000  00 

7  per  cent, 
do. 
do. 
6  per  cent, 
do. 
do. 
do. 
do. 

do. 
do. 

do. 
do. 
do. 
do. 

Mar.  1&  May  1,^8  15. 
do. 
da 
August  1,  1815. 
do. 
do. 
do. 
December  1,  1815. 

May  1,  1816. 
do. 

Three  years, 
do. 
do. 
do. 

950,000  00 

450,000  00 
200,000  00 

650,000  00 

25,000  00 
25,000  00 
25,000  00 
25,000  00 

100,000  00 

(a)  These  loans  were  repaid  in  the  month  of  July,  1815. 


'liNJ.fi.' 

omirl 


62 


REPORTS  OF  THE 
L. 

TREASURY  NOTES  BEARING  INTEREST. 


[1815. 


STATEMENT  of  the  amount  of  Treasury  notes  issued  in  the  third 
and  fourth  quarters  of  the  year  1814,  under  the  act  of  the  4th  of  March, 
1814. 


Reimbursable  at 

When 

reimburs- 
able. 

Boston. 

New  York. 

Philadel- 

Balti- 

Wash- 

Rich- 

Charles- 

Total. 

phia. 

more. 

ington. 

mond. 

ton. 

1815. 
June       21 

'•   $3,300 

S3,  300 

July          1 
11 

- 

$1497700 
75,000 

105,400 
59,000 

- 

- 

- 

- 

255,100 
104,000 

21 

12,700 

$45,000 

_ 

_ 

57,700 

Au^u^t     1 

$92,000 

G07000 

510,000 

$40,000 

17,800 

_ 

_ 

719,800 

11 

90,000 

94,200 

_ 

20,000 

_ 

$150,000 

354,200 

21 

_     • 

_ 

_ 

2,500 

_ 

_ 

2,500 

Septem.    1 
11 

- 

- 

1,600 

- 

10,000 

- 

- 

1,600 
10,000 

21 

407000 

' 

60,000 

_ 

_ 

100,000 

October  11 

_ 

25,000 

11,820 

500,000 

_ 

_ 

536,820 

21 

52,000 

238,000 

105,000 

100,000 

1,000 

_ 

_ 

496,000 

Novem.     1 

150,000 

200,000 

100,000 

_ 

27,700 

_ 

_ 

477,700 

11 

.    _ 

130,000 

_ 

15,000 

_ 

_ 

145,000 

21 

12,000 

310,280 

254,600 

5,000 

21  ,  700 

_ 

_ 

603,580 

Decem.     1 

_ 

853,420 

174,060 

60,000 

14,900 

_ 

_ 

1,102,380 

11 

3,000 

50,000 

4,060 

j, 

11,100 

_ 

_ 

68,160 

21 

300 

23,160 

68,000 

_ 

31,180 

$15,000 

_ 

137,640 

1816. 

January   1 

- 

387,000 

222',  240 

- 

50,460 

- 

- 

659,700 

309,300 

2,501,560 

1,825,980 

205,000 

828,340 

15,000 

150,000 

5,835,180 

Amount  of  Treasury  notes  issued  in  the  first  and  second  quarters  of  the 
year  1815,  under  the  act  of  the  kth  of  March,  1814. 


Reimbursable  at 

When 

reimburs- 

Total. 

able. 

Boston. 

Sew  York. 

Philadel- 

Balti- 

Wash- 

Rich- 

Charles- 

phia. 

more. 

ington. 

mond. 

ton. 

1816. 

January  11 

$50,000 

$440,900 

$81,200 

_ 

$34,620 

$606,720 

21 

_ 

138,160 

34,900 

65,900 

238,960 

February  1 

_ 

420,420 

1,196,280 

$11,000 

5,100 

1,632,800 

11 

_ 

__ 

79,200 

_ 

45,900 

125,100 

21 

_ 

18,400 

18,400 

March      1 

__ 

257600 

l7200 

82,540 

109,340 

11 

_ 

_ 

400 

15,000 

15,400 

21 

_ 

_ 

11,900 

11,900 

April        1 

_ 

8,900 

8,900 

11 

tm 

_ 

_ 

2,200 

2,200 

21 

_ 

_ 

_ 

2,000 

2,000 

June      21 

- 

- 

1,000 

- 

- 

- 

1,000 

50,000 

1,025,080 

1,414,980 

11,000 

271,660 

- 

- 

2,772,720 

1815.J 


SECRETARY  OF  THE  TREASURY. 
STATEMENT  L— Continued. 


63 


Recapitulation  of  Treasury  notes  issued  under  the  act  of  March  4,  1814. 

Amount  issued  in  the  second  quarter  of  1814,  as  reported  to  Congress  by  the  Sec- 
retary of  the  Treasury,  September  23,  1814         -                       -           -           -  $1,392,100 
Amount  issued  in  the  third  and  fourth  quarters  of  1814;  as  above  stated  -           -  5,835,180 
Amount  issued  in  the  first  and  second  quarters  of  1815,  as  above  stated  -         ;,-,  2,772,720 


Total  amount  authorized  to  be  issued  by.  the  act 


-    10,000,000 


STATEMENT  of  the  amount  of  Treasury  notes  issued  in  the  1st,  2d, 
and  3d  quarters  of  the  year  1815,  under  the  act  of  the  26th  of  Decem- 
ber, 1814. 


£ 

Reimbursable  at 

B 

j-) 

'  ^ 

.2 

8 

. 

c 

Total. 

£3 

o     ' 

r£< 

-  •  o   \ 

d 

§ 

o 

fa. 

S 

J3 

y 

1 

'  1 

2 
9 

a 

,52 
a 

a 

P 

o 

E 

13 

"3 

n 

P 

| 

3 

02 

1816. 

"""' 

Feb.     1 

_ 

$78,160 

$145,480 

$56,800 

_ 

_ 

_ 

_ 

8280,440 

Feb.  11 

_ 

1,365,340 

1,636,180 

50,000 

_ 

30,000 

mt 

3,081,520 

Feb.  21 

_ 

224,00( 

_ 

_ 

_ 

_ 

_ 

224,000 

Mar.    1 

$145,000 

990,820 

250,  9C( 

133,580 

_ 

_ 

$100,000 

_ 

1,620,300 

Mar.  11 

2,000 

116,060 

55,200 

40,000 

_ 

_ 

_ 

_ 

213,260 

Mar.  2  1 

_ 

13,860 

80,  lot 

_ 

_ 

6,200 

_ 

_ 

100,160 

Ap'l    1 

_ 

176,740 

112,900 

_ 

_ 

_ 

_ 

_ 

289,640 

Ap'l  11 

_  - 

313,360 

81,000 

_ 

_ 

_ 

_ 

_ 

394,360 

Ap'l  21 

_ 

_  • 

_ 

_ 

$4,860 

8,580 

_ 

13,440 

May    1 

_ 

_ 

10,500 

_ 

_ 

_ 

_ 

_ 

10,500 

May  21 

_ 

432,280 

33,000 

_ 

-_ 

_ 

_ 

_ 

465,280 

June    1 

_ 

622,020 

91,380 

_  ' 

4,500 

_ 

_ 

_ 

717,900 

June  11 

_ 

154,180 

10,000 

_  . 

_ 

_ 

_ 

_ 

164,180 

July  21 

_ 

401,420 

_ 

^ 

.  _ 

_ 

_. 

_ 

401,420 

Sept.  1 

- 

- 

;_-  :   ,  ;~ 

-• 

- 

- 

- 

8342,000 

342,000 

147,000 

4,664,240 

2,730,640 

280,380 

9,360 

44,780 

100,000 

342,000 

8,318,400 

STATEMENT  of  the  amount  of  Treasury  notes  bearing  interest,  issu- 
ed prior  to  the  1st  of  October,  1815,  under  the  act  of  the  2kth  of  Feb- 
ruary, 1815. 


Date. 

1815,  August  21st 
September  1st 
September  llth 
September  21st 
October  1st 


Total 


Amount. 

$33,000 
308,600 
102,000 
36,900 
214,100 

-  694,600 


64  REPORTS  OF  THE  [1815. 

STATEMENT  L—  Continued. 

EST1MA  TE  of  the  amount  of  the  principal  and  interest  of  Treasury 
notes  of  every  description,  which  will  come  as  a  charge  upon  the  Trea- 

sury during-  the  year  1816. 

^.  - 

I.    Treasury  noles  bearing  interest  : 

1.  Such  as  are  charged  upon  the  sinking  fund  — 

Amount  which  became  payable  in  1814,  and  which  was  not  paid  -  -    $2,799,200  00 

Amount  which  became  payable  in  1815      -  -  -  -  -      7,847,280  00 

Amount  which  will  become  payable  in  1816  -  -      2,772,720  00 

13,419,200  00 

2.  Such  as  are  payable  out  of  any  moneys  in  the  Treasury  not  otherwise  ap- 

propriated — 
Amount  which  will  become  payable  in  1816  -      8,318,400  00 

3.  Such  as  are  not  reimbursable  in  money,  but  may  be  funded  for  6  per  cent. 

stock  at  par,  or  paid  for  duties,  taxes,  or  any  public  dues  whatever  — 
Amount  issued  prior  to  1st  October,  1815    -  -  694,600  00 

Amount  estimated  ta  be  issued  from  1st  October  to  31st  December,  1815  -        500,000  GO 

22,932,200  00 

II.  Small  Treasury  notes,  not  on  interest,,  not  reimbursable  in  money,  but  may 
be  funded  for  7  per  cent,  stock  at  par,  or  paid  for  duties,  taxes,  or  any 
public  dues  whatever  — 

Amount  issued  and  reissued,  per  preceding  statement,  marked  D,  to  30th 
September,  1815     -  -  •-    .  $4,142,850  00 

Amount  estimated  to  be  issued  and  reissued  from  1st  Octo- 
ber to  31st  December,  1815  -  -       500,000  00 

--      4,642,850  00 

27,575,050  00 
Interest— 

The  amount  estimated  to  be  payable  for  interest,  on  the  notes  bearing 
interest,  is  about  -  .  .      1,000,000  00 

28,575,050  00 
Towards  the  reimbursement  of  Treasury  notes,  payable  at  Philadel- 

phia, Baltimore,  Washington,  Charleston,  and  Savannah    there  has 

been  advanced  from  the  Treasury  the  sum  of  -  -  f  1  536  000  00 

The  amount  of  Treasury  notes  bearing  interest,  sub- 

scribed to  the  loan  prior  to  the  1st  of  October,  1815 

was,  principal  and  interest         -  -  $3,161,587  06 

And  it  is  estimated  that  the  amount  sub- 

scribed between  the  1st  of  October  and 

31st  December,  1815,  will  be      -          -    2,500,000  00 

-  --  -     5,661,587  06 

The  amount  of  small  Treasury  notes  fund-  ''     ''     ' 

ed  for  7  per  cent,  stock,  prior  to  the  1st 
.October,  1815,  was  .    3,318,95000 

And  the  amount  estimated  to  be  funded 

between  the  1st  October  and  31st  De- 

cember, 1815,  is  -  .     1,000,000  00 

The  amount  estimated  to  be  redeemed  by  ~  4,318,950  00 

payments  for  duties,  taxes,  &c.,  prior  to 
1st  January,  1815,  is,  of  Treasury  notes 
bearing  interest  -  -  .  i  KOO  nnn  nn  - 

Small  Treasury  notes        -  .    ^  iS$00  00 

-     1,600,000  00 

•  --    13,116,53706 

Leaving,  as  the  amount  outstanding  at  the-  end  of  the  year  1815  and 
which  will  come  as  a 


o      e  ye 

which  will  come  as  a  charge  upo!  the  Treasury  in  the  year  1816  of 
pnncipal  and  interest  of  Treasury  notes  of  aulesofc^  -      '    -    15,458.51294 


1815.] 


SECRETARY  OF  THE  TREASURY. 


65 


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66 


REPORTS  OF  THE 
B. 


[1815. 


-*      -1        '  >  ~'-V  -  -* 

n^FTVT  Exhibiting  the  value  and  want  ities,  respectively  ,  of 
A  STATEMENT  ^m^  ^^  ^  tht  year  ^U 

merchandise  on  WM*  «™     between  articles  paying  duties,  imported, 

^p^;)^  <**<>,  of  thanettre- 
'that  year,  from  Mes  on  merchand^se, 
e,  passports,  ant  clearances. 


(consistin 
\nd 


MERCHANDISE  PAYING  DC^s  AD  VALOREM. 


1)4-29  09  dollars,  at  12i  per  cex 
68230     do.         g       do 
30       do. 
40       do. 


4313,82902     do 
'803.131  05     do. 
121,785  15     do. 


a  5,240,856  61      do. 


, 

eTeas, 
Molasses, 


r  articles 


do. 

unds,  at   ^-*  -— 

do.     at  44.2  do.    lo. 

gallons,  at  10  do.      ,. 

g>unds,atlO  do-      ^ 


0-78  64 
1«  34 
1,078,45''  25 
240,93932 
48,71406 

131,021  41 


$1,499,413  03 

327,780  08 
179,273  34 
1,055,884  96 
156,641  79 
287,928  30 
652,823  80 
75,822  40 
901,365  68 


^Patear^^dvessels 

3l  per  cent,  retained  on  drawback 

"^'-•-rr^Sfi^  4,800 

i  per  cent,  on  merchandise  imported      tor^ 

'  eign  vessels    - 
Accounts  outstanding,  estimated  at      - 

Nett  amount  of  duties  on  merchandise  - 
Duties  on  tonnage 
Light  money     - 
Passports  and  clearances 

Gross  revenue,  per  statement  A_ 
Peduct  expenses  on  collection  - 


1815.J 


SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes. 


a  Mediterranean  fund  — 
Additional  duly  of  21  per  cent,  on  85,240,856  61 
Extra  duty  of  10  per  cent,  on  merchandise  imported  in  foreign  vessels    - 
Si  per  cent,  retained  on  drawback          '___-          -    •»      -           -   '  _^» 

$131,021  42 
4,800  39 
6  54 

-  '.<*.•"    -tfjbffasji 
Deduct  duties  refunded  -                     r*J!:"       -           -           -           $21442 
33i  per  cent,  on  merchandise  captured  by  private  armed 
vessels       *•                                          fltiwq         -           -        15,21464 

135,828  35 
!*>  429  06 

?f'    ' 

120,399  29 

b  Spirits— 
From  grain    -        -V-T>1       -    1st  proof        12,297  gallons,  at  56  cents 
Do.                                  -    2d    do.            3,470      do.      at  58    do. 
Do.                    {  -W       -    3d    do.          10,416      do.      at  62    do. 
Do.        '•'-                      -    4th  do.           3,088      do.      at  68    do. 
Do.                                       5th   do.           9,500      do.      at  80    do. 
From  other  materials    1st  and  2d    do.        176,076      do.      at  50    do. 
Do.           -                       -    3d    do.        173,257      do.      at  56    do. 
Do.           -       •V-^.'.Sa-  4th   do.        183,130      do.      at  64    do. 
Do.          -           -           -    5ih  do.              603      do.      at  76    do. 

6,886  32 
2,012  60 
6,457  92 
2,099  84 
7,600  00 
88,038  00 
97,023  92 
117,203  20 
458  28 

571,837      do. 

327,780  08 

c,  Wines  — 
Malmsey,  and  London  Particular  Madeira         740  gallons,  at  116  cents 
All  other  Madeira     -       ,'f  £•           ,-                  471      do.      at  100    do. 
Burgundy.  Champagne,  Rhenish,  &c.                550      do.      at   90    do. 
Sherry  and  St.  Lucar,  &c.    -                              116      do.      at   80    da 
Claret,  in  bottles         -                                      8,118      do.      at    70    do. 
Lisbon,  Oporto,  &r.    -                       ,-!-    •      14,191      do.      at   60    do. 
Tenerifie,  Faral,  Malaga,  &c.                       84,112      do.      at   56    do. 
All  other  not  specified                                  252,296      do.      at   46    do. 

858  46 
471  00 
495  00 
92  80 
5,682  60 
8,514  60 
47,102  72 
116,056  16 

360,594      do. 

179,273  34 

d  Sugar- 
Brown,  claved  or  powdered  -           -     18,432,512  pounds,  at     5  cents 
While        do.            do.        -        •  V    ,  2,237,656      do.      at     6    do. 

921,625  60 
134,259  36 

20,670,168      do. 

1,055,884  96 

c  Teas  — 
Bohea                                                           17,357  pounds,  at    24  cents 
Souchong        -        j   JiO!                 .-'.       80,936      do.      at   36     do. 
Hyson             -       .-!'  *!>•:                 '-           69,423      do.      at   64     do. 
Other  green    -                      -                    186,322      do.      at   40    do. 
Extra  duty  on  teas  from  other  places  than, 
India      -         J*           -                    .  -     rvj,    ;      .    . 

4,165  68 
29,126  96 
44,430  72 
74,528  80 

4,389  63 

354,038      do. 

156,641  79 

/  Salt- 
Weighing  less  than  56  Ibs.  per  bushel         36,575  bushels,  at   20  cents 
Weighing  more  than  56  Ibs.  per  bushel     342,537      do.      at   20    do. 

7,315  00 
68,507  40 

379,112      do. 

76,828  40 

REPORTS  OF  THE 

Explanatory  Statements  and  Notes— Continued. 


[1815. 


g  All  other  articles,  viz: 

Quantity, 

Rate  of 
duty. 

Duties. 

Spirits,  domestic  distilled,  1st  proof  - 

gallons 

476 

Cents. 
14 

$66  64 

Do.                  do.           2d    do.    - 

do. 

15 

16 

2  40 

Beer,  ale,  and  porter             ...... 

do. 

13,345 

16 

2,135  20 

Cocoa 

pounds 

266,911 

4 

10,676  44 

Chocolate 

do. 

559 

6 

33  54 

Sugar  candy  ----- 

do. 

13 

23 

2  99 

loaf      -           -                       - 

do. 

1,945 

18 

350  10 

other,  refined,  &c. 

do. 

378 

13 

49  14 

Almonds        ... 

do. 

55,891 

4 

2,353  82 

Fruits—  Currants 

do. 

24,487 

4 

979  48 

Prunes  and  plums   -                   •    - 

do. 

39,034 

4 

1,561  36 

Figs             .... 

do. 

11,708 

4 

468  32 

Raisins,  jar  and  muscatel   - 

do. 

204,891 

4 

8,195  64 

Raisins,  all  other     - 

do. 

257,289 

3 

7,718  67 

Candles—  Tallow      - 

•I  do. 

29,766 

4 

1,190  64 

Wax,  or  spermaceti 

do. 

446 

12 

53  52 

Cheese                       - 

do. 

26,929 

14 

3,770  06 

Soap    -           -           -           -         ,  . 

do. 

54,515 

4 

2,328  54 

Tallow           -           -           -           .-."•'». 

do: 

79,900 

3 

2,397  00 

Spices—  Nutmegs      -  -         -           -           f 

do. 

3S6 

100 

336  00 

Cinnamon    -           ... 

do. 

35 

40 

14  00 

Cloves 

do. 

6 

40 

2  40 

Pepper         - 

do. 

'16,808 

12 

2,016  96 

Pimento        - 

do. 

24,465 

8 

1,957  20 

Cassia                      ... 

do. 

3,780 

8 

302  40 

Tobacco,  manufactured,  other  than  snuff  am 

I 

segars                    - 
Snuff                         .... 

do. 
do. 

2,096 
242 

12 
20 

251  52 

48  40 

Indigo            -           -           -           . 

do. 

66,601 

50 

33,300  50 

Cotton            -           - 
Powder,  hair             -          ... 

do. 
do. 

139,708 
60 

6 
8 

8,530  98 
4  80 

gun              -          -          .      s    .. 

O.            I- 

do." 

3,278 

8 

262  24 

btarch 
r~i\ 

do. 

3,655 

6 

219  30 

(jrlue               -           -           ... 
Pewter  plates  and  dishes 
Iron,  anchors  and  sheet         -           .           - 
slit  and  hoop    - 

do. 
do. 
do. 
do. 

26,287 
242 
153,736 
358,956 

8 
8 
3 
2 

2,102  90 
19  36 
4,612  08 
7,179  12 

Spikes                       .... 
Quicksilver    -           -           -           _ 
Paints—  Ochre,  in  oil           ... 

do. 
do. 
do. 
do. 

86,568 
2,560 
110,700 
971 

4 
2 
12 
3 

3,462  72 
51  20 
13,284  00 
29  13 

dry,  yellow  -          --       -'-V! 
Spanish  brown        -           -         •-, 
White  and  red  lead 
Lead,  and  manufactures  of  lead 
Cordage,  tarred         -           ... 
untarred     - 
Seines 

do. 
do. 
do. 
do. 
do. 
do. 

100 
16,542 
151,121 
96,541 
40,535 
3,693 

2 
2 
4 
2 
4 
5 

2  00 
330  84 
6,044  84 
1,930  82 
1,621  40 
184  65 

Cables 

do. 

1,449 

8 

115  92 

Steel   - 

do. 

12,862 

4 

514  48 

Twine  and  packthread         -           *     . 
Glauber  salts  - 
Coal               - 

cwt. 
do. 
do. 

6,378,117 
68,306 
3,208 

200 
800 
400 

12,756  80 
550  43 
14  29 

Pish—  Dried  or  smoked        -           J 
Pickled  salmon 
mackerel       -           -  ~ 

other             •                 ' 

bushels 
cwt. 
barrels 
do. 

25,121 
18,954,204 
1,118 
1,692 

10 
100 
2CO 
120 

2,512  10 
18,954  54 
2,236  00 
2,030  40 

do. 

5,121 

80 

4,096  80 

ISla]  SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


69 


g  All  other  articles,  viz  : 

duantity. 

Rate  of 
duty. 

Duties. 

.Glass  —  black  quart  bottles 

-      gross 

850 

Cents  . 
120 

81,020  00 

window,  not  above  8  by  10  inches 

100  sq.  ft. 

2,017 

320 

6,457  60 

window,  not  above  10  by  12  inches 

do. 

531 

350 

1,858  50 

window,  above  10  by  12  inches   - 

do. 

149 

450 

670  50 

Segars       -           -           - 

M 

1,680 

400 

6,720  00 

Foreign  lime-  >;-  '"       -           -       '*  -13 

"•v*  casks 

363 

100 

363  00 

Boots         -           L  •*       -           _         •  .  • 

pairs 

1,037 

150 

1,555  50 

Shoes  and  slippers  —  silk  - 

TT    do. 

194 

50^ 

97  00 

morocco,  leather,  &c. 

do. 

11,210 

30 

3,363  00 

morocco,  for  children 

i^rt  do- 

1,170 

20 

234  00 

Cards  —  wool  and  cotton 

-  dozens 

12 

100 

5.  ^  12  oo 

playing    - 

-     packs 

5,595 

""*         \            "S 

50 

2,797  50 

i-       ,1 

.  |      £ 

c* 

g. 

201,365  G8 

JX*    J    -X 

I       .    1               ^ 

' 


TREASURY  DEPARTMENT, 

Register's  Office,  December  14,  1815. 

JOSEPH  NOURSE. 


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SECRETARY  OF  THE  TREASURY. 


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1816.]  SECRETARY  OF  THE  TREASURY. 

REPORT  ON  THE  FINANCES. 

DECEMBER,  1816. 


In  obedience  to  the  directions  of  the  "  Act  supplementary  to  the  act  en- 
titled an  act  to  establish  the  Treasury  Department,"  the  Secretary  of  the 
Treasury  respectfully  submits  the  following  report  and  estimates. 

REVENUE. 

The  nett  revenue  arising  from  duties  on  merchandise  and  tonnage,  inter- 
nal duties,  direct  tax,  public  lands,  postage,  and  incidental  receipts,  which 
accrued  during  the  year  1814,  amounted  to  $11,500,606  25 

And  that  which  accrued  from  the  same  sources  during 
the  year  1815,  amounted  to  -  $49,893,219  02 

Viz. 

Customs,  as  appears  by  statement  A  $36,643,598  77 
Internal  duties  do  B      5,963,225  88 

Direct  tax  do  C       5,723,152  25 

Public  lands  -       1.287,959  28 

Postage,  and  incidental  receipts     -  -/  •:.      275,282  84 

$49,893,219  02 


The  revenue  which  has  accrued  from  the  same  sources 
during  the  first  three  quarters  of  the  year  1816,  and  that 
which  will  accrue  during  the  remaining  quarter,  is  esti- 
mated to  amount  to  -  -  -  .  $38,650,000  00 

__.  •*•     }       > 

Viz.  -1 ., 

Customs                                  .  $30.000,000  00 

Internal  duties                    ^  t  -    4^150,000  00 

Direct  tax  (nett  proceeds)      -  -    2,700,000  00 
Public    lands   (exclusive  of   receipts 

in  the  Mississippi  Territory)  -     1,500,000  00 

Postage,  and  incidental  receipts  v^.  .    300,000  00 

$38,650,000  00 


The  receipts  in  the  Treasury  from  the  same  sources, 

during  the  year  1816,  are  estimated  to  amount  to              -    46,900,000  00 

Viz. 

Customs        -                      ^.:  -  36,000.000  00 

Direct  tax      -  .    4,200,000  00 

Internal  duties  .    4.900,000  00 

Public  lands  .     1^500,000  00 

Postage,  and  incidental  receipts  -       300,000  00 

$46,900,000  00 


74 


REPORTS  OF  THE 


[1816. 


Receipts  from  loans,  and  Treasury  notes: 
Loans  under  the  act  of  15th  Nov.,  1814, 
Loans  under  the  act  of  3d  March,  1815, 
Temporary  loans 

Amount  actually  borrowed  to  30th  Sep- 
tember, 1816      - 
Treasury  notes:  amount  issued  prior  to  the 

1st  October,  1816,  under  the  act  of  24th 

February,  1815: 
Notes  bearing  interest,  per 

statement  L     -  -  $4,274,800 '00 

Small     Treasury    notes 

not    bearing  interest-^ 

amount  issued  and  re- 
issued -  -    5,773,168  00 


$243,911  39 
318,675  52 
150,000  00 


712,586  91 


-    10,047,968  00 


Making  the  total  amount  estimated  to  be  actually  re- 
ceived into  the  Treasury  during  the  year  1816  - 

Cash  in  the  Treasury  at  the  commencement  of  the  year, 
(including  an  item  of  $6,361,125  43  in  Treasury  notes,} 
which  had  been  paid  for  duties  and  taxes 


10,760,554  91 


57,660,554  91 


13,100,502  ftfi 


Making  the  amount  estimated  to  be  actually  received 
into  the  Treasury,  during  the  year,  including  the  sum  in 


the  Treasury  on  the  1st  day  of  January  last 


70,667,147  79 


The  application  of  the  moneys  actually  received  into  the  Treasury  du- 
ring the  year  1816  will  be  as  follows:  To  the  30th  September,  the  pay- 
ments have  amounted  to  the  following  sums  nearly : — (the  accounts  being 
not  yet  made  up,  the  precise  amount  cannot  be  given :) 

For  civil,  diplomatic,  and  miscellane- 
ous expenses      -  -    $2,359,404  99 

Military  service  (including  an  arrearage 
of  $11,212,560)  -  -     14,079,009  2? 

Naval  service  -      2:707,009  27 

Public  debt,  viz :  . 

Interest  and  reimburse- 
ment -  $8,009,936  34 

Reimbursement  and  in- 
terest of  Treasury 
notes  -  5,606,650  24 


During  the  fourth  quarter  of  the  year  the  payments  are 
estimated  to  amount  to  the  following  sums,  viz : 
For   civil,  diplomatic,  and  miscellane- 
ous expenses  .;,,i-:    $750,00000 
Military  service  .      2,450,000  00 
Naval  service                                        .      1,200,000  00 


$32,762,416  84 


1316.]  SECRETARY  OF  THE  TREASURY.  75 

Public  debt,  viz:  Interest  and  reimburse- 
ment to  the  1st  of  January,  1816,  in- 
clusive -  $2,100,000  00 
Ditto,      reimbursement 
of  Treasury  notes       13.000,000  00 

$15,100,000  00 

$19.500,000  00 


52,262,416  84 

The  receipts  into  the  Treasury  during  the  year  have 

been  estimated  at  -  $57,660.554  91 

And  the  balance  at  the  commencement     13,106.592  88 

70,767.147  79 


Leaving  in  the  Treasury  on  the  1st  January,  1817,  the 

sum  of  -  -  ^18,504,730  95 

Of  which  sum  it  is  estimated  that  $10,000,000  will  be  in  cash,  and  the  re- 
mainder in  Treasury  notes,  principally  issued  under  the  act  of  the  24th  of 
February,  1815,  which  cannot  be  reimbursed  without  an  appropriation  for 
that  purpose. 

Notwithstanding  the  favorable  situation  of  the  Treasury,  the  disordered 
state  of  the  currency  still  continues  to  embarrass  the  fiscal  operations  of  the 
Government.  The  expectation  which  had  been  formed,  that  the  demands 
upon  the  Treasury,  in  the  eastern  section  of  the  Union,  might  be  paid  in  the 
local  currency  by  the  end  of  the  year,  has  not  been  realized.  To  discharge 
the  claims  in  that  quarter,  arising  from  the  interest  and  reimbursement  of 
the  public  debt  which  will  be  payable  on  the  1st  day  of  January  next,  small 
Treasury  notes  must  be  issued,  or  a  temporary  loan  must  be  obtained  from 
the  Bank  of  the  United  States,  to  the  amount  of  those  demands.  The  lat- 
ter alternative  has  been  embraced,  and  a  proposition  for  that  purpose  has 
been  made  to  the  bank,  and  has  been  favorably  received  by  it. 

When  those  claims  are  satisfied,  there  will  be  no  further  embarrassment 
until  the  next  quarterly  payment  of  interest.  To  prevent  the  necessity  of  re- 
sorting again  to  loans  for  that  object,  the  re-issue  of  Treasury  notes,  of  all  de- 
scriptions, should  be  discontinued.  When  this  course  is  adopted  and  perse- 
vered in,  the  revenue  in  that  quarter  will  be  collected  in  current  money,  and 
will  be  more  than  sufficient  to  satisfy  all  the  claims  of  the  public  creditors. 
The  more  certainly  to  effect  that  object,  it  is  respectfully  recommended  that 
an  appropriation  be  made  during  the  present  session  of  Congress  for  the  re- 
imbursement of  the  whole  of  the  Treasury  notes  issued  under  the  act  of  the 
24th  of  February,  1815.  The  Treasury  notes  issued  under  the  preceding 
laws  have  either  been  reimbursed,  or  provision  made  for  that  object,  during 
the  last  quarter  of  the  year.  The  acts  under  which  they  issued  having,  by 
appropriations,  provided  for  their  reimbursement,  no  further  appropriations 
are  necessary  for  that  purpose. 

OF  THE  PUBLIC  DEBT. 

The  funded  debt  contracted  before  the  late  war,  which 
was  unredeemed  on  the  1st  of  January,  1816,  amounted,  as 
appears  by  statement  B,  to  ...  $38,340.906  77 


76  REPORTS  OF  THE  ]1816. 

By  the  same  statement,  it  appears  that  the  funded  debt, 
contracted  on  account  of  the  late  war,  amounted  on  that 
day  to  -  •  '  $6o>944>434 

Making  the  whole  funded  debt  on  the  1st  of  January, 
1816,  amount  to  -  -  104,285,341  Ob 

To  which  must  be  added  temporary  loans,  viz  : 
Due  the  State  Bank,  Boston  -  -     $500,OC 

Cumberland  Bank,  Maine      -  50,OC 

Banks  in  the  District  of  Columbia     -        175,000  00 
S,a,e  of  New  York    -  -  -       SayXMOO 


Making  an  aggregate  amount,  on  that  day,  of  -  105,360,341  06 

To  this  amount  there  have  been  added,  between  the  1st 
day  of  January,  1816,  and  the  30th  of  September,  the 
following  sums,  viz  : 

Six  per  cent,  stock  of  1814     -  -    $292,801  31 

Six  per  cent,  stock  of  1815     -  -      335,448  90 

Six  per  cent.  Treasury  note  stock       -        58,24578 
Seven  per  cent.      do.  -   4,570,621  00 

.  '5,257,116  99 

From  which  deduct  temporary  loans 
paid  off  -  $1,025,000  00 

Reimbursement  of  old 
six  per  cent,  and  de-    : 
ferred  stock  -    -    846,639  76 

---      1,871,639  76 

__  —  --      3,385,477  23 

Making  the  whole  public  debt  on  the  30th  of  September, 
1816,  as  appears  by  statement  C,  amount  to  -  108,745,818  29 

Viz: 

Old  funded  debt      -  -  $37,494,267  01 

New  funded  debt     -  -     71,201,551  28 

Temporary  loan     ..-   .  50,000  00 

$108,745,818  29 

'••>•,..•  •      ,  -  '  ---  :  -      -.>'>''<    •        •"?  K't 

Add  the  amount  of  7  per  cent,  stock,  which,  it  is  esti- 
mated will  be  created  during  the  last  quarter  of  the  year, 
by  funding  small  Treasury  notes  .  520.405  00 


Makes  the  estimated  amount  of  the  public  debt  on  the 
1st  January,  1817  -  109,266,223  29 

The  subscription  to  the  Bank  of  the  United  States,  on 
the  part  of  the  Government,  will  create  5  per  cent,  stock 
to  the  amount  of,  .  ^  -;  7,000,000  00 

And  the  compromise  with  the  Yazoo  claimants  has 
created  stock  to  the  amount  of  X  .  .  4,098,615  29 


1816.]  SECRETARY  OF  THE  TREASURY.  77 

Bat  as  the  first  is  only  an  exchange  for  the  same  amount  of  bank  capital, 
which  will  probably  produce  an  excess  of  dividends  beyond  the  interest 
payable  on  the  stock,  equal  to  the  reimbursement  of  the  principal  before 
the  expiration  of  the  charter,  and  the  second  bears  no  interest,  and  will 
probably  be  reimbursed  by  the  sales  of  the  public  lands  in  the  Mississippi 
Territory,  during  the  three  succeeding  years,  no  further  provision  for  their 
ultimate  redemption  appears  to  be  necessary. 

SINKING    FUND. 

According  to  the  existing  laws,  the  sinking  fund  consists  of  a  permanent 
appropriation  of  8.000,000  dollars  per  annum,  which  is  vested  in  the  com- 
missioners of  the  sinking  fund,  to  be  by  them  applied  to  the  payment  of 
the  interest  of  the  public  debt,  and  to  the  redemption  of  the  principal.  Of 
this  sum,  there  will  be  required,  during  the  year  1817,  for  the  payment  of 
interest,  $6,084,415  93;  leaving  the  sum  of  $1,915,584  07  to  be  applied 
to  the  redemption  of  the  principal  of  the  debt.  This  sum,  operating  upon 
the  principle  of  compound  interest,  will  not  redeem  the  whole  amount  of 
the  funded  debt  before  the  year  1842.  An  attentive  examination  of  the 
rise  and  progress  of  public  debts  in  other  countries  cannot  fail  to  impress 
the  American  republic  with  the  necessity  of  making  suitable  exertions  in 
periods  of  peace,  to  release  the  national  revenue  from  so  heavy  an  encum- 
brance. Although,  from  our  happy  form  of  government,  and  from  our 
fortunate  geographical  position,  we  may  reasonably  calculate  upon  being 
less  frequently  subjected  to  the  calamities  of  war  than  has  hitherto  fallen 
to  the  lot  of  other  civilized  nations,  yet  reason  and  experience  forbid  the 
expectation  that  we  shall  be  exempted  from  its  evils  until  the  redemption  of 
the  public  debt  shall  be  effected  by  the  operation  of  the  existing  sinking 
fund. 

By  referring  to  the  laws  authorizing  the  several  loans,  which,  during  the 
late  war,  have  swelled  the  public  debt  to  its  present  amount,  Congress  has 
uniformly  pledged  the  faith  of  the  nation  to  provide  sufficient  funds  for  the 
payment  of  the  interest,  and  the  redemption  of  the  principal,  of  the  debt  so 
created.  The  time  has  now  arrived  when  that  pledge  ought  to  be  redeem- 
ed. It  is  therefore  respectfully  proposed,  that  there  be  annually  appro- 
priated the  sum  of  $2,000,000,  in  addition  to  the  sum  of  $8,000,000,  now 
applicable  to  the  payment  of  the  interest,  and  the  redemption  of  the  princi- 
pal of  the  public  debt ;  and  that  that  sum  be  vested  in  the  commissioners 
of  the  sinking  fund,  to  be  applied  in  the  same  manner  as  the  existing  sink- 
ing fund.  It  is  also  proposed,  that  when  the  six  per  cent,  stock  can  be  pur- 
chased at  par,  or  the  seven  per  cent,  stock  can  be  purchased  at  six  per  cent,  pre- 
mium, or  when  a  greater  amount  can  be  redeemed,  according  to  the  condi- 
tions attached  to  the  different  loans  of  which  the  funded  debt  is  composed, 
than  the  amount  of  the  sinking  fund  applicable  to  the  redemption  of  the 
principal  of  the  funded  debt  within  any  one  year,  there  be  paid  to  the  com- 
missioners of  the  sinking  fund  the  further  sum  of  $1,000,000  out  of  any 
money  in  the  Treasury  not  otherwise  appropriated,  if  such  payment  can  be 
made,  leaving  a  balance  in  the  Treasury  at  the  end  of  the  year  of 
$2,000,000;  which  additional  sum  shall  be  applied  to  the  redemption  or 
purchase  of  the  principal  of  the  debt 

As  the  funded  stock  which  maybe  subscribed  by  individuals  to  the  Bank 
of  the  United  States  is  redeemable  at  the  will  of  the  Government,  and  as 
the  Louisiana  stock  is  to  be  reimbursed  in  four  annual  instalments,  com- 


78 


[1816. 


mencing  in  the  year  1818,  the  effect  of  the  provision  will  be  an  annual  ad- 
dition of  $1,000,000  for  the  succeeding  six  years,  if  the  state  of  the  Trea- 
sury will  admit  of  its  execution. 

By  the  operation  of  the  sinking  fund,  thus  enlarged,  the  whole  funded 
debt  will  be  extinguished  within  the  term  of  fourteen  years.  In  the  present 
unsettled  state  of  the  revenue,  arising  from  excessive  importations  of  foreign 
merchandise  during  the  previous  and  present  year  ;  from  the  change  in  the 
rate  of  duties  imposed  upon  merchandise  ;  and  from  changes  made  in  the 
various  branches  of  internal  revenue  ;  it  w^ould  be  unsafe  to  vest  the  whole  of 
the  surplus  revenue  of  the  present  year  in  the  commissioners  of  the  sink- 
ing fund,  as  there  is  strong  reason  to  believe  that  the  revenue  which  will 
accrue  during  the  year  1S17  will  fall  considerably  below  the  permanent 
annual  expenditure,  inclusive  of  the  addition  proposed  to  be  made  to  the 
sinking  fund.  That  deficiency,  as  well  as  any  other  which  may  occur  in 
the  two  succeeding  years,  will  be  covered  by  the  balances  which  it  is  esti- 
mated will  be  in  the  Treasury  on  the  1st  day  of  January,  1817,  and  1818. 

OF    THE    ESTIMATES    OF  THE  PUBLIC    REVENUE  AND  EXPENDITURES  FOR 

THE  YEAR  1816. 

The  probable  authorized  demands  upon  the  Treasury,  during  the  year 
1817,  are  estimated  to  amount  to  $21,751,797  57 

Viz. 

Civil,  diplomatic,  and  miscellaneous 
expenses  -   $1,765,513  03 

Military  service,  (including  an  arrear- 
age of  $1,540,000,)  -     7,999.625  79 

Naval  service,  (including  $1,000,000 
for  permanent  increase  of  navy)  -     3,986,65875 

Public  debt    -  .     8.000,000  00 


$21,751,797  57 


Deduct  war  arrearages 


Add  for  annual  incidental  expenditures  not  embraced 
in  the  estimate  -  .  . 

Making  the  permanent  annual  expenditure    - 

To  which  add  the  sum  proposed  to  the  sinking  fund 

Making,  in  the  whole,  an  aggregate  amount  for  the 
permanent  annual  expenditure,  until  the  public  debt  is  re- 
deemed, of  (i,r.  .  V  .  _ 


1,540,000  00 

$20,211,797  57 

288,202  43 


20,500,000  00 
3,000.000  00 


23,500,000  00 


The  annual  report  of  the  Secretary  of  the  Treasury  for  the  year  1815 

estimated  the  revenue  which  would  accrue  during  the  year  1816,  under  the 

modifications  proposed  by  that  report  to  the  existing  laws  for  raising  reve- 

ue'  -    $25,600.000  00 

-  .          $17,000,000  00 
4,500^000  00 


Internal  duties 


1S16.]  SECRETARY  OF  THE  TREASURY.  79 

Direct  tax,  (nett  proceeds)         -  -   $2,700,000  00 

Public  lands  -  -      1,000,000  00 

Postage,  and  incidental  receipts          <n«)j|     400.00000 

$25,600,000  00 

But  the  revenue  which  has  actually  accrued  during  the 
year,  is  estimated,  as  already  stated,  at     ,-r  -  $38,650,000  00 

Making:  an  aggregate  excess,  beyond  the  estimate  of  the 
last  year^of  •*  -  -     .       -  $13,050.000  00 

Which  excess  has  arisen  principally  in  the  customs. 
By  the  same  report,  the  money  receivable  into  the  Treasury  during  the 
year  1816,  arising  principally  from  revenue  which  accrued  during  the  year 
1815,  was  estimated  at      -    '  -$33,400,00000 

Yiz. 

Customs     -  -$21,000,00000 

Internal  duties  -       5,000,000  00 

Direct  tax  -       6,000,000  00 

Public  lands  ,  -  .    1,000,000  00 

Postage,  and  incidental  receipts'    r« -'*       400,000  00 

$33,400,000  00 


But  the  actual  receipts  into  the  Treasury  during  the 
year,  from  those  sources  of  revenue,  are  estimated  at  -  46.900.000  00 

Leaving  an  excess  of  receipts  beyond  the  estimate,  of  $13,500,000  00 

The  actual  excess  in  the  customs,  beyond  the  estimate  of 
1815,  being  -$15,000,00000 

In  the  internal  duties,  direct  tax.  and  postage,  there  is  'a 
deficit  of  -  -  -  -  .  -  -  "  2,000,000  00 


13,000,000  00 
And  an  excess  in  public  lands,  of  -          500,000  00 

Making,  as  before  stated,  the  whole  excess        -  -  $13,500,000  00 

The  comparative  statements  just  presented  prove  the  extreme  difficulty 
there  was,  in  1815,  of  making  any  estimate  upon  which  reliance  could  be 
placed.  The  excessive  importations  of  foreign  merchandise,  during  the 
past  and  present  year,  have  but  in  a  slight  degree  diminished  that  difficul- 
ty. The  revenue  which  accrued  from  imports  and  tonnage  during  the  first 
three  quarters  of  the  year  1816  have  averaged  nine  millions  of  dollars  a  quar- 
ter ;  while  that  which  will  have  accrued  during  the  last  quarter  is  estimated 
at  not  more  than  one-third  of  that  sum.  As  the  redundancy  of  foreign 
merchandise  in  the  country,  which  has  produced  this  extraordinary  reduc- 
tion of  duties  in  the  fourth  quarter  of  the  year,  will  continue  to  influence 
the  importations  of  the  year  1817,  the  revenue  accruing  from  that  source 
during  the  year,  probably,  cannot  be  safely  estimated  above  twelve  millions. 


80  REPORTS  OF  THE  [1816. 

We  must  look,  therefore,  to  the  revenue  accruing  in  the  year  1818,  as 
the  average  revenue  arising  from  duties  and  taxes  of  a  permanent  character, 
by  which  the  permanent  expenditures  of  the  Government  should  be  regu- 
lated. From  the  facts  in  the  possession  of  the  department,  the  revenue  which 
will  accrue  during  that  year  is  estimated  as  follows,  viz  : 
Customs  -  -  -  $18,000,000  00 

Internal  duties          -  -      2,500,000  00 

Public  lands  -       1,500,000  00 

Postage,  and  incidental  receipts  250,000  00 

Making  an  aggregate  amount  of  -  $22,250,000  00 

In  the  year  1819,  the  first  instalment  of  the  bonus  paya- 
ble by  the  Bank  of  the  United  States  becomes  due  500,000  00 

During  the  same  year,  it  is  believed  that  the  claim  of  the  - 
State  of  Georgia  will  be  paid,  and  the  Mississippi  stock 
will  be  absorbed  by  the  sale  of  public  lands  in  the  Mississippi 
Territory,  which  will  give  an  additional  revenue  from  the 
public  lands,  for  the  year  1820,  and  for  subsequent  years,  of       1,500,000  CO 

Making  the  revenue  for  the  year  1 820  amount  to        -    $24,250,000  00 

Which  may  be  estimated  as  the  permanent  annual  revenue  after  that 
period. 

But  the  receipts  into  the  Treasury,  during  the  year  1817,  are  estimated 
as  follows:  viz. 

Customs  -      $24,000,000  00 

Internal  duties    -  2,900,000  00 

Direct  tax,  (outstanding  and  receivable 

that  year)  2,000,000  00 

Public  lands  1,500,000  00 

Postage,  arid  incidental  receipts  -  250,000  00 

• $30,650,000  00 

To  which  add  the  balance  in  the  Treasury  on  the  1st 
day  of  that  year  -  .  10,000,000  00 

Total  ways  and  means  for  1817         -  -  -  $40,650,000  00 

The  expenditure  for  that  year,  as  before  stated,  including 
the  proposed  addition  to  the  sinking  fund,  is  estimated  to 
amount  to  .  25,000,000  00 

Leaving  a  balance  in  the  Treasury,  on  the  1st  day  of 
January,  1818,  of  .  $15,650,000  00 

WAYS  AND  MEANS  FOR  1818. 

Balance  in  the  Treasury,  as  before  stated  $15,650,000  00 
Customs     -        ;:-.  .          12,000.000  00 

S1  urna,  d^ties     vJ&  •-•''        2,500;00000 

Public  lands  .  **£        ij5ou,000  00 

Postage,  and  incidental  receipts       -  250,000  00 

$31,900,000  00 


1S16.]  SECRETARY  OF  THE  TREASURY.  81 

The  permanent  expenditure,  including  the  proposed  addition 
to  the  sinking  fund,  has  been  estimated  at  -  -     $23,500,000 


Balance  in  the  Treasury,  on  the  1st  of  January,  1819,  esti-  ' 
mated  at  -  -       $8,400,000 

WAYS  AND  MEANS  FOR  1819. 

Balance  in  the  Treasury,  as  above  stated     -  $8,400,000 

Customs       -                                                  *  18,000,000 

Internal  duties       -&--*-     *—-•*•-     *r#r        -~  2,500,000 

Public  lands                     £  m,        -           -  1,500,000 
Bonus  from  the  United  States  Bant,  payable 

this  year  -  500,000 

Postage,  and  incidental  receipts  250,000 

$31,150,000 

Permanent  expenditure,  as  before  stated       -  -            -       23,500,000 

Leaving  in  the  Treasury,  on  the  1st  day  of  January,  1820,  a 

balance  of  way  7,650,000 

After  which  period  the  permanent  revenue,  as  before  stated, 
is  estimated  to  exceed  the  permanent  expenditure  taken  as 
the  basis  of  this  report,  by  the  annual  amount  of  -  750,000 



Making  an  excess  of  revenue  beyond  the  estimated  expend- 
iture during  the  next  four  years,  of  -  8,400,000 

Applicable  to  such  objects  of  internal  improvement  or  national  defence 
as  the  wisdom  of  Congress  may  direct, 
All  which  is  respectfully  submitted. 

WM.  H.  CRAWFORD, 

Secretary  of  the  Treasury. 
TREASURY  DEPARTMENT, 

December  16, 1816. 

!o   -A$(X*    .Jrm   •!;<*    :•'.'. 
fl£|lRi8&<8       now  T^ib.l 

VOL.  ii.— 6 

'i,i!          f  00-  ,     to  •$'x>>8>  .itfyo  isq.,>." 

.    -•  ,  oitfwapNiftiMf&i 


82 


[1816. 


A. 

STA  TEMENT  exhibiting  the  amount  of  duties  which  accrued  on  mer- 
chandise, tonnage,  passports,  and  clearances  ;  of  debentures  issued  on 
the  exportation  of  foreign  merchandise  ;  and  of  expenses  of  collection, 
during  the  year  1815. 


Merchandise. 

Ton- 
nage, &c. 

Pass- 
ports. 

Debentures 
issued. 

Gross  revenue. 

Expenses  of 
collection. 

Nett  revenue. 

838,068,890  30 

$6  18,341 

$15,932 

01,650,671  91 

$37,052,492  26 

1408,893  49 

836,643,598  77 

B. 

STATEMENT  of  the  funded  debt  of  the  United  States,  and  of  tempo- 
rary loans,  on  the  1st  of  January,  1816. 


FUNDED  DEBT. 


Exclusive  of  sums  passed  to  the  credit  of  the  sinking  fund  : 
Six  per  cent,  stock         -  $17,250,871  4J 
Three  per  cent,  stock    -     16,158,180  79 
Deferred  stock  -  -      9,358,320  34 

10,923,500  00 


Louisiana  stock 

Six  per  cent,  stock  of 

1796- 
Exchanged  six  per  cent*. 

stock  of  1812 


80,000  00 
2,984,746  72 


Six  per  cent,  stock  of 

1812,  11  million  loan      7,810,500  00 
Six  per  cent,  stock  of 

1813,  16  million  loan    18,109,377  43 
Six  per  cent,  stock  of 

1813,  7|  million  loan      8,498,581  95 
Six  per  cent,  stock  of 

1814,  25  million  loan    15,661,818  54 
Six  per  cent,  stock  of 

1815,$lS,452,8001oan    11,952,700  74 
Six  per  cent,  stock  of 
Treasury  notes,  bear- 
ing interest,  funded  at 


$56,755,619  26 


Seven  per  cent,  stock  of 
small  Treasury  notes 
funded  . 


2,481  63 


3,908,974  00 


65,944,434  29 


-$122,700.053  55 


1816.]  SECRETARY  OF  THE  TREASURY.  83 

TEMPORARY   LOANS. 

•Xifa.      l    fciMi!-:!/^- 

Due  the  State  Bank,  Boston         -  -  $500,000  00 

Cumberland  Bank,  Maine  -       50,000  00 

Banks  in  the  Dis.  of  Columbia    -     175,00000 
State  of  New  York         -  -     350,000  00 

(a)$l,075,000  00 

Nominal  amount  of  the  funded  debt  and  temporary  loans 

1st  January,  1816  -  -  $123,775,053  55 

Deduct  reimbursement  of  the  old  six  per 
cent,  and  deferred  stocks,  to  the  31st 
December,  1815,  per  Treasury  settle- 
ments (6)  $24,341,990  68 

From  this  sum  deduct  reim- 
bursement paid  on  stock 
subsequently  transferred 
to  the  sinking  fund  -  $28.748  02 

And  the  difference  between 
the  nominal  amount  of 
6  per  cent,  and  deferred 
stock  exchanged,  and  the 
amount  of  exchanged 
stock  issued  in  lieu  there- 
of 5,898,530  17 

5,927,278  19 

18,414,712  49 


Unredeemed  amount,  1st  January,  1816  (c)  $105,360,341  06 

Nominal  amount,  as  above  stated,  brought  down  $123,775,053  55 

fcJtod     ^  SINKING  FUND. 

The  following  sums  are,  in  the  Treasury  books,  passed 
to  the  credit  of  this  fund : 

Foreign  debt. 

5  per  cent,  stock  -  $8,200,000  00 
4£  per  cent.  do.  -        820,000  00 
4  per  cent.    do.  -    3,180,000  00 

$12,200,000  GO 

tj i-) 
Domestic  debt. 

6  per  cent,  stock             -  1,946,026  92 
3  per  cent.     do.              .  698,555  41 
Deferred        do.              -  1,005,179  83 
8  percent,     do.              -  6,482,500  00 
Exch'd6per  cent,  stock-  6,294,051  12 
Converted  6  per  cent.  do.  1,859,850  70 
4£  per  cent,  stock            -  176,000  00 
5j  per  cent.    do.            -  1,848,900  00 


84, 


REPORTS  OF  THE 


[1816. 


Navy  6  per  cent,  stock    -    $711,700  00 
Louisiana        do.  -       326,500  00 

6  per  cent,  stock  of  1812  -      324,200  00 


$21.673,463  98 


$33,873,463  98 

(rf)  $157,648,517  53 


NOTES. 


(a)  Amount  of  temporary  loans  unpaid,  1st  Jan.  1815  -        $600,000  00 

Received  into  the  Treasury  in  1815  : 

From  the  City  Bank  of  New  York  -        $200,000  00 

Mechanics'  do.            do.        -  200,000  00 

Manhattan  do.            do.  200,000  GO 

Mechanics'  do.            do.  75,000  00 

Bank  of  America         do.  75,000  00 

Manhattan  Bank          do.  75,000  00 

City  Bank                    do.  75,000  00 

Mechanics'  Bank         do.  200^000  00 

State  of  New  York     -  350,000  00 

Banks  in  the  Dis.  of  Columbia  -  175.000  00 

Bank  of  Virginia  450,000  00 

Farmers'  Bank  of  Virginia      -  200,000  00 


Paid  off  in  1815,  per  public  printed  accounts    - 
Amount,  as  above  stated         ,  -•:          - 


2,275,000  00 

2,875,000  00 
1,800,000  00 


-    $1,075,000  00 


(6)  This  is  the  aggregate  of  the  several  annual  settlements  predicated  on 
the  quarter-yearly  dividends,  payable  from  the  1st  January,  1796,  inclusive ; 
and,  after  making  the  deductions  herein  stated,  will,  on  the  full  payment  of 
the  old  six  per  cent,  and  deferred  stocks,  accord  with  their  present  nominal 
amount. 


(c)  Unredeemed  amount,  1st  January,  1815      - 
Additions  in  1815 : 
3  per  cent,  stock  in 

6  per  cent.   do.  1812   "-^ 

Do.  do.  1814  - 
Do.  do.  1815  - 
Do.  Treasury  notes  funded  - 

7  per  cent,  small    do.      do. 


-  $89,110,337  20 
36 


Temporary  loans 


17,341,127  02 
2,275,000  00 


.ofc, 
:ob-    , 
ina*?  t&\ 

JO  -l'*l  ft 


19,616.127  02 


1816.]  SECRETARY  OF  THE  TREASURY.  85 

Deduct  reimbursement  of  old 
six  per  cent,  and  deferred 
stocks  in  1815  -  $1,566,123  16 

And  temporary  loans  paid  off  1,800,000  00 

$3,366,123  16 

$16,250,003  86 

As  above  $105,360.341  06 

(d)  Nominal  amount,  including  sinking  fund,  1st  January, 

1815  $139,832,390  51 

Additions  in  1815,  including  temporary  loans  -    17,816,127  02 

As  above ,  -  $157,648,517  53 

TREASURY  DEPARTMENT, 

Register's  Office,  December  19,  1816. 

JOSEPH  NOURSE,  Register. 


CL 

*>••<•  .        •  ,'v<E  «ffl»?  •*  ' 

ESTIMATE  of  the  funded  debt  of  the  United  States,  and  of  the  tem- 
porary loans,  on  the  1st  of  October,  1816. 

FUNDED  DEBT. 

I         UjTT       t,  4 

Exclusive  of  sums  passed  to  the  credit  of  the  sinking  fund: 
Six  per  cent,  stock       -  $17,250,871  41 

Three  per  cent,  stock  -  16,158,180  79 

Deferred  stock  -    9,358,32034 

Louisiana  stock  -  10,923,500  00 

Six  per  cent,  stock  of  1796  '  80,000  00 

Exchanged  six  per  cent,  stock  of  1812  .  2,984,746  72 

$56.755,619  26 

Six  per  cent,  stock  of  1812,  11  million 

loan  -     7,810,500  00 

Six  per  cent,  stock  of  1813,  16  million 

loan  .  18,109,377  43 

Six  per  cent,  stock  of  1813,  7£  million 

loan  .    8,498,581  95 

Six  per  cent,  stock  of  1814,  25  and  3 

million  loan  -  15,954,619  85 

Six  percent,  stock  of  1815,  $18,452.800 

loan  .  12,288,149  64 

Six  per  cent,  stock,  Treasury  notes,  per 

25th  February,  1815,  funded  60,727  41 

Seven  per  cent,  stock,  small  Treasury 

notes,  funded  -    8,479,595  00 


127,957,170  54 


S6  REPORTS  OF  THE  [1816. 

TEMPORARY  LOANS. 

Due  Cumberland  Bank,  Maine      -      . .-»-.- ,,.         -  $50,00000 


Nominal  amount  of  funded  debt  and  temporary  loans,  1st 
October,  1816  -  128,007,170  54 

Deduct  reimbursement  of  the  old  six  per 
cent,  and  deferred  stocks,  to  the" 31st  De- 
cember, 1815,  per  Treasury  settlements  $24,341,990  68 

To  the  1st  October,  1816,  estimated  at      -        846,639  76 

25,188,630  44 
Deduct,  as  per  last  annual  statement         -    5,927,278  19 

19,261,352  25 


Unredeemed  amount,  1st  October,  1816    -          •"-'     (a)  $108,745,818  29 
Nominal  amount,  as  above  stated,  brought  down    -  $128,007,170  54 

SINKING  FUND. 

The  following  sums  are,  in  the  Treasury  books,  passed 
to  the  credit  of  this  fund : 

Foreign  debt. 

5  per  cent,  stock   -  -  $8,200,000  00 
4£  per  cent,  stock  -       820,000  00 
4  per  cent,  stock   -  -    3,180,000  00 

•^—$12,200,000  00 

Domestic  debt. 

6  per  cent,  stock   -            -  1,946.026  92 
3  per  cent,  stock   -            -  698^555  41 
Deferred  stock      -            -  1,005,179  83 
8  per  cent,  stock   -            -  6,482,500  00 
Exchanged  6  per  cent,  stock  6,294,051  12 
Converted  6  per  cent,  stock  1,859,850  70 
4£  per  cent,  stock  176,000  00 
5t  per  cent,  stock              -  1,848,900  00 
Navy  6  per  cent,  stock      -  711,700  00 
Louisiana  6  per  cent,  stock  326,500  00 
6  per  cent,  stock  of  1812  -  324,200  00 

21,673,463  98 

_ 33.873,463  98 

(6)  $161,880,634  52 


1816.]  SECRETARY  OF  THE  TREASURY.  87 

NOTES. 

(a)  Unredeemed  amount  1st  of  January,  1816     -  -  $105,360,341  06 

Additions  to  1st  of  October,  1816  : 
Six  per  cent,  stock  of  1814  '-     $292,801  31 

Six  per  cent,  stock  of  1815  '  -\      335,448  90 

Treasury  note  six  per  cent,  stock  58,245  78 

Treasury  note  seven  per  cent,  stock        -     4,570,621  00 

5,257,116  99 

110,617,458  05 

Deduct  temporary  loans  paid  off  -     1,025,000  00 

And  reimbursement  of  the  old  six  per 
cent,  and  deferred  stocks        --  ?         -        846,639  76 

1,871,639  76 


Unredeemed  amount,  as  above  -  -  $108,745,818  29 

(b)  Nominal  amount,  including  sinking  fund,  1st  of  Jan- 
uary, 1816  -  -  -  $157,648,517  53 
Additions  in  1816          ,-        «.«..       iV-  r,        -  -        5,257,116  99 


162,905,634  52 

Deduct  temporary  loans  paid  : 

To  the  State  Bank,  Boston     -  -      $500,000  00 

Banks  in  the  District  of  Columbia     *-•        175,00000 
The  State  of  New  York  -        350.000  00 

1^025,000  00 


Nominal  amount,  as  above       '  -   '  -  $161,880,634  52 

TREASURY  DEPARTMENT, 

Registers  Office,  December  19,  1816. 

JOSEPH  NOURSB,  Register. 


•'  oiiJ  o 

'""•..:•  .iijkv'^lo  £-!9t3.CI> 

,j," 


88  REPORTS  OF  THE  [1817. 

°^ 


REPORT  ON  THE  FINANCES. 

DECEMBER,  1817. 


In  obedience  to  the  directions  of  the  "Act  supplementary  to  'An  act  to 
establish  the  Treasury  Department,'  "  the  Secretary  of  the  Treasury  re- 
spectfully submits  the  following  report  and  estimates. 

•    '  .  Y"  -.      "     Vjl"'    '-•'.'•  i  •!•. 

REVENUE. 

The  nett  revenue  arising  from  duties  upon  imports  and  tonnage,  internal 
duties,  direct  tax,  public  lands,  postage,  and  incidental  receipts,  during  the 
year  1815,  amounted  to  -  -  $49,552,852  02 

Viz: 

Customs  ...  $36,303,231  77 

Internal  duties     -  -     5,963,225  88 

Direct  tax  -     5^723,152  25 

Public  lands,  exclusive  of  those  in  the  State 
of  Mississippi  and  the  Alabama  Terri- 
tory    -  -•    1,287,959  28 
Postage,  and  incidental  receipts    -  275,282  84 

And  that  which  accrued  from  the  same  sources,  during  the  year  1816, 
amounted  to  -  $36,743,574  07 

Yiz: 

Customs  (see  statement  A)  $27,569,769  71 

Internal  duties  (see  statement  B)  -    .         -     4,396,133  25 
Direct  tax  (see  statement  C)  -     2,785.343  20 

Public  lands,  exclusive  of  those  in  the  State 
of  Mississippi  and  the  Alabama  Terri- 
tory (see  statement  D)  -     1.754,487  38 
Postage,  and  incidental  receipts    -  237,840  53 

It  is  ascertained  that  the  gross  amount  of  duties  on  merchandise  and  ton- 
nage, which  have  accrued  during  the  first  three  quarters  of  the  present 
year,  exceed  $17,000,000  j  and  that  the  revenue  arising  from  internal  du- 
ties and  from  the  public  lands,  during  the  same  period,  exceeds  that  of  the 
corresponding  quarters  of  the  year  1816. 

The  balance  in  the  Treasury,  on  the  1st  day  of  January,  1817,  exclu- 
sive of  $10,665,287  89  in  Treasury  notes  of  every  description,  amounted 
to  .  $11,295,592  86 

The  payments  into  the  Treasury,  during 

the  first  three  quarters  of  the  year,  are 

estimated  to  amount  to  $27,095,984  14 


1817.] 


SECRETARY  OF  THE  TREASURY. 


89 


Viz: 

Customs  -  $21,732,068  22 

Internal  revenue  and  di- 
rect tax  -  3,480,173  43 

Public  lands,  exclusive  of 
those  in  the  State  of 
Mississippi  and  the 
Alabama  Territory  -  1,326,077  44 

Postage,  and  incidental 
receipts  26,913  93 

Repayments  into  the 
Treasury  -  -  530,751  13 

And  the  payments  into  the  Treasury 
during  the  fourth  quarter,  from  the  same 
sources,  are  estimated  at 


$5,980,000 


Making  the  total  amount  estimated  to  be  received  into  the 


Treasury,  during  the  year  1817,  amount  to 


-  $33,075,984  14 


Which  added  to  the  sum  in  the  Treasury  on  the  1st  day  of 
January  last,  makes  the  aggregate  amount  of    -  -    44,371,57700 

The  application  of  this  sum  for  the  year  1817,  is  esti- 
mated as  follows,  viz : 
To  the  30th  September  the  payments  have 
amounted  to    -  -  $32,710,002  88 

Viz: 

Civil,  diplomatic,  and  mis- 
cellanous  expenses,  ex- 
clusive of  $375,000 
paid  to  the  State  of 
Georgia  from  the  pro- 


ceeds of  the  Mississippi 


lands  - 

Military  service,  including 
arrearages 

Naval  service    --/. 

Public  debt,  exclusive  of 
$3,592,927  60,  of  Trea- 
sury notes,  which  have 
been  cancelled  in  due 
course  of  settlement  - 


-  $2,798,248  75 


7,105,816  90 
2,044,474  25 


" 


During  the  fourth  quarter  it  is  estimated 
that  the  payments  will  amount  to 
Viz: 

Civil,  diplomatic,  andmis- 
cellaneous  expenses    -  $600,000 

Military  service  -  1,110,000 

Naval  service      -  1.300,000 

Public  debt  to  1st  January, 

1818,  inclusive  2,650,000 

Making  the  aggregate  amount  oT~         - 


5.660,000  00 


38,370,002  88 


. 
90  REPORTS  OF  THE  [1817. 

And  leaving  on  that  day,  exclusive  of  $8,682,697  70  in 
Treasury  notes,,  which  are  in  a  train  of  settlement  in 
order  to  be  cancelled,  a  balance  in  the  Tresury  of  - 


OF  THE  PUBLIC  DEBT. 

The  funded  debt  contracted  before  the  year  1812,  which 
was  unredeemed  on  the  1st  day  of  October,  1816,  as  ap- 
pears by  statement  No.  1,  amounted  to  $37,494,267  01 

By  the  same  statement  it  appears  that  the 
funded  debt  contracted  subsequent  to 
the  1st  day  of  January,  1812,  amounted 
to  -  -  71,201,551  28 

Making  together  the  sum  of  -  108,695,818  29 

To  which  must  be  added  the  temporary 

loan  from  the  Cumberland  Bank,  of    -  60,000  00 

Making  the  aggregate  amount  of  $108,745,818  29 

On  the  1st  day  of  January,  1817,  there  was 

added  to  the  above  amount,  including 

$7,000,000  of  five  per  cent,  stock  sub- 

scribed to  the  bank,  and  including  also 

a  temporary  loan  from  the  bank,  of 

$500,000,  the  sum  of  -  -     $7,877,47161 

From  which  deduct  the  amount  of  the  old 

six  per  cent,  and  deferred  stocks  reim- 

bursed between  the  1st  day  of  October 

and  the  1st  day  of  January,  1817,  inclu- 

sive, amounting  to       -  815,48442 

Leaving  the  sum  of  7,061  ,987  19 

Making  the  public  debt  which  was  unredeemed  on  the  1st 
day  of  January,  1817,  as  appears  by  statement  No.  2, 
amount  to  -  115,807,805  48 

From  the  1st  day  of  January  to  the  30th  day  of  Septem- 
ber, 1817,  inclusive,  there  was,  by  funding  Treasury 
notes,  added  to  the  public  debt,  as  appears  by  statement 
No.  6,  the  amount  of  -  -  1,097,31543 

Making  on  that  day,  as  appears  by  statement  No.  4,  the 

aggregate  amount  of  -  -116,905,12091 

During  the  same  period  there  was  purchased  and  redeemed 
of  the  public  debt,  including  $550,000  of  temporary 
loans,  the  sum  of  *  -  \'-^ 


Which  deducted  from  the  amount  of  the  public  debt  last 
stated,  leaves  unredeemed  on  the  1st  day  of  October,  1817, 
as  per  statement  No.  3,  the  amount  of  -  -  -  99,911,84541 


1817.]  SECRETARY  OF  THE  TREASURY.  91 

Since  the  30th  September  there  has  been 
purchased  or  redeemed,  of  the  principal 
of  the  public  debt,  as  appears  by  state- 
ment No.  5,  the  amount  of  '  -  -  $333,235  16 

And  there  will  be  reimbursed  of  the  prin- 
cipal of  the  old  6  per  cent,  and  deferred 
stock,  to  the  1st  day  of  January,  1818, 
inclusive,  the  amount  of  709,513  70 

Making  together  -     $1,042.748  '86 

Which  being  deducted  from  the  aggregate  amount  of  the 
public  debt  on  the  1st  October,  there  will  remain  unre- 
deemed, on  the  1st  January,  1818,  the  sum  of  -  98,869,096  55 

By  the  same  statement  No.  5,  it  appears  that  the  principal  of 
the  public  debt,  purchased  and  redeemed  during  the  year 
1817,  including  $550,000  of  temporary  loans,  amounts  to  $18,036,023  72 
In  this  sum  is  included  all  the  funded  debt  held  by  the  Bank  of  the  Uni- 
ted States. 

The  old  six  per  cent,  stock  will  be  redeemed  in  the  course  of  the  year 
1818.  The  first  instalment  of  the  Louisiana  debt  falls  due  on  the  21st  day 
of  October  of  that  year.  According  to  the  terms  of  the  convention,  this 
debt  is  to  be  discharged  by  annual  instalments,  of  not  less  than  three  millions 
each.  It  is  therefore  presumed,  that,  consistently  with  the  letter  of  the  con- 
vention, the  whole  debt  cannot  be  discharged  in  one  payment.  But  for  this 
obstacle,  in  the  present  state  of  the  Treasury,  and  under  the  existing  pro- 
visions of  the  sinking  fund,  the  whole  amount  of  the  stock  might  be 
redeemed  on  the  21st  day  of  October  next.  It  is  believed  that  neither  the 
letter  nor  spirit  of  the  convention  forbids  the  redemption  of  that  stock,  in 
two  annual  instalments,  by  which  the  whole  debt  will  be  redeemed  on  the 
21st  day  of  October,  1819. 

After  the  redemption  of  the  Louisiana  stock,  there  is  no  part  of  the  prin- 
cipal of  the  public  debt  redeemable  at  the  will  of  the  Government  until 
the  1st  day  of  January,  1825,  except  the  5  per  cent,  stock,  subscribed  to  the 
Bank  of  the  United  States.  As  the  commissioners  of  the  sinking  fund 
are  not  authorized  to  redeem  the  5  per  cent,  stock,,  the  permanent  annual 
appropriation  of  10,000,000  of  dollars,  from  the  year  1819  to  1825,  under 
the  existing  laws,  can  only  be  applied  to  the  payment  of  the  interest  of  the 
public  debt,  and  to  the  gradual  reimbursement  of  the  principal  of  the  6  per 
cent,  deferred  stock,  and  will  leave  during  that  period  an  annual  surplus  of 
nearly  five  millions  of  dollars. 

During  the  year  1825,  the  exchanged  six  per  cent,  stock,  the  six  per  cent, 
stock  of  1812,  and  the  stock  created  by  funding  Treasury  notes,  amounting 
together  to  $18,895,456  23,  will  be  redeemable.  To  the  redemption  of 
the  whole  of  this  stock  within  that  year,  the  sinking  fund,  by  the  aid  of  its 
surpluses,  will  not  only  be  entirely  adequate,  but  will  be  amply  sufficient  to 
redeem  the  remainder  of  the  public  debt,  at  the  several  periods  at  which  the 
different  stocks  of  which  it  is  composed  become  redeemable.  The  whole 
debt,  including  the  5  per  cent,  stock,  will  be  extinguished  during  the  year 
1830 ;  except  the  3  per  cent,  stock,  which  is  not  redeemable  at  the  will  of 
the  Government. 


92  REPORTS  OF  THE  [1817. 

It  is  not  presumed  that  taxes  will  be  imposed  and  collected,  for  the 
express  purpose  of  purchasing  the  funded  debt  above  its  nominal  value.  It 
is,  however,  believed  to  be  unsafe  to  reduce  the  revenue  below  the  perma- 
nent annual  expenditure,  as  now  authorized  by  law,  including  the  appropria- 
tion constituting  the  sinking  fund.  A  reduction  below  that  amount  would 
postpone  the  redemption  of  the  public  debt  beyond  the  periods  when  the 
several  loans  of  which  it^s  composed  become  redeemable,  or  impose  upon 
the  Legislature  the  duty  of  resorting  to  them  anew  for  that  object. 

If,  then,  the  revenue  shall,  until  the  year  1825,  be  equal  to  the  present 
annual  expenditure,  it  is  respectfully  suggested  whether  the  public  interest 
will  not  be  promoted  by  authorizing  the  commissioners  of  the  sinking 
fund  to  purchase  the  funded  debt,  at  such  rates  above  par,  as  in  their  judg- 
ment will  be  for  the  interest  of  the  nation,  rather  than  to  suffer  the  annual 
surplus  of  the  sinking  fund  to  remain  in  the  Treasury  unapplied  for  five 
successive  years.  Should  such  an  authority  be  given  to  the  commissioners 
of  the  sinking  fund,  it  is  probable  that  the  different  species  of  stock  would 
advance  in  price  above  their  present  current  value;  but  as  the  authority 
would  be  permissive,  not  imposing  the  obligation  to  purchase,  it  is  probable 
that  the  surplus  of  the  sinking  fund  might  be  more  beneficially  employed 
in  purchasing  the  public  debt,  than  by  remaining  idle  in  the  Treasury  until 
the  year  1825.  If  that  surplus  could  be  annually  invested,  early  in  each 
year,  at  the  present  prices  of  the  different  species  of  stock,  it  would  produce 
a  saving  to  the  nation  of  not  less  than  four  millions  of  dollars,  between  the 
1st  days  of  January  1820  and  1825.  The  interest  which  will  accrue  on 
the  5  per  cent,  stock,  between  the  1st  days  of  January  1820  and  1825,  when 
it  is  estimated  the  whole  redeemable  debt  will  be  discharged,  will  amount  to 
$3,500,000.  If,  therefore,  it  is  intended  to  redeem  that  stock,  the  surplus  in 
the  sinking  fund  may  be  legitimately  applied  to  that  object  during  the  years 
1820  and  1821. 

By  statement  No.  8,  it  appears  that;  the  Treasury  notes 
which  have  issued  under  the  several  acts  of  Congress  on 
that  subject  have  amounted  to  -  $36,133,794  00 

Of  which  there  has  been  cancelled  at  the 
Treasury  .  $26.574,431 

There  is  now  in  the  Treasury,  which 
will  be  cancelled  when  settled,exclusive  of 
$422,519  77,  the  estimated  interest  upon 
them,  the  amount  of  83623,400 

Making  together  the  sum  of    -  ::  ^.    35,497,831  00 

Leaving  outstanding  an  estimated  balance  of  635,963  00 

As  the  outstanding  Treasury  notes  are  convertible  into  funded  debt, 
which  is  considerably  above  par,  it  is  presumed  that  such  portion  of  them  as 
are  not  lost  or  destroyed  will  be  funded,  instead  of  being  paid  into  the  Trea- 
sury in  discharge  of  duties  and  taxes.  It  is  therefore  probable  that  an  addi- 
tion to  the  public  debt  will  be  made  during  the  year  1818,  nearly  equal  to 
the  Treasury  notes  estimated  to  be  outstanding. 

Statement  E  presents  the  state  of  the  land  offices  in  the  State  of  Missis- 


1817.]  SECRETARY  OF  THE  TREASURY.  93 

sippi  and  in  the  Alabama  Territory;  from  which  it  appears  that  the  receipts 
into  the  Treasury  have  amounted  to  §1,124,100  81,  of  which  $431,120 
were  in  Mississippi  stock. 

From  the  proceeds  of  the  sales  of  these  lands,  there  has  been  paid  to  the 
State  of  Georgia  the  sum  of  $688,441  33,  and  there  has  been  transferred 
to  the  State  by  the  commissioners  of  the  United  States,  under  the  act  com- 
promising the  Yazoo  claims,  that  part  of  the  original  purchase  money  re- 
maining in  the  State  Treasury,  amounting  to  $184,515  94;  making  together 
the  sum  of  $872,957  27,  and  leaving  still  due  to  the  State  the  sum  of 
$377,§42  73.  which  is  now  ready  to  be  paid  under  the  provisions  of  the  act 
of  the  3d  of  March  last. 

By  statement  No.  7,  it  appears  that  the  Mississippi  stock,  awarded  by  the 
commissioners,  amounts  to  -  $4,278,434  00 

From  which  deduct  the  amount  received  into  the  Trea- 
sury 431,120  00 

Leaves  outstanding  the  sum  of  $3,847,314  00 

Which  it  is  estimated  will  be  received  into  the  Treasury  during  the  two 
succeeding  years,  in  payment  of  the  public  lands  in  the  State  of  Mississippi 
and  in  the  Alabama  Territory,  or  will  be  discharged  by  payments  from  the 
Treasury  out  of  the  proceeds  of  the  sales  of  those  lands. 

OF    THE  ESTIMATES  OF  THE    PUBLIC  REVENUE    AND  EXPENDITURES  FOR 

THE  YEAR   1818. 

The  importation  of  foreign  merchandise  during  the  years  1815  and  1816 
so  greatly  exceeded  what  was  presumed  to  be  equal  to  the  annual  average 
consumption,  that  a  general  impression  was  produced  that  the  importations 
during  the  present  year  would  fall  greatly  below  that  demand.  Under  this 
impression,  the  revenue  accruing  from  that  source,  for  the  year  1817,  was,  in 
the  annual  report  of  the  Treasury,  of  the  16th  of  December,  1816,  estimated 
at  12.900.000  of  dollars.  But  it  is  ascertained  that  the  gross  revenue  aris- 
ing from  that  source,  during  the  first  three  quarters  of  the  year,  have  ex- 
ceeded 17,000,000  of  dollars,  and  it  is  estimated  that  that  of  the  whole  year 
will  exceed  $22,000,000. 

It  is  presumed  that  the  importations  from  the  East  Indies,  during  the  pre- 
sent year,  greatly  exceed  those  which  will  take  place  during  several  conse- 
cutive years;  and  that  the  reaction  produced  by  the  excessive  importations 
of  1815  and  1816  has,  in  some  degree,  been  diminished  by  that  circumstance. 
There  is,  however,  just  ground  to  believe  that  the  revenue  derived  from  this 
source  will  not,  for  any  given  series  of  years,  fall  below  that  of  the  present 
year.  Considering  that  this  revenue,  during  the  year  1807,  (the  last  year 
that  our  commerce  was  not  greatly  embarrassed  by  belligerant  aggression,) 
exceeded  16.000,000  of  dollars ;  that  the  duties  then  imposed  are  consid- 
erably augmented  by  the  present  tariff;  and  that  our  population  has  increased 
more  than  30  per  cent.,  carrying  with  it,  in  the  same  degree,  an  increase  of 
the  means  of  procuring  foreign  articles,  with  an  nndiminished  relish  for 
their  consumption ;  it  is  presumed  that  the  revenue  from  that  source,  during 
the  present  year,  will  be  found  to  be  less  than  that  of  any  number  of  succes- 
sive vears. 


94 


REPORTS  OF  THE 


[1817. 


According  to  these  views,  the  permanent  annual  revenue  may  be  estimated 

to  amount  to            .....  $24,525,000  00 

Viz. 

Customs  -            -                                    '-  $20,000,000 

Internal  duties     -                                     -  2,500.000 
Public  lands,  exclusive,  of  the  Mississippi 

'  and  Alabama  lands       -  -                       -  1;500,000 

Bank  dividends,  at  7  per  cent.      -  490,000 

Postage,  and  incidental  receipts    -  35,000 


And  the  payments  into  the  Treasury,  during  the  year 
1818,  may  be  estimated  at  the  same  amount. 

To  which  add  the  balance  estimated  to  be  in  the  Trea- 
sury on  the  1st  day  of  January,  1818  - 


6,000,000  00 


Making  together  the  sum  of  -    $30,525,000  00 

The  probable  authorized  demands  upon  the  Treasury, 
during  the  year  1818,  are  estimated  to  amount  to  -      21.946.351  74 

Viz. 
Civil,  miscellaneous,  diplomatic,  and  for- 

eign intercourse  -  -  $2,069,843  29 

Military  service,   including  an    arrearage 

of  $500,000      -  -     6,265,13225 

Naval  service,  including  $1,000,000  for  the 

gradual  increase  of  the  navy    -  -     3,611,376  20 

Public  debt          -  -  -     10,000,000  00 


Which  being  deducted  from  the  amount  estimated  to  be  received  into  the 
Treasury,  including  the  balance  on  the  1st  of  January,  1818,  leaves,  on  the 
1st  of  January,  1819,  a  balance  in  the  Treasury  of  $8,578,648  26J;  which 
however,  will  be  applied  to  the  redemption  of  the  Louisiana  stock,  under 
the  provisions  of  the  act  for  the  redemption  of  the  public  debt,  passed  the  3d 
day  of  March,  181 7,  as  far  as  those  provisions  will  admit. 
All  which  is  respectfully  submitted. 

WILLIAM  H.  CRAWFORD. 
TREASURY  DEPARTMENT,  December  5, 1817. 


SECRETARY  OF  THE  TREASURY. 


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96                                     REPORTS  OF  THE  [1817. 

B. 

STATEMENT  of  the  accruing  internal  duties,  during  the  year  1816, 
with  the  computed  expenses  of  collection. 

Amount  of  accruing  duties  $4,633,799  00 

Computed  expenses  of  collection  237,665  75 

Nett  revenue     ....            -            -           -  $4.396,13325 


C. 
STATEMENT  respecting  the  direct  tax,  imposed  March  5,  1816. 

Amount  of  the  tax  imposed  on  the  respective  States  $3,000.000  00 

Add  amount  of  direct  tax  imposed  on  the  District  of  Co- 
lumbia -  -  9,999  20 


3,009,999  20 
Computed  expenses  of  collection,  with  the  deductions 

made  to  assuming  States  for  the  prompt  payment  of  their 

quotas,  viz : 

On  $781,133  73  assumed  by  the  States  of  New  York, 
South  Carolina,  Georgia,  and  Ohio,  on  which  a  deduc- 
tion of  fifteen  per  cent,  was  allowed  -  $117,110  05 

On  $2,228,865  47  collected,  or  to  be  col- 
lected, by  the  collectors   -  -    107,545  95 

! 224,656  00 


Nett  revenue      -  -  $2,785,343  20 

REVENUE  OFFICE,  December  1,  1817. 

SAMUEL  H.  SMITH, 
Commissioner  of  the  Revenue. 


1817.] 


SECRETARY  OF  THE  TREASURY. 


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100  REPORTS  OF  THE  [1817. 

No.  1. 

STATEMENT  of  the  public  debt  of  the  United  States,  on  the  1st  of 

October,  1816. 

Six  per  cent,  stock      -  •  $17,250,871  41 

Three  per  cent,  stock                           -  16,158,180  79 

Deferred  stock                                      -  9,358,320  34 

Louisiana  stock                                 ,    -  10,923,500  00 

Six  per  cent,  stock  of  1796      -  80,000  00 

Exchanged  6  per  cent,  stock  of  1812  2,984,746  72 

-—      $56,755,619  26 

Six  per  cent,  stock  of  1812,  11,000,000 

loan                                                  -  7,810,500  00 
Six  per  cent,  stock  of  1813,  16,000,000 

loan                                                  -  18,109,377  43 
Six  per  cent,  stock  of  1813,  7,500,000 

loan                                                  -  8,498,581  95 
Six  per  cent,  stock  of  1814,  25  and  3 

million  loan                                      -  15,954,619  85 
Six  per  cent,  stock  of  1815, 18,452.800 

loan                                                  -  12.288,149  64 
Six  per  cent,  stock  Treasury  notes,  per 

act  of  25th  February,  1815,  funded  ,  60,727  41^ 
Seven  per  cent,  stock,  small  Treasury 

notes,  funded                                   -  8,479,595  00 

, 71,201,551  28 


$127,957,170  54 
Loan  due  Cumberland  Bank,  Maine  ,  -  50,000  00 


Nominal  amount  of  public  debt,  1st  October,  1816        -    $128,007,170  54 
Deduct  reimbursement  of  the  old  6  per  cent,  and  de- 
ferred stocks,  by  estimate    —  19,261,35225 

Unredeemed, amount,  1st  October,  1816  -    $108,745,818  29 

TREASURY  DEPARTMENT, 

Register's  Office,  December  19,  1816. 

JOSEPH  NOURSE,  Register. 

No.  2. 

STATEMENT  of  the  funded  debt  of  the  United  States,  and  of  tempo 
rary  loans,  on  the  1st  January,  1817. 

FUNDED   DEBT/ 

Old  six  per  cent,  stock        -           -  $17,250,871  41 

Deferred  six  per  cent,  stock  9.358,320  34 

Three  per  cent,  stock                    ..  ^  16',158,180  79 

Louisiana  stock       -  10,923,500  00 

Six  per  cent,  stock  of  1796  -  80,000  00 

Exchanged  six  per  cent,  stock  of  1812  2,984,746  72 

$56,755,619  26 


1817.]  SECRETARY  OF  THE  TREASURY.  101 

Six  per  cent.,  stock  of  1812,  11  million 

loan    -  -  $7,810,500  00 

Six  per  cent,  stock  of  1813,  16  million 
loan    -  -   18,109,377  43 

Six  per  cent,  stock  of  1813,  1\  million    ' 

loan    -  -     8,498,581  95 

Six  per  cent,  stock  of  1814, 25  and  3  mil-- 
lion loan  -  -  15,954,619  85 

Six  per  cent,  stock  of  1815,  $18,452,800 
loan    -  -   12,288,149  64 

Six  per  cent.  Treasury  note  stock         •  -          60,834  02 

Seven  per  cent,  stock      -   "  -     8,856,960  00 

Five  per  cent,  stock  -         r^'  7,000,000  00 

_ '  $78,579,022  89 

TEMPORARY    LOANS. 

Due  Cumberland  Bank,  Maine  -  -        $50,000  00 

The  Bank  of  the  United  States--  "  500,00000 

556,000  00 


Nominal  amount  of  the  debt  and  temporary  loans,  1st  of 

January,  1817  -  135,884,642  15 

Deduct  amount  reimbursed  in  the  payment  of  8  per  cent. 
per  annum  on  the  old  6  per  cent,  and  deferred  stocks  -  20,076,836  67 


Unredeemed  amount  of  funded  debt  and  temporary  loans, 

on  the  Ist'of  January,  1817    -  -•?"         -  $115,807,805  48 

-  fc    .  ,  ._  ... 

TREASURY  DEPARTMENT, 

Register's  Office,  November  28,  1 817. 

JOSEPH  NOURSE,  Register. 


No.  3. 

ESTIMATE  of  the  funded  debt  of  the  United  States,  on  the  1st  of  Oc- 
tober, 1817. 

Old  six  per  cent,  stock,  nominal  amount  $16,311,935  76 
Deferred  stock,  nominal  amount  -  -  8,892,815  82 

25,204,751  58 

Deduct  amount  reimbursed  in  the  payment 
of  8  per  cent,  per  annum  -   19,870,745  49 

5,334,006  09 

Three  per  cent,  stock       -  -  -   13,465,088  29 

Louisiana  stock    -  -   10,291,700  00 

Six  per  cent,  stock  of  1796  80,000  00 

Exchanged  six  per  cent,  stock  of  1812     -  .  2.669,108  99 

$31,839,903  37 

Six  per  ct.  stock  of  1 812,  $11,000,000  loan  6,206,502  12 
Six  per  ct.  stock  of  1813,  16,000,000  loan  15,746,676  87 
Six  per  ct.  stock  of  1813,  7,500,000  loan  6,836,232  39 


102  REPORTS  OF  THE 

Six  per  cent,  stock  of  1814,  25  and  3  mil- 
lion loan  -  $12,787,060  13 

Six  per  ct.  stock  of  1815,  $18,452,800  loan  9,506.625  .41 

Six  per  cent.  Treasury  note  stock,  25  mil- 
lion loan  -  1,033,961  03 

Seven  per  cent,  stock                                  -  8,955,884  09 

Five  per  cent,  stock                                   -  7.000,000  00 


$68,071,942  04 


Estimated  amount  unredeemed  1st  of  October,,  1817          -  $99,911,845  41 

TREASURY  DEPARTMENT, 

Register's  Office,  November  28,  1817. 

JOSEPH  NOURSE,  Register. 


No.  4. 

COMPARATIVE  STATEMENT  of  the  funded  debt  of  the  United 
States,  between  the  1st  of  October,  1816,  .and  1st  of  October,  1817. 

1.  Amount  of  the  public  debt,  as  stated  on  the  1st  of  October,  1816,  and 
referred  to  in  statement  C,  accompanying  the  report  of  the  Secretary  of  the 
Treasury  to  the  House  of  Representatives  of  the  United  States,  dated  De- 
cember 16,  1816  '  -  $108,745,818  29 

To  which  add  : 

The  five  per  cent,  stock  loan  of  -  -  .$7,000,000  00 

Treasury  note  stock,  issued  in  4th  quar- 
ter of  1816      -  $106  61 
Seven  per  cent,  stock,  is- 
sued in  4th  qr.  of  1816        377,305  OO 


Temporary  loan  obtained  from  the  Bank 
of  the  United  States     -  -     •' 


377,471  61 
500,000  00 


7,877,471  61 


Deduct  estimated  amount  of  reimbursement  of  six  per 
cent,  and  deferred  stocks  in  the  4th  quarter  of  1816     - 

2.  Unredeemed  amount  of  funded  debt  and  temporary 
loans,  1st  of  January,  1817 

Additions  from  1st  January,  1817,  to  1st  October,  1817  : 
Seven  per  cent,  stock  -  $98,930  00 

Six  per  cent.  Treasury  note  stock  -  998,385  43 


116,623,289  90 

815,484  42 

115,807,805  48 


Deduct  reimbursement  of  old  six  per  cent,  and  deferred 
stocks,  from  the  1st  of  January  to  the  30th  of  Septem- 
ber, 1817  -  $894,484  64 

Deduct  amount  of  these- 
veral  species  of  stock 
purchased  per  state- 
ment -  $14,606,208  38 


116,905,120  91 


1817.]  SECRETARY  OF  THE  TREASURY.  103 

And  difference  between 
nominal  amount  of  three 
per  cent,  stock,  and  at  65 
percent.^'"  -  $942,58248 

$15,548,790  86 

Temporary  loans  paid  off 
to  the  Bank  of  the  United 
States  -     500,000  GO 

Cumberland  Bank,  Maine      50,000  00 

550,000  00 

$16.993,27550 


3.  Unredeemed  amount,  1st  October,  1817  -  $99,911,845 


TREASURY  DEPARTMENT, 

Register's  Office,  November  28,  1817. 

JOSEPH  NOURSE,  Register 


No.  5. 

A  STA  TEMENT  of  the  stock  purchased  and  redeemed  between  the 
\st  January,  1817,  and  the  3Qth  September  following. 

Amount  of  stock  redeemed,  as  per  statement  A,  herewith  : 
the  three  per  cent,  at  65  -  -  $14,606,208  38 

Amount  of  stock  redeemed,  including  the  three  per  cent 
at  nominal  -  $15,548,790  86 

Estimated  reimbursement  of  the  old  simper  cent,  and  de- 
ferred stocks,  in  the  first  three  quarters  of  1817       -  894,48400 

Temporary  loans  paid  off  to  the  Cum- 
berland Bank  -       $50,00000' 

Temporary  loans  paid  off  to  the  Bank  of 
the  United  States  ••  --"        *>i     500,00000 

_  --          550,000  00 


Amount  from  1st  January.  1817,  to  30th  Sept.  following,  $16,993,274  86 

Add  to  the  end  of  the  4th  quarter  of  1817, 
for  reimbursement  of  old  six  per  cent,  and 
deferred  stocks,  per  estimate  -  $709,513  70 

Purchases  of  stock  since  the  1st  October, 
as  per  statement  herewith  -  -  -'  333,235  16- 

1,042,748  86 

$18,036,023  72 


TREASURY  DEPARTMENT, 

Register's  Office,  November  28,  1817. 

JOSEPH  NOURSE,  Register. 


104  REPORTS  OF  THE  [1817. 

No.  6. 

A  STATEMENT  showing  the  additions  made  to  the  debt  by  the  fund- 
ing of  Treasury  notes,  between  the  1st  January,  1817,  and  the  1st 
October  following. 

Seven  per  cent,  stock   -  $98,930  00 

Treasury  note  stock     -  998,385  43 

$1,097,315  43 
TREASURY  DEPARTMENT, 

Register's  Office,  28(h  November,  1817. 

JOSEPH  NOURSE,  Register. 


No.  7. 

The  Register  begs  leave  to  present  the  following  statement  in  relation  to 
the  Mississippi  stock  certificates,  subject  to  a  correction  on  a  comparison 
with  the  commissioners  of  the  Yazoo  claims. 

Amount  of  awards  to  the  Upper  Mississippi  Company      -        $350,000  00 
Tennessee  Company    ,-  531,428  05 

Georgia  Mississippi  Company  -       1,409,054  96 
Georgia  Company  1,887,029  75 

Persons  claiming  under  citizens' 

rights  100,922  15 

$4,278,434  91 
Amount  of  certificates  issued  from  the  Treasury  -  -       4,249,114  02 

Remain  to  be  issued,  subject  to  correction  -  (a)   $29,320  89 

(a)  Excepting  a  claim  of  the  State  of  Georgia  for  about  $100,000,  as 
stated  by  the  Secretary  of  the  late  Board  of  Commissioners. 

TREASURY  DEPARTMENT, 

Register's  Office,  1st  December,  1817. 

JOSEPH  NOURSE,  Register. 
Hon.  W.  H.  CRAWFORD,  Secretary  of  the  Treasury. 


'No.  8. 

A  STA  TEMENT  of  the  several  denominations  of  Treasury  notes  is- 
sued, showing  the  amount  outstanding  on  the  30^/i  September,  1817. 

Treasury  notes  were  issued  under  the  act  of  Congress  of 
30th  June,  1812,  to  the  amount  of       --         -  -    $5,000,00000 

25th  February,  1813    -  ...^        -       5,000,00000 

4th  March,  1814  -  .-iv      ^-.10,000,00000 

26th  December,  1814    -  -  -  -       8,318,400  00 

24th  February,  1815,  of  $100  notes      -       $4,422,400 
Small  Treasury  notes   3,392.994 

: 7,815,394  00 


Total  amount  issued  -  $36,133,794  00 


1817.] 


SECRETARY  OF  THE  TREASURY. 


Of  the  above,  there  have  been  cancelled 


at  the  Treasury 
Small  Treasury  notes  in  the  several  banks, 

viz: 

New  Hampshire     '  -  $179  00 

South  Boston  3,472  00 

Manhattan    -  3,554  00 

Pennsylvania  390  00 

Columbia      -            -  639,994  00 

Branch  Bank,  Wash'n  2,675,811  00 


-  $26,574,431  00 


In  the  Auditor's  Office,  in  a  course  of 
cancel  ment,  for  six  per  cent,  stock,  at 
Treasury  of  U.  States  -  $14.192  34 

New  Hampshire  loan  office 

Rhode  Island 

New  York 

North  Carolina    - 

South  Carolina    - 

Georgia  - 


Balances    in    the   several 

banks,  viz: 
State  Bank, 

Boston  -$10,78655 
City  Bank, 

N.  Y.  -  571,608  70 
C.  County-  712  10 
Tennessee-  3,608  16 


701,312  53 


Dead  Treasury  notes  in  the 

several  banks : 
Br.Bank, 

Wash'n  $4,643,745  49 
Columbia       90,746  24 


586.715  51 


6,022,519  77 
From  which  deduct  the  es- 
timated amount  of  inter- 
est included  in  the  ai>ove 
sum     -  -     422,519  77 


Balance  outstanding,  viz : 

Small  Treasury  notes  -        69,594  00 
Other  notes,  by  estimate      566,369  00 


As  above 


3,323,400  00 


5,600,000  00 


635,963  00 


$36,133,794  00 


TREASURY  DEPARTMENT, 

Register's  Office,  Nov.  27, 1817.          JOSEPH  NOURSE,  Register. 


106 


REPORTS  OF  THE 


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1817.] 


SECRETARY  OF  THE  TREASURY. 


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108 


REPORTS  OF  THE, .,.;. 
STATEMENT  A— Continued. 


[1817. 


A  STATEMENT  of  moneys  advanced  for  the  redemption  of  the  public 
debt,  by  purchasers,  from  1st  April  to  1st  October,  1817. 


Moneys  advanced  to  agents  and  to  the  Bank  of  the  United  States: 
To  Jonathan  Smith,  cashier  Bank  U.  S.,  as  per  warrants  Nos.    65,  66,  163,  164 
Richard  Smith,  cashier  Branch  Bk,  Washington,    do.        427,  428   - 
J.  B.  Dandridge             do.                 Richmond,        do.        387,  388    - 
Samuel  Frothingham,  do.                 Boston,              do.        194,  232,  233 
LyndeCatlin,                do.                New  York,        do.        195,280,234,235 
J.  W.  McCulloch,         do.                 Baltimore,        do.        177,  674,  284 
H.  R.  Pynchon,            do.  New  Haven  Bank,         do.        541,  542    - 
N.  Waterman,              do.  Roger  Williams  Bank,  -do.        223,  224   - 
J  ohn  Rice,                     do.  Union  Bank,  N.  Hamp.  do.        225 

$232,540  23 
72,048  46 
57,109  77 
138,113  92 
231,374  02 
820,927  10 
911  63 
'     4,063  50 
208  60 

To  the  President,  Directors,  &  Co.  of  the  Bank  U.  S.  do.         92,  196,  259 

1,557,297  23 
13,043,776  13 

14,601,073  36 


Application  of  the  foregoing  in  the  redemption  of  the  public  debt : 


In  the  purchase  of  old  6  per  cent,  stock 
Deferred  6  per  cent. 
Three  per  cent.- 
Exchanged 
Louisiana 


Six  per  cent,  of  1812  - 

Do.  1813  - 

Do.  1813  - 

Do.  1814  - 

Do.  1814  - 

Do.  1814  - 

Do.  1815  - 

Seven  per  cent. 
Six  per  cent.  Treasury  note  stock 


Commission  to  agents,  included  in  the  above  advances,  viz : 
To  Jonathan  Smith     - 
Richard  Smith  .     - 
J.  B.  Dandridge     - 
S.  Frothingham     - 
Lynde  Catlin      .  - 
J.  W.  McCulloch 
H.  R.  Pynchon 
N.  Waterman 
John  Rice, 


Gain  on  the  purchases — 

Amount  of  stock  redeemed,  including  the  3  per  cent.. at  65  per  cent. 
Cost,  including  commission  to  agents       -  -  ,  - 


Amount  of  stock  redeemed,  including  the  3  per  cent,  at  nominal 
Cost,  as  above         -          -  -  -  -  -  . 


Nominal                Unredeemed 
amount.                    amount. 

$938,935  65f               $87,069  62 
465,504  52                 216,794  73 
2,693,092  50  at  65  ct.  1,750,510  02 
-     315,637  73 
-     631,800  00 

Cost  including 
interest. 

$87,129  62 
216,959  96 
1,750,462  52 
314,587  73 
632,301  57 

Old  debt, 
11,000,000  loan,  amt. 
16,000,000       do. 
7,500,000       do. 
10,000,000       do. 
6,000,000        do. 
3,000,000        do. 

)te  stock,      - 

3,001,812  10 
1,603,997  88 
2,362>700  56 
1,662,349  56 
1,408,294  02 
1,550,758  16 
208,507  54 
2,782,524  23 
5  91 
25,258  42 

3,001,441  40 
1,601,688  80 
2,362,652  62 
1,662,217  78 
1,408,281  25 
1,547,258  16 
208,507  54 
2,779,868  17 
6  25 
25,258  42 

14,606,208  38    14,597,180  39 


$579  89 

179  67 

142  41 

344  42 

576  99 

2,050  94 

2  27 

10  13 

6  25 


14,601,073  36 

-  14,606,208  38 

-  14,601,073  36 

5^135  02 

-  15,548,790  86 

-  14,601,073  36 

947,717  50 


TREASURY  DEPARTMENT, 

Register's  Office,  November  25,  1817. 

JOSEPH  NOURSE,  Register. 


1817.]  SECRETARY  OF  THE  TREASURY.  109 


B. 

STATEMENT  of  the  stock  purchased  on  account  of  the  commissioners 
of  the  sinking  fund,  subsequently  to  the  1st  of  October,  1817. 

Seven  per  cent,  stock  purchased  of  the  Bank  of  the  Cost. 

nnited  States,  amount          -    $332,984  60  at  g!06  51,     -    $354.661  89 

Old  six  per  cent,  stock, 
nominal  amount  $400  95, 
unredeemed  amount  -  31  04  at  par  31  04 

Deferred  stock,  nominal 
amount  $158  98,  unredeem- 
ed amount  -  -  72  66  at  par  72  66 

Three  per  cent,  stock, 
nominal  amount  $225  94, 
at  65  -  -  -  146  86  -  -  146  86 


$333,235  16  $354,912  45 


TREASURY  DEPARTMENT, 

Register's  Office,  28th  November,  1817. 

JOSEPH  NOURSE,  Register. 


110  REPORTS  OF  THE  [1818. 

•-•••'••- 

REPORT  ON  THE  FINANCES. 

NOVEMBER,  1818. 


In  obedience  to  the  directions  of  the  "  Act  supplementary  to  the  act  to 
establish  the  Treasury  Department,"  the  Secretary  of  the  Treasury  respect- 
fully submits  the  following  report  and  estimates : 

REVENUE. 

The  nett  revenue  arising  from  duties  upon  imports  and  tonnage,  internal 
duties,  direct  tax,  public  lands,  postage,  and  incidental  receipts,  during  the 
year  1816,  amounted  to  -  ,  - '  -$36,743,57407 

Viz. 

Customs     -  $27,569,769  71 

Internal  duties  -      4,396,133  25 

Direct  tax  -  -       2,785,343  20 

Public  lands,  exclusive  of  Mississippi 

stock  -      1,754,487  38 

Postage,  and  incidentallreceipts  237,840  53 

And  that  which  accrued  from  the  same  sources  during 
the  year  1817  amounted  to  24,387,993  08 

Viz. 

Customs,  (see  statement  A)    -  $17.547,540  89 

Internal  duties  and  direct  tax,  (see 

statement  B)  -       4,512,287  81 

Public  lands,  exclusive  of  Mississippi 

stock,  (see  statement  C)   -  2,015,977  00 

Postage,  and  incidental  receipts  312,187  38 


It  is  ascertained  that  the  gross  amount  of  duties  on  merchandise  and  ton- 
nage, which  have  accrued  during  the  first  three  quarters  of  the  present 
year,  exceeds  $21,000,000 ;  and  that  the  sales  of  the  public  lands,  during 
the  same  period,  greatly  exceed,  both  in  quantity  and  value,  those  of  the 
corresponding  quarters  of  the  last  year. 

The  payments  into  the  Treasury,  during  the  first  three  quarters  of  the 
year,  are  estimated  to  amount  to  -  -  -$17,167.86226 

Viz. 

Customs  $13,401,409  65 

Internal  revenue,  and  direct  tax          -      993,574  36 
Public  lands,  exclusive  of  Mississippi 

stock  -  1,875,731  20 

Interest  upon  bank  dividends"  -      525,000  00 

Postage,  and  incidental  receipts          -        49,438  19 
Repayments  into  the  Treasury  -      322,708  86 


1818.] 


SECRETARY  OF  THE  TREASURY. 


Ill 


And  the  payments  into  the  Treasury  during  the  fourth 
quarter  of  the  year,  from  the  same  sources,  are  estimated  at     $5,000,000  00 


Making  the  total  amount  estimated  to  be  received  into 
the  Treasury  during  the  year  1818 

Which  added  to  the  balance  in  the  Treasury  on  the  1st 
day  of  January  last,  exclusive  of  $8;S09,S72  10  in  Trear 
sury  notes,  amounting  to 

Makes  the  aggregate  amount  of 

The  application  of  this  sum  for  the  year  1818  is  esti- 
mated as  follows,  viz: 

To  the  30th  of  September,  the  payments   (exclusive 

of  $9.148,237  40  of  Treasury  notes,  which  have  been 

drawn  from  the  Treasury  and  cancelled,)  have  amounted 

to  -  -  $16,760,337  05 

Viz. 

Civil,  diplomatic,  and 
miscellaneous  expenses  $3,289,806  28 

Military  service,  includ- 
ing arrearage  -  5,620,263  08 

Naval  service,  including 
the  permanent  appropria- 
tion for  the  gradual  increase 
of  the  navy  -  2.383.000  00 

Public    debt,   exclusive  ",  :> 

of  $9, 148.237  40  of  Trea- 
sury notes,  which  have 
been  drawn  out  of  the 
Treasury  and  cancelled  -  5,467,267  69 


9,475,000  00 


During  the  fourth  quarter,  it  is  estima- 
ted that  the  payments  will  amount  to     - 
Viz.  *•«•>» 

Civil,    diplomatic,    and 
miscellaneous  expenses    -   $520,000  00 

Military  service  -  1,175,000  00 

Naval  service    -  -      575,000  00 

Public  debt,  to  1st  Jan- 
uary, 1819  -  7,205,000  00 

Making  the  aggregate  amount  of 

And  leaving,  on  the  1st  day  of  January,  1819,  a  balance 
in  the  Treasury  estimated  at  -  • 


22,167,862  26 


6,179,883  38 


28,347,745  64 


-  26,235,337  05 
2,112,408  59 


OP    THE    PUBLIC    DEBT. 

The  public  debt  which  was  contracted  before  the  year  1812,  and  which 
was  unredeemed  on  the  1st  day  of  October,  1817,  as  appears  by  statement 
No.  1,  amounted  to  .  $31,835,788  29 

By  the  same  statement,  it  appears  that  the  funded  debt, 
contracted  subsequent  to  the  1st  day  of  January,  1812, 
amounted  to  ------  68,071,933  14 


Making,  together,  the  aggregate  amount  of 


-  $99,907.721  43 


112 


KEPORTS  OF  THE 


[1818. 


Which  sum  agrees  with  the  statement  of  the  unredeem- 
ed amount  on  the  1st  day  of  October,  181 7,  as  per  last 
report,  excepting  the  sum  of  $4,123  98  overestimated, 
and  which  has  now  been  corrected  by  actual  settlement.  , 

On  the  1st  day  of  January,  there  was  added  to  the  above 

amount,  for  Treasury  notes  brought  into  the  Treasury  and 

cancelled,  and  for  which  the  following  stock  was  issued, 

viz:  In  six  per  cent,  stock  -      $234,422  10 

In  seven  per  cent,  stock     -  99,019  00 


$333,441  10 


From  which  deduct  seven  per  cent,  stock  purchased  in 
the  fourth  quarter  of  1817  -      $332,984  60 

And  also  the  reimbursement  of  old  six  per 
cent,  and  deferred  stock,  between  1st  Octo- 
ber, 1817,  and  1st  January,  1818  -  -  800,830  98 


$100,241,162  53 


Making  the  public  debt  which  was  unredeemed  on  the 
1st  of  January,  1818,  as  per  statement  No.  2,  amount  to  - 

From  the  1st  of  January  to  30th  September,  1818,  in- 
clusive, there  was,  by  funding  Treasury  notes  and  three 
per  cent,  stock,  (20.08)  issued,  added  to  the  public  debt, 
as  appears  by  statement  No.  3,  the  amount  of  - 


From  which  deduct  the  amount  of  stock 
purchased  and  redeemed  during  that  period, 
per  statement  No.  4  -  $415,993  87 

And  also  the  estimated 
amount  of  the  final  reim- 
bursement of  the  old  six  per 
cent,  stock  -  $709,312  03 

And  the  estimated  reim- 
bursement of  the  deferred 


1,133,815  58 


99.107,346  95 


73,795  49 
99,181,142  44 


six  per  cent,  stock 


230,401  76 


939,713  79 


1,355,707  66 

F  Making  on  that  day,  as  appears  by  statement  No.  3,  the 

aggregate  amount  of      -  .    $97,825,434  78 

Since  the  30th September,  there  has  been 
redeemed,  or  provision  made  for  the  re- 
demption, of  a  moiety  of  the  Louisiana 
stock,  unpaid  on  the  1st  October,  1818  -  $4,977,950  00 

And  there  will  be  reimbursed  of  the  prin- 
cipal of  the  deferred  six  per  cent,  stock,  on 
the  1st  day  of  January,  1819,  by  estimate  252,091  63 

5,230,041  63 

There  will  remain  unredeemed,  by  estimate,  on  the  1st 
day  of  January,  1819,  the  sum  of  -  .  .    $92,595,39315 

-  ^=^— T== 


1818.]  SECRETARY  OF  THE  TREASURY.  113 

By  statement  No.  5,  the  Treasury  notes  which  are  yet  in  circulation  are 
estimated  at  $297,506. 

By  statement  No.  6,  it  appears  thatthe  whole  of  the  awards 
made  by  the  commissioners  appointed  under  the  several 
acts  for  indemnifying  certain  claimants  of  public  lands, 
amount  to  -  $4,282,151  12 

Of  which  sum  there  has  been  received  at  the  office  of  the 
Commissioner  of  the  General  Land  Office,  as  appears  by 
statement  C,  the  sum  of  -  -  1,026.684  00 


Leavingoutstanding,  atthedateof  the  several  returns  from 
the  land  districts,  the  sum  of  -    $3,255,467  12 

It  is  proper,  however,  to  observe,  that  extensive  sales  have  been  made 
in  the  Alabama  Territory,  in  the  months  of  September,  October,  and  Novem- 
ber, of  which  no  returns  have  yet  been  received. 

OF    THE    ESTIMATES    OF   THE    PUBLIC    REVENUE    AND    EXPENDITURE   FOR 

THE    YEAR    1819. 

In  the  annual  report  of  the  state  of  the  Treasury,  of  the  5th  of  December, 
1817,  the  permanent  revenue  was  estimated  at  $24,525,000  per  annum,  and 
the  annual  expenditure,  according  to  the  then  existing  laws,  was  stated  at 
$21,946,351  74.  By  the  acts  of  the  last  session  of  Congress,  the  internal 
duties,  estimated  at  $2,500.000  per  annum,  were  repealed  ;  whilst  the  ex- 
penditure was  augmented  to  nearly  $25,000,000,  and  that  of  the  ensuing 
year  is  estimated  at  not  less  than  $24,515,219  76. 

The  apparent  deficit  produced  by  these  acts,  and  by  the  application  of 
more  than  $2,500.000  to  the  payment  of  the  interest  and  redemption  of  the 
principal  of  the  public  debt,  beyond  the  annual  appropriation  of  $10,000,000 
for  that  object,  has  been  supplied  by  the  receipts  into  the  Treasury,  on  ac- 
count of  the  arrearage  of  the  direct  tax  and  internal  duties,  and  by  the  bal- 
ance of  more  than  $6,000,000  which  was  in  the  Treasury  on  the  1st  day  of 
January,  1818. 

These  temporary  sources  of  supply  being  nearly  exhausted,  the  expendi- 
ture of  the  year  1819  must  principally  depend  upon  the  receipts  into  the 
Treasury  from  the  permanent  revenue  during  that  year.  As  was  anticipated 
in  the  last  annual  report,  the  reaction  produced  by  the  excessive  importa- 
tions of  foreign  merchandise,  during  the  years  1815  and  1816,  acquired  its 
greatest  force  in  the  year  1817. 

It  is  presumed  that  the  revenue  which  cha1!  accrue  during  the  present 
year,  from  imports  and  tonnage,  may  be  considered  as  the  average  amount 
which  will  be  annually  received  from  that  source  of  the  revenue. 

It  is  ascertained  that  the  bonds  taken  for  securing  duties 
which  were  outstanding  on  the  30th  day  of  September  last, 
exceeded  $23,000,000,  and  the  receipts  into  the  Treasury 
from  that  source  of  revenue,  during  the  year  1819,  are  es- 
timated at  -  -  $21,000,000  00 

Public  lands     -  ...       1,500,000  00 

Direct  tax,  and  internal  duties  750.000  00 

Bank  dividends,  at  6  per  cent.  -  420,000  00 

VOL,  ii.— 8 

• 


114  REPORTS  OF  THE 

First  payment  of  bonus  due  by  the  Bank  of  the  United 

States 

Postage,  and  incidental  receipts 

-  $24,220,000  00 
urns'1  together  to 

_.  adSedto  the  balance  in  the  Treasury  on  the  1st 

day  of  January,  1819,  estimated  at  '    _J 

Makes  the  aggregate  amount  of  -  $26,332,408  59 

The  probable  authorizeddemands  on  the  Treasury  during 
the  year  1819,  are  estimated  to  amount  to 

Viz. 
Civil,  diplomatic,  and  miscellaneous  ex- 

—          irt}  1  «O  A-  V/  »C5OO      O  A- 

penses    - 

Military  department,  including  the 
dian  department,  permanent  Indian  an- 
nuities, 'military  and  revolutionary  pen-         Rr-9.p  ^ 
sions,  and  arming  the  militia       -  b,bbb,^o4  c 

NavyDepartment.including$l,000,OC         oono>IQ<.  6Q 


for  the" gradual  increase  of  the  navy 

Public  buildings,  and  for  discharging  the 
demands  of  the  contractors  for  making  - 
the  Cumberland  road     ,-/.  326,644 

Public  debt     -  10,000,00000 

For  building  custom-houses  and  public 
warehouses  at  New  Orleans,  and  other 
ports  100,000  00 

Which  being  deducted  from  the  amount  estimated  to  be 
received  into  the  Treasury,  including  the  balance  on  the  1st 
day  of  January,  1819,  leaves  a  balance  in  the  Treasury  on 
the  1st  day  of  January.  1820,  of  - 

In  presenting  this  estimate  of  receipts  for  the  year  1819,  it  is  necessary  to 
premise,  that  the  sum  to  be  received  from  the  customs  is  less  than  what,  from 
theamount  of  the  outstanding  bonds,  would,  under  ordinary  circumstances, be 
received.    The  amount  of  the  sales  of  public  lands  during  the  last  year,  and 
the  sum  due  at  this  time  by  the  purchasers,  would  justify  a  much  higher  es- 
timate of  the  receipts  from  that  important  branch  of  revenue,  if  the  most  seri- 
ous difficulty  in  making;  payments  was  not  known  to  exist.    The  excessive 
issues  of  the  banks  during  the  suspension  of  specie  payments,  and  the  grea 
exportation  of  the  precious  metals  to  the  East  Indies,  during  the  presen 
year,  have  produced  a  pressure  upon  them,  which  has  rendered  it  necessary 
to  contract  their  discounts,  for  the  purpose  of  withdrawing  from  circulation! 
a  large  proportion  of  their  notes.   This  operation,  so  oppressive  to  their  debt- 
ors, but  indispensably  necessary  to  the  existence  of  specie  payments,  must( 
be  continued  until  gold  and  silver  shall  form  a  just  proportion  of  the  circu-i 
lating  currency.    In  passing  through  this  ordeal,  punctuality  in  the  discharge! 
of  debts,  both  to  individuals  and  to  the  Government,  will  be  considerably  im- 
paired ;  and  well-founded  apprehensions  are  entertained  that,  until  it  is 
passed,  payments  in  some  of  the  land  districts  will  be  greatly  diminished. 

The  extent  to  which  the  payments  into  the  Treasury,  during  the  yeai, 
1819,  will  be  affected  by  the  general  pressure  upon  the  community,  which 


1818.] 


SECRETARY  OF  THE  TREASURY. 


115 


has  been  described,  and  which  is  the  inevitable  consequence  of  the  over- 
trading of  the  banks,  and  the  exportation  of  specie  to  the  East  Indies,  aggra- 
vated by  the  temporary  failure  of  the  ordinary  supply  of  the  precious  metals 
from  the  Spanish  American  mines,  cannot,  at  this  time,  be  correctly  appre- 
ciated. Should  it  exceed  what  has  been  contemplated  in  this  report,  <he 
appropriations  must  be  diminished,  the  revenue  enlarged  by  new  impositions, 
or  temporary  loans  authorized,  to  meet  the  deficiency.  As  the  expenditure 
of  the  year  1820  will  be  greatly  reduced  by  the  irredeemable  quality  of  the 
public  debt,  after  the  redemption  of  the  remaining  moiety  of  the  Louisiana 
stock,  which  may  be  effected  on  the  21st  day  of  October,  1819,  a  resort  to 
temporary  loans,  or  to  the  issue  of  Treasury  notes,  to  the  amount  of  the 
deficiency,  should  any  occur,  is  believed  to  be  preferable  to  the  imposition 
of  new  taxes,  which  would  not  be  required  after  that  year. 
All  which  is  respectfully  submitted. 

WM.  H.  CRAWFORD. 
TREASURY  DEPARTMENT. 

November  21,  1818.. 

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STATEMENT  e 
of  debentures  iss 
expenses  of  collec 

« 

NOTE.  —  The  statemeni 
the  Secretary  of  the  Tre: 

TREASURY  DEP- 

D 

Merchandise. 

So 

OS 

1818.]  SECRETARY  OF  THE  TREASURY. 

B. 


117 


STATEMENT  of  moneys  received  into  the  Treasury,  from  internal 
duties  and  other  objects,  during  the  year  1817. 


From  new  internal  duties  -  -         .  - 

New  direct  tax  - 
Old  internal  revenue 
Old  direct  tax 

Miscellaneous  receipts,  viz: 

Postage  of  letters 

Fees  on  letters  patent     - 

United  States  moiety  of  the.nett  proceeds  of  prizes 
captured 

Nett  proceeds  of  gunboats,  &c.,  sold  per  act  27th  Feb- 
ruary, 1815 

Cents  and  half  cents  coined  at  the  mint  of  the  United 
States  -  -  -  - 

Rent  of  the  salt  spring  in  the  Steubenville  district 

Fines,  penalties,  and  forfeitures  -  i~ -*•• 

Surplus  proceeds  of  property  sold  for  the  payment  of 
direct  taxes  of  1815  - 

Shares  in  the  Georgia  Mississippi  Company,  adjudged 
to  the  United  States  - 

Proceeds  of  sale  of  a  temporary  custom-house  ou  Sul- 
livan's Island  -  - 

Interest  on  stock  in  the  Bank  of  the  United  States 


52,676,882  77 

1,833,737  04 

1,218  00 

450  00 


29,371  91 
4,680  00 

52,652  26 
2,134  69 

18,834  00 

76  80 

5  25 

417  17 

1,500  52 

88  48 
202,426  30 


$4,512,287  81 


312,187  38 


4,824,475  19 


TREASURY  DEPARTMENT, 

Register's'  Office,  November  21,  1818. 

JOSEPH  NOURSE,  Register. 


>  <e.ic>iatt  KilSGl 


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t  "** 

•  .•>;  ?r»d."W»q^  " '•     .-^: 

(- ,  •*»  ':<?  •  tfi  •'•") 


118 


REPORTS  OF  THE 
C. 


[1818. 


LANDS  sold,  and  moneys  and  stock  received  in  payment  for  them,  in 

1817  and  1818. 


From  Jan.  1  to  Dec.  31,  1817. 

Quantity. 

Amount. 

Cash  and  stock 
received. 

Of  which 
stock  re- 
ceived. 

Where  sold. 

Acres. 

Dolls.      Cts. 

Dolls.      Cts. 

Dolls.  Cts. 

In  offices  N.  W.  of  the  Ohio  river 
Do.      in  Mississippi   - 
Do.      in  Alabama 

1,412,631 
r  xC  394,767 
W(  202  ,465 

3,097,253  00 
825,403  00 
811,764  00 

1,749,146  00 
,  344,590  00 
235,279  00 

133.753  00 

179,285  00 

2,009,863 

4,734,420  00 

2,329,015  60 

313,038  00 

From  Jan.  1  to  Sept.  30,  1818. 

1,212,634 

,  v  <  265,  828 
w£  430,  020 

2,505,194  00 
531,805  00 
3,183,947  00 

1,471,790  00 
252,181  00 
827,807  00 

126,298  00 
466,540  00 

In  offices  N.  W.  of  the  Ohio  river 
Do.      in  Mississippi   - 
Do.      in  Alabama 

1,907,882 

6,220,946  00 

2,551,778  00 

592,838  00 

Accounts  of  sales  in  August  and  September  have  not  been  received  from  St.  Louis. 

Accounts  of  sales  in  September,  1818,  have  not  been  received  from  Canton,  Shawneetown, 
and  Edwardsville. 

Accounts  in  July,  August,  and  September,  1818,  have  not  been  received  from  Huntsville,  in 
Alabama. 


GENERAL  LAND  OFFICE, 

November  16,  1818. 


JOSIAH  MEIGS,  Commissioner. 


Total  amount  of  stock  received,  as  per  annual  statement,  dated  September  30, 


1817 

Deduct  amount  received  in  first  three  quarters  of  1817,  viz: 
East  of  Pearl  river  - 
West  of     do. 

Huntsville     -  -  - 

Milledgeville  -  -  -  - 


Stock  received  in  1817      -  . 

Do.  1818  (three  quarters)  - 

Total  stock  received  to  September  30,  1818 


$431 , 120  00 


$83,725  00 

61,834  00 

750  00 

164,003  00 


310,312  00 

120,808  00 
313,038  00 
592,838  00 

-    1,026,68400 


(a)  By  the  act  of  the  3d  of  March,  1817,  directing  a  sum  of  money  to  be  paid  to  the  State  of 
Georgia,  equal  to  the  amount  of  Mississippi  stock  received  into  the  Treasury  prior  to  the  final 
payment  due  that  State,  the  amount  so  paid  is  to  be  retained  by  the  Treasury  out  of  the  specie 
receipts  from  the  Mississippi  and  Alabama  lands,  before  the  holders  of  that  stock  have  any 
claim  upon  those  receipts. 


1818.] 


SECRETARY  OF  THE  TREASURY. 
No.  1. 


119 


8TA  TEMENT  of  the  funded  debt  of  the  United  States,  on  the  1st 

October,  1817. 


Old  six  per  cent,  stock,  (unredeemed  amount) 
Deferred  stock,  (unredeemed  amount) 
Three  per  cent,  stock        ^- •  ^ 
Louisiana  six  per  cent  stock 
Six  per  cent,  stock  of  1796     -  - 

Exchanged  six  per  ceat.  stock  of  1812 

Six  per  cent,  stock  of  1812,  1 1 ,000,000  ban  -       x.  - 

Six  per  cent,  stock  of  1813,  16,000,000  loan 

Six  per  cent,  stock  of  1813,    7,500,000  loan 

Six  per  cent,  stock  of  1814,  25  &  3,000,000  loan      - 

Six  per  cent,  stock  of  1815,  25  &  3,000,000  loan      - 

Six  per  cent.  Treasury  note  stock 

Seven  per  cent.  Treasury  note  stock 

Five  per  cent,  stock,  (subscription  to  Bank  United  States)  - 


$1,262,212  96 

4,067,678  09 

13,465,088  25 

10,291,700  00 

80,000  00 

2,669,108  99 


6,206,502  12 

15,522,272  81 

6,836,232  39 

13,011,455  19 

9,505,625  41 

1,033,961  13 

8,955,884  09 

7,000,000  00 


$31,835,788  29 


68,071,933  14 
899,907,721  43 


TREASURY  DEPARTMENT, 

Register's  Office,  18th  November,  1818. 

JOSEPH  NOURSE.  Register. 


til 


120 


REPORTS  OF  THE 

No.  2. 


STA  TEMENT  of  the  funded  debt  of  the  United  States^  on  the  1st 

January,  1818. 


Old  six  per  c  ent.  stock,  (unredeemed  amount) 
Deferred  six  per  cent,  stock,  (unredeemed  amount) 
Three  per  cent,  stock 
Louisiana  six  per  cent,  stock 
Six  per  cent,  stock  of  1796 
Exchanged  six  per  cent,  stock  of  1812 

Six  per  cent,  stock  of  1812,  loan  of  11,000,000     - 
Six  per  cent,  stock  of  1813,  loan  of  16,000,000     - 
Six  per  cent,  stock  of  1813,  loan  of  7,500,000     - 
Six  per  cent,  stock  of  1814,  loan  of  25,  &  3,000,000 
Six  per  cent,  stock  of  1815                                     •> 
Six  per  cent.  Treasury  note  stock 
Seven  per  cent.  Treasury  note  stock 
Five  per  cent,  stock,  (subscription  to  Bank  United  States) 

a,  Unredeemed  amount,  1st  January,  1817$!  15,807,805  48 
Add  Treasury  note  stock,  issued  in  1817,  viz: 
Of  6  per  cent,  (amount  a)  1,232,807  63 
Of  7  per  cent,  (amount  6)       197,949  00 

..  ..  ,,,        ,   l    **\r\  7£fi  ("\ 

$711,385  70 
3,817,674  37 
13,465,088  25 
10,291,700  00 
80,000  00 
2,669,108  99 

$31,034,957  31 
68,072,389  64 

6,206,502  12 
15,522,272  81 
6,836,232  39 
13,011,455  19 
9,505,625  41 
1,268,383  23 
8,721,918  49 
7,000,000  00 

\  .   • 
117,238,562  11 

18,131,215  16 

a  899,107,  346  95- 
99,107,346  9& 

Deduct  stock  purchased  in  1817,  amount  as 
per  statement  A,  accompanying  report 
of  hst  year,  including  three  per  cent, 
nominal  -                       -  $15,548,709  90 
Seven  per  cent,  stock,  pur- 
chased in  the  4th  quarter 
of  1817,asperstatementB     .   333,98460 

„.,,...                 IE;  qqi    170.1    rn 

Reimbursement  of  old  six  per  cent,  and 
deferred  stocks  in  1817    -           -           -1,699,43066 
Temporary  loans  paid  off  -                       -      550,00000 

As  above                       ... 

- 

1818.]  SECRETARY  OF  THE  TREASURY. 

No.  2 — Continued. 


121 


STATEMENT  exhibiting  the  total  amount  of  the  six  and  seven  per 
cent.  Treasury  note  stock  issued  to  the  3ls£  December,  1817. 


At  what  office  issued. 

Six  per  cent. 

Seven  per  cent. 

Treasury           -           -                       -           -                    •  .*a 

$31,314  77 

#201  ,057  00 

New  Hampshire                        - 

61,534  98 

121,150  00 

Massachusetts    -                    ".  3  .        -           r       i^r*  ..• 

427,718  00 

3,037,697  00 

Rhode  Island      -            -       '.-."-.}'                    •?':>£!.  ••*•..» 

7,924  00 

162,405  00 

Connecticut        -            -        -•  "  «                   ""-tsd*  •'  *>  • 

_ 

79,499  00 

New  York 

336,777  31 

4,723,559  00 

Pennsylvania     -           -•      LV:-,*;'  * 

_ 

699,847  00 

Delaware                       -                  •  "    -       •     -           ••?«,- 

940  00 

Maryland           -        -iV   :  v"j«>   f  •  '.  -           -        i  ,**;  _ 

30,231  97 

14,761  00 

Virginia             -         '.-       (  !*»  j     _  -           -                       •? 

1,866  00 

North  Carolina  -           -                       -                       - 

8,756  92 

1,180  00 

South  Carolina  - 

281,026  27 

8,008  00 

Georgia           '.'VA| 

107,517  43 

3,880  00 

'                     r.»j  -.-;•=•.;  .I.'  .;.'.• 

1,293,641  65 

9,054,909  00 

Deduct  so  much  thereof,  included  in  the  statement  of  the 

funded  debt  to  1st  January,  1817       -       *ji 

60,834  02 

8,856,960  00 

a  1,232,807  63 

b     197,949  00 

TREASURY  DEPARTMENT,- 

Register's  Office,  November  18,  1818. 

JOSEPH  NOURSE,  Register. 


,  , 


122 


REPORTS  OF  THE 
No.  3. 


[1818. 


STATEMENT  of  the  funded  debt  of  the  United  States  on  the  1st  of 

October,  1818. 


Deferred  six  per  cent,  stock,  (unredeemed  amount)    - 
Three  per  cent,  stock     - 
Louisiana  stock 
Six  per  cent,  stock  of  1796 
Exchanged  six  per  cent,  stock  of  1812 

Six  per  cent,  stock  of  1812,  loan  of  eleven  millions     - 
Six  per  cent,  stock  of  1813,  loan  of  sixteen  millions    - 
Six  per  cent,  stock  of  1813,  loan  of  seven  and  a  half  millions 
Six  per  cent,  stock  of  1814,  loan  of  twenty-five  &  three  mil'ns 
Six  per  cent,  stock  of  1815 
Treasury  note  stock  of  six  per  cent,  funded    - 
Treasury  note  stock  of  seven  per  cent,  funded 
Five  per  cent,  stock       - 

Amount,  30th  September,  1818 

Amount,  as  stated,  1st  January,  1818    - 
Add  stock  issued  in  1818,  to  the  date  of  last  returns  — 
Treasury  note  six  per  cent.                       -      $68,72941 
Treasury  note  seven  per  cent.       -                      5,046  00 
Three  per  cent,  for  interest  on  old  regis- 
tered debt            -                       -                           20  08 

83,519,810  27 
13,454,575  68 
9,955,900  00 
80,000  00 
2,669,108  99 

$29,679,394  94 

* 

68,146,039  84 

6,206,502  12 
15.522,272  81 
6',836,232  39 
13,011,437  63 
9,505,625  41 
1,337,004  99 
8,726,964  49 
7,000,000  00 

99,107,346  95 
73,795  49 

97,825,434  78 

99,181,142  44 

i 

1,355,707  66 

Deduct  stock  purchased  — 
Old  six  per  cent.,  (unredeemed  amount)  -          2,07367 
Deferred,  (unredeemed  amount)    -           -        67,462  34 
Three  per  cent.       '-                                   -        10,53265 
Louisiana    -                                              -      335,800  00 
Treasury  note  six  per  cent.                        -             107  65 
Six  per  cent,  of  1814                                                  17  56 

415,993  87 
939,713  79 

Stock  reimbursed  — 
Old  six  per  cent.      -                                   -      709,31203 
Deferred  six  per  cent.         -                       -      230,40176 

As  above,  to  30th  September,  1818       - 
Stock  reimbursable  in  the  4th  quarter,  1818— 
On  the  31st  December,  deferred  six  per  cent. 
On  the  22d  October,  Louisiana      - 

Estimated  amount  unredeemed,  1st  January,  1819 

252,091  63 
4,977,950  00 

97,825,434  78 
5,230,041  63 

- 

92,595,393  15 

1818.] 


SECRETARY  OF  THE  TREASURY. 

No.  3 — Continued. 


123 


COMPARATIVE  STATEMENT  of  the  funded  debt  of  the  United 
States,  between  the  1st  of  October,  1817,  and  the  1st  of  October,  1818. 


Amount  of  the  funded  debt  as  stated  on  the  1st  October,  1817, 
and  referred  to  in  estimate  No.  3  accompanying  the  report 
of  the  Secretary  of  the  Treasury  to  the  House  of  Repre- 
sentatives, dated  the  5th  December,  1817 

Deduct  this  sum,  ascertained  by  Treasury  settlements  to  have 
been  paid  for  reimbursement  of  the  old  six  per  cent,  and  de- 
ferred stocks  to  1st  October,  1817,  more  than  the  amount 
estimated  -  ^  :  - -~  -  $4,115  08 

And  this  sum,  short  stated  in  account  of  stock 
purchased          -  ,".'-".  8  90 


Amount  of  the  funded  debt  on  the  1st  October,  1817,  as  per 
statement  herewith     '-*.*  -  -  - 

To  which  add  Treasury  note  stock  issued  in  the  fourth  quar- 
ter of  1817,  6  per  cent. 
7  per  cent. 

"     - ,  *  i*»      '     ..'», 


Deduct  seven  per  cent,  stock  purchased  in  the  fourth  quarter 

1817    -  -  -  -  -.- 

And  old  six  per  cent,  and  deferred  stocks  reimbursed 


Amount  of  the  funded  debt  on  the  1st  January,  1818,  as  per 

statement  herewith     - 

To  which  add  stock  issued  in  the  first  three  quarters  of  1818: 
Treasury  note  6  per  cent.    -  -  - 

7  per  cent.    -  - 

3  per  cent.  -. 


Deduct  stock  purchased  during  the  same  period 
Reimbursement  of  old  six  per  cent,  and  deferred  stocks  esti- 
mated at         -  -  -       '  T"- 


Amount  of  the  debt  on  the  1st  October,  1818,  estimated  at 


899,911,845  41 


4,123  98 


234,422  lO 
99,019  00 


332,984  60 
800,830  98 


68,729  41 

5,046  00 

20  08 


415,993  87 
939,713  79 


$99,907,721  43 
333,441  10 


100,241,162  53 
1,133,815  58 


99,107,346  93 


73,795  49 


99,181,142  44 


1,355,707  66 


97,825,434  78 


TREASURY  DEPARTMENT, 

Register's  Office,  November  18,  1818. 

JOSEPH  NOURSE,  Register. 


124 


REPORTS  OF  THE 


[1818. 


GO 


I 


•SJ 


00 


g 
59. 


i 

G 

JS 

W 

•jsaiajm  Sai 
-pnpor'jsoDiBjoj, 

1 

Amount  of  stock  purchased,  as  above  stated,  brought  down  -  $412,056  85 
To  which  add  the  difference  between  the  nominal  amounts 
of  3  per  cent,  stock,  on  the  sums  herein  stated,  marked  a,  and 
the  cost  at  65  -  -  3,686  46 
And  the  unredeemed  amount,  as  per  statement  B,  of  last  year  -  250  56 

415,993  87 

TREASURY  DEPARTMENT, 
Register's  Office,  Nov.  19,  1818. 
JOSEPH  NOT7RSF,.  Rpa-ister 

1>  co  i>  o      (M  o  in 
in     CM  t- 

•59  re  jpojs 
•JU3D  jad  g  3ui 
-pnput  'pasBqo 
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i-^HOOtMO—  'i^o 

00 

to 
in 

c«" 

i—  co  i~-  'n     o  to  oo 
m     o»  t- 

•Saisi] 

-J9ApB  JO  S9SU9  J 
-X9  pUB  SJU9§B 

oj  suoissiuitaoo 

•5*1  in  (M  in     CT  co 

OCOO  C5CO        CT  "^ 

c»  oo  to  1-1    i  **  in    i 

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3 
« 
P 

•W1SMOTI 

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«-    £    n 

CO 

'H81  jo 

JpOIS  -JU9D  jad  9 

to 
1    1^   1    1    1    1    1 

to 
m 

•jpojs  -juao  Jad 
9  ajou  iansBaj  j, 

1    1^    1    1    1   1    1 

o 

o 

NOMINAL  AND  UNREDEEMED  AMOUNT  OF  OLD  DEBT. 
^ 

*3^00JS  *!JtI90 

jad  9  BUeisinoq 

o     o  o             o 

O     1  O  O      I     1      i  O 

r-(        CO  CT>                     in 

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J[001S  1U9D  J9d  g 

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to 

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<s 

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'1U3D  J3d  g  JO 

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go  o          to  r- 

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to 
o 

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cT 

Amount  of  stock  purchased,  as  abovestated,  brought  down  -  $412,056  85 
To  which  add  the  items  included  in  statement  B  of  last  an- 
nual report  of  the  Secretary  of  the  Treasury,  of  purchases  sub- 
sequent to  1st  October,  1817,  viz: 
7  per  cent,  stock  purchased  of  the  Bank  of  the 
United  States  -  -  $332,98460 
Old  6  per  cent,  stock  -  -  -  31  04 
Deferred  stock  -  72  66 
3  per  cent,  stock,  nominal  amount,  a$  225  94  at  65  a  146  86 
333,235  16 

745,292  01 

•JJDOJS  -yaao 

in  i—  i  o  co  t—  IT-  in 
ci  o  o*  ro  o  co  i— 

r^  c*  oo  i-  o  o»  n? 

o»  01  •*  in  r~  oo  o    i 
co  in  i>  to  <?j  -^  co 

oo 
to 

CO 

to 

'JIOOJS  "JUaO 

jad  9  pajjajap 

i—  •  o  oo  •—*  t^*  01  GO 

•rj<  in  m  TJ<  05  1—  1  1—  i 

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(?»  O 

i-  — 

o 

1 
s 

•jpojs 
'juao  jad  9  pjo  jo 
J.UIE  pauiaapaju^i 

cj  22  n  fc  ^  ^  ^ 

to  ^  to  oo  o^  t~^  d 

<M  ^  *"  ^"^  <§  (N 

s 

o 

'JJOOIS 

1U90  jad  9  pio  jo 
lunoraB  |Butiuo^ 

"*  o  o  o  in  in  «o 
cv  co  fM  r-  m  to  i—    i 

co  <?}  t^  1-1  co  co  in 

eo 

00 

s 

01  co  r~i  to  i—  i  ^a<  co 
so 

1 
bo 
9 

IM 

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1     '  "3    1    0    I    J    a          i 

^      to        " 

l^^sllfl      2 

1818.]  SECRETARY  OF  THE  TREASURY. 

No.  5, 


125 


STATEMENT  of  the  several  denominations  of  Treasury  notes  issued, 
showing  the  amount  outstanding,  by  estimate,  on  the  30th  September, 
1818,  viz: 


••*<*•  vr 


Treasury  notes  were  issued  under  several  acts  of  Congress : 
Of  the  30th  June,  1812 

Of  the  25th  February,  1813  -  *'.-'-«• 

Of  the  4th  March,  1814 
Of  the  26th  December,  1814 
Of  the  24th  February,  1 815,  of  $1 00  notes  - 

Small  Treasury  notes 


*$4,969,400 
3,392,994 


Total  amount  issued 

Of  the  above  amount  there  have  been  cancelled  at  the  Treasury 

Drawn  into  the  Treasury  by  warrants,  and  in  a  course  of  settlement  for 
the  purpose  of  being  cancelled,  viz  : 

In  small  Treasury  noies  -  $3,345,923 

In  notes  including  interest        -  -     85,817,890  61 

Deduct  the  estimated  amount  of  interest          -          377,890,61 

: —  5,440,000 

Small  Treasury  notes  in  the  several  banks,  viz : 

New  Hampshire  -  -  -  9 

Branch  Bank  at  Washington   -  -  -  1,116 

1,125 


In  the  Auditor's  office,  in  a  course  of  cancelment  for  six  per  cent,  stock,  issu- 


1 


ed  at  the  Treasury 
New  Hampshire 
Massachusetts 
Rhode  Island 
New  York    .     - 
Maryland 
Maryland 
Virginia 
South  Carolina 
Georgia 


In  the  Branch  Bank,  Washington 


-  $14,196  02 

-  1,914  97 

-  81,848  40 

-  2,446  08 

-  19,326  31 

-  42,881  26 

460  00 
140  00 

-  13,619  64 
&   -  103,955  60 
>-o'i  !'•»;/' 


280,788  28 
.          21  95 


From  which  deduct  the  estimated  amount  of  interest  included  in 
the  above  sum       -  ...  •**>" 


280,810  23 
-   50,810  23 


Balance  outstanding,  by  estimate,  viz: 
In  small  Treasury  notes 
Other  notes        ....... 


^  '"       -   45,946  00 
-  251,560  00 


As  above 


$5,000,000  00 
5,000,000  00 

10,000,000  00 
8,318,400  00 


8,362,394  00 


36,680,794  00 
27,336,240  00 


8,787,048  00 


260,000  00 
297,506  00 


TREASURY  DEPARTMENT, 

Register's  Office,  November  18,  1818. 

JOSEPH  NOURSE,  Register. 

•i  r     *      r*v 
*  Ascertained  amount  from  Treasury  settlement. 


l26 


REPORTS  OF  THE 


[1818. 


No.  6. 

STATEMENT  of  the  claims  awarded  by  the  commissioners  appointed 
by  virtue  of  the  act  of  Congress,  entitled  "  An  act  supplementary  to  the 
act  entitled  an  act  for  the  indemnification  of  certain  claimants  of 
public  lands  in  the  Mississippi  Territory"  passed  the  3d  of  March, 
1815. 


Awards  in  favor  of 


Individuals  claiming  under  the  Upper  Miss.  Company 

Tennessee  Company 
Georgia  Miss.  Company  - 
Georgia  Company 


Citizens'  rights   - 


Names  of  Claimants. 

Ebenezer  Jackson,  as  trustee  of— 

Matthias  Maher 

James  Strawbridge  - 

Robert  Stewart 

William  Coleman     - 

Do.  by  D.  Boardman 

Jonathan  Ogden 

Thomas  Young 

Levi  Hollingsworth  - 

Simon  Jackson 

C.  G.  Champlin  &  C.  Charnplin 

Tunno  &  Coffin 

Jeremiah  Mason 

David  Rawn 

William  Payne 

George  Blake 

Jonathan  Hastings    - 

Robert  Means 

James  Gardner 

John  Jackson 

Samuel  Dexter 

Ebenezer  Jackson,  in  his  own  right 
William  Lovett  &  James  G.  Forbes 
Charles  Wayland 
James  Sterling 
John  Whipple  - 

Thomas  Cumming,  for  the  heirs  of  William  Poe 
Benjamin  Joy,  for  the  heirs  of  Jonathan  Arnold 
James  Thwaite 

Arthur  Harper :  E.  Jackson,  attorney    - 
Charles  Matthews  :  William  W.  Bibb,  attorney 


Amount. 


$350,000  00 
531,428  05 
1,412,134  96 
1,887,040  95 
*  101,547  16 


282,151  12 


Amount  of  each 
award. 

$187,142  67 
45,714  25 
37,142  82 
4.285  71 
1,428  57 
2,857  14 
47,142  81 
2,857  14 
4,285  71 
28,571  40 
9,999  99 
1.428  57 
2,857  14 
9,999  99 
2,857  14 
1,428  57 
4,285  71 
1,428  57 
1,428  57 
25,714  26 
14,285  70 
2,857  14 
5,714  28 
,»/ 1,428  57 
1,428  57 
7,142  85 
12,857  13 
1,428  57 
8,571  42 
1,428  57 


*  Including  $625  issued  to  the  representatives  of  George  Pearson ;  per  act  of  April,  1818. 


1818.]  SECRETARY  OF  THE  TREASURY. 

STATEMENT— Continued. 


127 


Awards  in  favor  of 


Amount  of  each 
award. 


Robert  Flourney 
Arthur  Fort 

Charles  C.  Brodhead  &  Charles  L.  Platt 
Benjamin  Joy  and  Samuel  Dexter,  agents  for  and  in  be- 
half of  the  directors  of  the  New  England  Mississippi 
Land  Company 

Adam  Tunno  and  James  Miller:  Benjamin  Joy,  agent    - 
Valentine  Jones:  Robert  E.  Griffith,  attorney     - 
Hugh  Rose  :  Benjamin  Joy,  attorney 
Sophia  Harris:  John  G.  Chappie,  attorney 
James  Lloyd    *  - 
Rufus  G.  Amory 

Joseph  and  Henry  Sewall,  executors  of  Samuel  Sewall 
John  Coles  - ,  - 

Rums  G.  Amory 
Joseph  Sewall    - 
Joseph  Wilson    - 
William  Sullivan 
John  Tucker    - 
Charles  dishing 
Charles  Cushing's  heirs 
William  Stackpole 

The  President  and  Directors  of  the  Union  Bank  of  Boston 
John  C.  Jones   - 

Sarah  Russel,  executrix  of  Joseph  Russel's  estate 
Rufus  G.  Amory,  administrator  of  Patrick  Jeffery 
Andrew  Craigie  ... 

Do. 

Joseph  Otis 
The  heirs  of  Margaret  Newman  M-  f| 

Do.  do.     - 

Henry  Newman 
Walter  Sims      - 

Do.  - 

Alexander  McComb 

Hezekiah  B.  Pierpont,  executor  of  William  Constable 
Gulian  Ludlow  - 

Charles  McEvers  '•--*•     '"'.-' 

George  Barn  wall 
Samuel  Ward    ...         WQiiT       loJn: 

Do. 

Stephen  Ailing  - 
Samuel  Huntingdon 
John  Adam       -  -  ? 

Elias  Shipman  -  ?'.-=  "  *' 

Daniel  Coit 


$2,857  14 
2,857  14 
1,428  57 


1,007,633  89 

312.200  00 

17,500  00 

17,500  00 

2,800  00 

9,150  47 

21,345  77 

13,771  45 

4,820  00 

4,820  00 

6,885  73 

6,885  73 

3,442  86 

13,771  45 

6,885  73 

3,442  86 

13,992  20 

82.354  21 

27,451  40 

13,725  70 

13,725  70 

54,902  81 

22.876, 17 

2,287  62 

8,578  56 

16,013  32 

3,115  47 

37,745  68 

57,190  43 

13,992  13 

13,992  13 

4,140  57 

2.516  36 

537  59 

19,055  77 

13,771  39 

2,859  51 

5,719  02 

1,143  80 

1,715  70 

2,859  51 


128 


REPORTS  OF  THE 
STATEMENT— Continued. 


[1818. 


Awards  in  favor  of 


Amount  of  each 
award. 


George  Brinkerhoof,  David  J.  Green,  and  David  Stout, 

jr.,  assignees  of  Joseph  Rowland 
John  Coffin  Jones,  James  Lloyd,  and  Thomas  Dickason, 

trustees  of  the  Boston  location 
John  T.  Apthorp 
James  Perkins  - 
William  Payne 
Gardner  Green 

James  and  Thomas  H.  Perkins  - 
John  Derby 
William  Sullivan 
William  Payne  - 

William  Scoll ay's  heirs  -  .- .. 

Benjamin  Joy     - 
James  Sullivan's  heirs  - 
William  Sullivan 
James  and  Thomas  H.  Perkins  - 
S.  and  W.  H.  Vernon    - 
Thomas  and  S.  Douglass 
The  heirs  of  Jonathan  and  W.  Arnold  - 
Hugh  Rose 
Thomas  Tunno 
Samuel  Dexter  - 

Do. 
Mary  Gil  man    -  -  «fo 

Do.  - 

Ruggles  Whiting 
Artemas  Ward  - 
Henry  Sands 
Robert  Morris,  jr.,  and  John  Mowall,  jr.,  assignees  of 

C.  Sands 
Thomas  Mullet  - 
John  Jackson     - 

Robert  Sands     -  ... 

Daniel  Boardman  -         »,  ,*  • 

Jacob  Sebor       -  -  -  .  . 

Eli  Williams      -  .  *f 

Daniel  Boardman  -  - 

Do.  assignee  of  Henry  Hunt 

Richard  L.  Hunt,  executor  of  Thomas  Hunt      - 
Peter  Griffin      - 

William  Pauldin^  -  -  .  . 

William  Holroyd  and  Benjamin  Hoppin 
Robert  and  Hamilton  Stewart    - 
John  Michael    -  -        T  •:"  •        - 

James  Thweatt  -  -  ,      *>-7  • 


$2,859  51 

157,959  95 

14,640  75 

7.320  37 

7,320  00 

7,320  37 

11,438  08 

25,163  78 

9,150  47 

2,287  61 

18,300  94 

54,902  81 

9,150  47 

2,287  61 

13,992  21 

1,734  01 

1,868  22 

21,412  OS 

67,228  07 

17,586  28 

13,771  45 

22,876  17 

18,300  94 

44,837  29 

13,725  70 

6,885  73 

8,443  56 

16,887  10 

28,595  11 

10,169  90 

5,085  00 

5,085  00 

10,169  90 

48,611  86 

44,162  64 

5,569  56 

44,644  48 

11,803  06 

3,176  25 

2,833  56 

1,875  00 

1,837  00 

4,343  93f 


ISIS.}  SECRETARY  OF  THE  TREASURY. 

STATEMENT— Continued. 


129 


Awards  in  favor  of 

Amount  of  each 
award. 

Thomas  Tunno 

$1,379  31i 

Agnes  Smith  and  Hugh  Smith  - 

625  00 

William  Wallace                      '*"* 

9,999  99 

Frederick  Farmer 

8,571  42 

Susan  Hamell   - 

1,428  56 

Bedford  Brown 

2,857  14 

Daniel  W.  Cox 

1,428  57 

Thomas  Young,  for  himself  and  Alexander  Kettell 

52,758  84 

James  Lyle                                            ^^ 

12,810  00 

~rr    i        A  *            T 

V  alentme  Jones                                        -^    • 

67,228  07 

William  Wikoff                  ]                  "!^ 

2,058  84 

Elizabeth  Sergeant              !   ,     c      n  p  p                tt; 

2,058  84 

Philip  P.  P.  Middleton            ^  ^ 

4,117  68 

Robert  Imley                       J  "                            Vf 

2,058  84 

Samuel  F.  Conover 

2,058  84 

James  Johnston 

1,428  57 

Ezekiel  Williams,  jr. 

357  14 

Thomas  Mitchell 

1,428  57 

Jacob  Douning 

4,621  25 

John  Loamy  and  D.  W.  Coxe,  assignees  of  Nalbro  Frazier 

2.027  50 

Elizabeth  Clayton                                               "  •  J 

'625  00 

John  Whipple  - 

3,641  87| 

William  Wallace            -                          -   , 

3,339  81" 

Nathaniel  Pendleton 

5,719  02 

Joseph  Darling 

714  87 

William  and  Sarah  Leffingwell 

357  43 

John  Russ         -            -                         -  .-. 

2,859  51 

Abraham  Bishop                          -         t*+* 

5,719  02 

Elizabeth  Wooster 

2,144  62 

Russle  Goodrich,  executor  of  Catharine  Miller  - 

12,545  00 

Joseph  Beavan,  adm'r  of  Jno.C.  Nightingale,  in  Georgia  - 

6,272  50 

John  Whipple,  adm'r  of  Jno.  C.  Nightingale  in  Con. 

6,272  50 

John  Morgan    ... 

2,859  51 

Russle  Goodrich,  executor  of  Catharine  Miller  - 

31,839  84 

Joseph  Be  van,  adm'r  of  Jno.  C.  Nightingale,  in  Georgia  - 

15,919  92 

John  Whipple,  adm'r  of  Jno.  C.  Nightingale,  in  Con.     '• 

15,919  92 

Hamilton  Stewart  :  D.  Boardman,  attorney 

3,202  64 

Comfort  Sands,  administrator  of  Lewis  Sands    - 

5,719  00 

Robert  Flourney  :  B.  Hall,  attorney 

6,405  28 

Eleazer  Early,  in  his  own  right 

16,505  00 

Do.            trustee  of  J.  B.  Barnes     - 

1,000  00 

Do.            for  administrators  of  Thomas  Glascock  - 

11,500  00 

Do.            att'y  of  the  representatives  of  A.  Gordon  - 
Benjamin  Sherrard 

10,000  00 
3,000  00 

Judah  Hays       -          ;  -^ 

6,885  72 

Heirs  of  Moses  M.  Hays             -            - 

3,442  86 

ii.—  9 

130 


REPORTS  OF  THE 


[1818. 

L 


STATEMENT— Continued. 


Awards  in  favor  of 


Amount  of  each 
award. 


John  Mallowney 

Ann  Kittera 

Eiisha  Gordon  - 

Samuel  Richards 

Thomas  Gumming,  guardian  of  the  heirs  of  William  Poe 

Rebecca  Learning  and  others,  heirs  and   devisees  of 

Thomas  Learning 
John  Taylor 
William  Payne  - 

Silas  Betton  and  Amos  Kent,  executors  of  John  Prentis  - 
Ebenezer  Jackson,  trustee  for  and  in  behalf  of  the  persons 

named  as  cestn-i  que  trusts  in  the  report  of  June  28, 

1815,  holding  296  shares  in  the  Tennessee  Company  - 
Ebenezer  Jackson  in  his  own  behalf 
Arthur  Harper  -  - 

William  Lovett  and  James  G.  Forbes    - 
Charles  Way]  and 

James  Sterling  -  - 

John  Whipple    -  ... 

Thomas  Gumming,  for  heirs  of  William  Poe 
Benjamin  Joy,  for  heirs  of  J.Arnold      -  r 

James  Thwaite  -  -  ... 

Charles  Matthews 

Frederick  Farmer  .... 

Bedford  Brown  -  .... 

John  Taylor      -  .  .         :   j* 

Daniel  W.  Coxe  -  .  * ' .  •'-- 

William  Wallace  -  -  ... 

James  Johnston  .... 

Ezekiel  Williams,  jr.      -  -  '- ** 

Thomas  Mitchell        .  •-         :  if';'     "'"•  •-'"; 
Rebecca  Learning  and  others,  heirs  and  devisees  of 

Thomas  Learning      -  .... 

Robert  Flourney  -  .  . 

Arthur  Fort       -  .          "v^     ' :  ij; 

Charles  C.  Broadhead  and  Charles  L.  Plott 
Walter  Sims      -  -f"         .  .        -•  V^ 

James  Smedley,  administrator  de  bonis  non  of  Oliver 

Philips  '-'^        . 

Alexander  C.  Glass,  and  William  Mclnlire,  assignees  of 
Thomas  and  H.  Ely  - 

Benjamin  Joy  and  Samuel  Dexter,  agents  of  and  in  behalf 
of  the  Directors  of  the  New  England  Mississippi  Land 
Company  -  _ 

William  A.  Tenneille  ...  ~_ 

Janet  McLaws  and  William  Urquhart,  executors  of  An- 
drew Innis  - 


$5,380  00 

4,448  12 

2,058  84 

2,058  84 

660  \2\ 

2,857  14 

1,428  57 

55,965  64 

6,885  72 


2,600  36 
87  85 
52  71 
17  57 


78,357  16 


8,430  57 
910  57 


12,000  00 
2,857  14 

15,931  81 


1818.] 


SECRETARY  OF  THE  TREASURY. 
STATEMENT— Continued. 


131 


Awards  in  favor  of 


Amount  of  each 
award. 


'to  -K. 


Samuel  Pitkin  - 

Charles  Matthews,  administrator  of  John  Matthews 
Stephen  Lawrence,  administrator  of  Samuel  Lawrence  - 
Peter  Early  and  Joel  Early- 
Thomas  Gumming,  guardian  of  William  Poe's  heirs 
Charles  L.  Matthews  "*-'fl 
Samuel  Bull 
Joseph  W.  Alsop 
Josiah  Williams  -  >•"'  fj.  .-;  -. 

T^U  O 

Ebenezer  Sage  -  ?•?     •  -,-  • 

Lemuel  Storrs   - 
Arthur  W.  Magill 
John  J.  Chappell 
Jacob  Sebor 
Jacob  Michael    - 

The  heirs  of  William  Williamson 
Eleazer  Early,  in  his  own  right 
Do.          trustee  of  J.  Barnes 
Do.          administrator  of  Thomas  Glascock 
Do.          att'y  for  the  representatives  of  A.  Gordon 
Benjamin  Sherwood       -  *'•%* 

Benjamin  Joy  and  Samuel  Dexter,  for  and  in  behalf  of 

the  directors  of  the  New  England  Mississippi  Land 

Company 
Eleazer  Early    - 
Walter  Sims 

Robert  and  Hamilton  Stewart    - 
William  Lovett  and  James  G.  Forbes    -         ,f "..' 
James  J.  Roosevelt  •  - 

James  Berrill      -  -  - 

Isaac  Marquanell 

Samuel  Whittemore  ... 

Hester  Smith     - 
William  Cairnes 
Augur  Tomlinson 
Jonathan  O.  Walker 
Benjamin  Joy  and  Samuel  Dexter,  for  and  in  behalf  of 

the  directors  of  the  New  England  Mississippi  Land 

Company       -  »**[Tr 

Eleazer  Early    -  -  - 

Benjamin  Joy    - 

Daniel  Boardman  -  '         w 

Arthur  Harper  -  -  £f.         .«&,, 

The  heirs  of  William  Colhoun  -  -  ».         » 

Nathaniel  Twining 
Henry  Seymour  and  Thomas  Seymour,  guardians  of  the 

heirs  of  J.  Chenward,  jr.        - 


$1,071  43 

13,552  00 

4,312  00 

18,516  96 

1,848  00 

6,160  00 

12,320  00 

924  00 

616  00 

1,848  00 

1,232  00 

6,160  00 

3,080  00 

4,928  00 

6,160  00 

55,440  00 

3,829  16 

232  00 

2,668  00 

2,320  00 

696  00 


35,170  43 

2.857  U 

3,338  06 

18,480  00 

14,784  00 

4,928  00 

4,928  00 

3,696  00 

3,696  00 

3,080  00 

616  00 

616  00 

616  00 


22,757  41 

17  57 

57,190  00 

985  60 
11,271  86 
5,561  06i 
2;827  81$ 

2,859  51 


132 


REPORTS  OF  THE 

STATEMENT— Continued. 


[181 B 


Awards  in  favor  of 

Amount  of  each 
award. 

Robert  Randolph 

SI,  428  57 

The  heirs  and  devisees  of  William  Williamson  - 

6,160  00 

John  N.  Gumming,  Richard  Stockton,  and  Azariah  Hunt, 

executors  of  John  Rhea 

2,058  84 

James  Goodwin,  administrator  of  Jane  Goodwin,  and 

guardian  of  E.  H.  and  J.  H.  Goodwin 

3,080  00 

Thomas  Gumming 

1,428  57 

James  J.  Bull 

2,833  55 

Garrett  WikofT,  Samuel  Wikoff,  and  Joseph  Holmes,  ex- 

ecutors of  Joseph  Holmes,  deceased    - 

860  25  ' 

William  Whann 

260  62-i 

Peter  Early,  executor  of  Joel  Early 

14,925  25" 

Edward  Jarvis,  administrator  of  Leonard  Jarvis 

18,300  80 

James  J.  Bull     - 

25  96 

Janet  McLaws  - 

2,456  88 

Samuel  Pitkin   - 

428  92-i 

Ezekiel  Williams 

428  92| 

Jonathan  Smith,  guardian  to  the  heirs  of  Jared  Barnes  - 

1,745  12A 

James  Thweatt 

3.490  25" 

Thomas  Gumming 

l',745  12A 

Robert  Randolph 

1,745  12i 

Nicholas  Long  - 

3,490  25" 

Mary  Gilman    - 

436  28 

William  Hunter  - 

6,980  50 

James  Johnston  - 

1,745  m 

John  Malloney  - 

218  14" 

Ann  Kittera 

218  14 

Henry  C.  Gaither,  Henry  C.  Dorsey,  Henry  Gaither,  of 

Daniel,  Frederick  Gaither,  guardian  of  Henry  Gaither, 

of  Frederick,  and  Benjamin  Gaither,  guardian  of  Wil- 

liam Henry  Gaither,  devisees  of  Colonel  Gaither 

1,745  12i 

Jonathan  Coit,  executor  of  J.  Bulgin 

2,617  6S| 

John  Leamy  and  Daniel  C.  W.  Coxe,  assignees  of  Nalbro 

Frazier 

5,235  371 

Hugh  Nesbit      - 

1,745  121 

Robert  Flourney                        •->          V            - 

j 

6,980  50 

Bartholomew  Hownsfield 

1,745  12£ 

Samuel  Dexter,  trustee  of  Elizabeth  More 

747  90£ 

Samuel  Dexter  -                                     ... 

2,742  34^ 

Elisha  Tracy    -                        - 

308  00 

Benjamin  D.  Sirams      ... 

4,312  00 

Michael  Nourse                                      ... 

872  56 

Edward  Ro  well                                       -         •-••-,     >  -  •-< 

1,745  12i 

Nicholas  Long,  for  his  one-fourth  of  $12,211  50,  decreed 

to  the  grantees  of  the  Georgia  Mississippi  Company   - 

3,052  SH 

1818.J 


SECRETARY  OF  THE  TREASURY. 
STATEMENT— Continued. 


133 


Awards  in  favor  of 


Amount  of  each 
award. 


Thomas  Gumming,  for  his  one-fourth  of  $12.211  50,  de- 
creed to  the  grantees  of  Georgia  Mississippi  Company 

The  heirs  arid  representatives  of  Ambrose  Gordon,  his 
one-fourth  of  $12,211  50,  decreed  to  the  grantees  of 
Georgia  Mississippi  Company 

The  heirs  and  representatives  of  Thomas  Glascock,  his 
one-fourth  of  $12,21 1  50,  decreed  to  the  grantees  of 
Georgia  Mississippi  Company 

Daniel  Wadsworth. 

Thomas  Gumming 

Robert  Randolph  «• 

Cochran  McClure 

Richard  Napier  - 

William  A.  Fenneille   i- 

Samuel  Pitkin  -  .  *»r  K* 

Cochran  McClure 

Richard  Napier 

Daniel  Wadsworth,  surviving  partner  of  Sandford  and 
Wadsworth  - 

Russell  Goodrick,  executor  of  Catharine  Miller  - 

John  Miller,  administrator  of  Jno.  C.  Nightingale 

Amasa  Jackson 

Jonathan  Coit,  executor  of  James  «Bulgin 

Thomas  Coit     - 

The  representatives  of  Geo.  Pearson  :  per  act  of  Apr.  1818 


$3,052  8H 


3,052 


3,052  87£ 

1,281  23" 

8  78£ 

8  78£ 

17  57 

8  78i 

17  57" 

6  59^ 

2,857  14" 

1,428  57 

1,578  28 
211  681 
211  68-i- 
24,831  90" 
2,617  68A 
5.719  02 
625  00 


$4,282,151 


Amount  of  certificates  issued 

Do.      do.    to  be  issued  - 


$4,273,113  79 
9,037  33 

$4,282,151  12 


TREASURY  DEPARTMENT, 

Register's  Office,  November  18,  1818. 

JOSEPH  NOURSE,  Register. 


134  REPORTS  OF  THE  [1818 

-.  •       ,  :...     .4  A  L 


TREASURY  DEPARTMENT, 

December  19,  1818. 

SIR  :  I  have  the  honor  to  submit  the  enclosed  statements  of  the  sales  of 
public  lands  during  the  year  1817,  and  the  first  three  quarters  of  the  year 
1818,  which  were  intended  to  have  accompanied  the  annual  report  of  the 
Treasury,  but  which  were  not  then  prepared. 
I  have  the  honor  to  be, 

With  great  respect,  Sir, 

Your  obedient  servant,  » 

WILLIAM  H.  CRAWFORD. 
The  Hon.  the  PRESIDENT  OF  THE  SENATE. 


1818.] 


SECRETARY  OF  THE  TREASURY. 


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818.]  SECRETARY  OF  THE  TREASURY.  143 


- 

No.  4. 

TOTAL  SALES  of  land  in  Mississippi  and  Alabama,  viz: 

From  the  opening  of  the  offices,  to  the  1st 

October,  1817,  as  per  account  laid  before  Acres.          Dollars. 

Congress  in  December,  1817     -  1,690.932.96     3,981,269  26 

From  1st  October,  1817,  to  31st  December, 

1817    -  127,329.54       253,638  11 

From  1st  January,  1818,  to  30th  Septem- 
ber, 1S18          -  695,848.54    3,715,752  94 


Total  from  opening  offices  to  Sept.  30, 1818,     2,514,111.04    7,950,660  31 


TOTAL  STOCK  RECEIVED,  VIZ  : 

Up  to  1st  October,  1817      -  -  -  •""-    $431,12092 

From  1st  October,  1817,  to  31st  December,  J817  64,559  88 

From  1st  January,  1818,  to  30th  September,  1818   -  594.063  87 

$1,089,744  67 

GENERAL  LAND  OFFICE,  December  16,  1818. 

JOSIAH  MEIGS,  Commissioner. 

NOTE.— No  return  has  been  received  from  Huntsville  for  the  third  quarter  of  the  present 
year. 


144 


REPORTS  OF  THE 


[1819. 


REPORT  ON  THE  FINANCES. 


1 


DECEMBER,  1819. 


- 

In  obedience  to  the  directions  of  the  "  Act  supplementary  to  the  act  to 
establish  the  Treasury  Department,"  the  Secretary  of  the  Treasury  respect- 
fully submits  the  following  report : 


I.    OF  THE  REVENUE. 


The  nett  revenue  arising  from  duties  upon  imports  and  tonnage,  inter- 
nal duties,  direct  tax,  public  lands,  postage,  and  other  incidentarreceipts. 


during  the  year  1815,  amounted  to 

'Viz. 

Customs  (see  statement  A)      -  >-  $36,306,022  51 

Internal  duties  -  '    5,963,225  88 

Direct  tax       -  -,  5,723,152  25 

Public  lands   -  -  1.287,959  28 

Postage,  and  other  incidental  receipts  -  275,282  84 

That  which  accrued  from  the  same  sources,  in  the  year 
1816,  amounted  to 

Viz. 

Customs  (see  statement  A)       -  -  $27,484,100  36 

Internal  duties  -      4,396,133  25 

Direct  tax  -      2,785,343  20 

Public  lands    -  -      1,754,487  38 

Postage,  and  other  incidental  receipts  -         237,840  53 


-  $49,555,642  76 


That  which  accrued  from  the  same  sources  during 


1817,  amounted  to 

Viz. 

Customs  (see  statement  A) 
Internal  duties 
Direct  tax 


-  $17,524,775  15 

-  2,676,882  77 
1.833,737  04 


Public  lands  (exclusive  of  Mississippi 

stock)  -      2.015,977  00 

Postage,  and  other  incidental  receipts  313,855  38 

And  that  which  accrued  from  the  same  sources,  during 


the  year  1818,  amounted  to 

Viz. 
Customs  (see  statement  A) 


-  $21,828,451  48 


Arrears  of  internal  duties  (see  state- 
ment B)  -  947,946  33 

Arrears  of  direct  tax  (see  statement  B)          263,926  01 

Public  lands,  exclusive  of  Mississippi 

stock  (see  statement  C)  2,464,527  90 

Postage,  dividends  on  bank  stock,  and 
other  incidental  receipts  (see  state- 
ment B)  -  -  -  -  590,348  93 


36,652,904  72 


24.365,227  34 


26.095,200  65 


1819.] 


SECRETARY  OF  THE  TREASURY. 


145 


It  is  ascertained  that  the  gross  amount  of  duties  on  merchandise  and 
tonnage,  which  have  accrued  during  the  first  three  quarters  of  the  present 
year,  exceeds  $18,000,000. 

And  the  sales  of  the  public  lands,  during  the  same  period,  have  exceeded 
$8,700,000. 

The  payments  into  the  Treasury,  during  the  first  three 
quarters  of  the  year,  are  estimated  to  amount  (exclusive 
of  $169,594  07  in  Treasury  notes,)  to     $19,550,607  17 
Viz. 

Customs  -  $15,604,081  58 

Public  lands,   (exclu- 

2,858,556  61 


sive  of  Mississippi  stock) 
Arrears  of  internal  du- 
ties 

Arrears  of  direct  tax 
First  instalment  pay- 
able   by    United  States 
Bank      - 

Fourth  dividend  on  the 
United  States  shares   in 
the  United  States  Bank 
Incidental  receipts 
Repayments  - 


195,531  02 

72,880  24 


500.000  00 


175,000  00 
29,095  92 
85,462  29 


And  the  payments  into  the  Treasury 
during  the  fourth  quarter  of  the  year, 
from  the  same  sources,  are  estimated  at 

Making  the  total  amount  estimated  to 
be  received. into  the  Treasury,  during  the 
year  1819,  (exclusive  of  $169,594  07  in 
Treasury  notes) 

Which,  added  to  the  balance  in  the  Trea- 
sury on  the  1st  day  of  January  last, 
(exclusive  of  $32,155  51,  in  Treasury 
notes)  amounted  to 

Makes  the  aggregate  amount  of 


5,000,000  00 


-  $18,192,387  43 


The  application  of  this  sum  for  the  year  1819,  is  es- 
timated as  follows,  viz : 

To  the  30th  September,  the  payments 
(exclusive  of  $81,161  79  in  Treasury 
notes,  which  have  been  drawn  from  the 
Treasury,  and  cancelled,)  have  amounted 
to  -.. 

Yiz. 

Civil,  diplomatic,  and 
miscellaneous  expenses,    $2,544,612  98 

Military  service,   (in- 
cluding arrearage)         -      7,665,961  72 

Naval  service,  includ- 
ing the  permanent  appro- 
priation for  the  gradual 
increase  of  the  navy     -      3,527,640  42 
YOL.  ii.— 10 


$24,381,013  10 


1,446,371  23 

-  $25,827,384  33 


it    tjS 


146 

Public  debt,  (exclusive 
of  $81,161  79  in  Treasu- 
ry notes,  above  mention- 
ed) 

During  the  fourth  quar- 
ter it  is  estimated  that  the 
payments  (exclusive  of 
$120,587  79  in  Treasu- 
ry notes,  which  will  be 
drawn  from  the  Treasu- 
ry and  cancelled.)  will 
amount  to 
Yiz: 

Civil,  diplomatic,  and 
miscellaneous  expenses 

Military  service 

Naval  service 

Public  debt,  to  the  1st 
of  January,  1820.  (exclu- 
sive of  $120,587  79  in 
Treasury  notes,  above 
mentioned) 

Making  the  aggregate 
amount  (exclusive  of 
$201,749  58  in  Treasury 
notes,  drawn  from  the 
Treasury  and  cancelled) 
of 

And  leaving,  on  the  1st 
of  January,  1820,  a  bal- 
ance in  the  Treasury,  es- 
timated at 


[1819. 


$4,454,172  31 


$7,300,000  00 


500,000  00 

1,530,000  00 

300.000  00 


4,970,000  00 


$25,492.387  43 


$334,996  90 


II.    OF   THE    PUBLIC    DEBT. 

The  funded  debt,  which  was  contracted  before  the  year  1812,  and  which 
was  unredeemed  on  the  1st  day  of  October,  1818,  (as  appears  by  statement 
No.  1,)  amounted  to  -  -  -  $29,681,280^07 

And  that  contracted  subsequently  to  the  1st  day  of 
January,  1812,  and  unredeemed  on  the  1st  of  October, 
1818,  as  appears  by  the  same  statement,  amounted  to  68,146,039  84 


Making  the  aggregate  amount  of 

"Which  sum  agrees  with  the  amount  stated  in  the  last 
annual  report  as  unredeemed  on  the  1st  October,  1818  ; 
excepting  the  sum  of  $1,885  13,  which  was  then  short 
estimated,  and  which  has  since  been  corrected  by  actual 
settlement. 

On  the  1st  day  of  January,  there  was  added  to  the 
above  amount,  for  Treasury  notes  brought  into  the 
Treasury  and  cancelled,  and  for  which  the  following 
stock  was  issued  : 


$97,827,319  91 


[67 

'  '  £)• 


1810.] 


SECRETARY  OF  THE  TREASURY. 


147 


In  6  per  cent,  stock 
In  7  per  cent  stock 


$49,024  71 
2,646  00 
$51,670  71 


Making 

From  which  deduct  Louisiana  6  per 
cent,  stock,  reimbursed  on  the  2 1st  of  Oc- 
tober, 1818  ;.*li.i  -  4,977,950  00 

And  deferred  stock,  reimbursed  be- 
tween the  1st  of  October,  1818,  and  1st  of 
January,  1819  -  -  252,863  27 


Making  the  public  debt,  which  was  un- 
redeemed on  the  1st  January,  1819,  (as 
appears  by  statement  No.  2,)  amount  to  - 

From  the  1st  of  January  to  the  30th 
September,  inclusive,  there  was,  by  fund- 
ing Treasury  notes  and  issuing  3  per 
cent,  stock,  for  interest  on  old  registered 
debt,  added  to  the  public  debt,  (as  ap- 
pears by  statement  No.  3,)  the  amount  of 


,  $97,878,990  62 


From  which  deduct  the  amount  of  stock 
purchased  during  that  period,  (as  appears 
by  statement  No.  4,) 

And  the  estimated  reimbursement  of 
deferred  stock  -  L>  J  • -'1 


Making,  on  the  1st  of  October,  1819,  (as 
appears  by  statement  No.  3,)  the  SUP  of  - 

Since  the  30th  of  September,  tfore  has 
been  redeemed,  or  provision  mad«  for  the 
redemption,  of  54  per  cent,  of  tne  Louisi- 
ana stock  unpaid  on  the  1st  October,  1819, 


711,957  55 

243,827  88 


amounting  to 


And  there  will  be  reimbursed  of  the 
principal  of  the  deferred  six  per  cent,  stock, 
on  the  1st  of  January,  1820 


Leaving  the  public  debt,  unredeemed 
on  the  1st  January,  1820,  by  estimate    - 


-  2,601,817  15 


241,506  70 


5,230,813  27 


36.135  59 


92,684,312  94 


955,785  43 


-    91,728,527  51 


2,843,323  85 


-  $88,885,203  66 


The  Treasury  notes  in  circulation  are  estimated,  (as  ap- 
pears by  statement  No.  5,)  at  -  -  -  $181,821  00 

The  whole  of  the  awards  made  by  the  commissioners 
appointed  under  the  several  acts  of  Congress,  for  indemni- 
fying certain  claimants  of  public  lands,  (as  appears  by 
statement  No.  6,)  amount  to  -  ,  -  4,282,151  12 


143  REPORTS  OF  THE  [1819, 

Of  which  there  has  been  received  at  the  office  of  the 
Commissioner  of  thfi  General  Land  Office,  (as  appears  by 
statement  C})  the  sum  of  $2,372,574  31 

Leaving  outstanding,  at  the  dates  of  the  several  returns 
from  the  land  districts  $1,909,576^  SI 

III.    OF    THE    ESTIMATES    OF    THE    PUBLIC    REVENUE    AND    EXPENDITURE 
FOR  THE  YEAR  1820. 

In  presenting  the  estimates  for  the  year  1820,  it  may  be  proper  to  observe, 
that  when  the  internal  duties  were  repealed  on  the  31st  of  December,  1817, 
the  permanent  revenue,  including  those  duties,  was  estimated  at  $24,525,000: 
whilst  the  annual  authorized  expenditure  was  ascertained  to  be  less  than 
$22,000,000.  The  repeal  of  the  internal  duties  reduced  the  former  to 
$22,025,000;  whilst  the  payments  from  the  Treasury,  during  the  year 
1818,  exceeded  $26,000,000,  and  those  of  the  present  year  will,  probably, 
fall  but  little  short  of  $25,500,000. 

In  the  annual  report  of  the  Treasury  of  the  21st  of  November,  1818,  the 
receipts  for  the  present  year  \rere  estimated  at  $24,220,000.  Although  this 
estimate  will  be  realized  in  its  general  result,  deficiencies  have  been  ascer- 
tained in  the  customs,  the  internal  duties  and  direct  tax,  the  bank  dividends, 
and  the  postage  of  letters.  The  deficiency  which  has  occurred  in  the  cus- 
toms, internal  duties  and  direct  taxes,  will  probably  augment,  in  nearly  the 
same  degree,  the  receipts  from  those  sources  in  the  year  1820,  by  the  pay- 
ment of  the  revenue  bonds,  and  of  that  portion  of  the  internal  duties  and  di- 
rect taxes,  which,  if  the  accustomed  punctuality  had  been  observed,  would 
have  been  received  during  the  present  year.  But  it  is  probable  that  the  re- 
ceipts of  that  year  will  be  diminished  by  the  non-payment  of  bank  dividends, 
and  by  the  application  of  a  portion  of  the  proceeds  of  the  public,  lands  to  the 
redemption  of  the  outstanding  Mksissippi  stock.  The  receipts  for  the  year 
1820,  applicable  to  the  ordinary  ani  current  demands  upon  the  Treasury, 
may  therefore  be  estimated  at  -  .  .  $22,000.000  00 

Viz: 

Customs  $19,000,000  00 

Public  lands     -  2,000,000  00 

Arrears  of  internal  duties  and  direct  tax  450,000  00 
Second  instalment  due  by  U.  S.  Bank  -  500,00000 
Incidental  receipts  '  -  50,000  00 

Which,  with  the  sum  estimated  to  be  in 
the  Treasury  on  the  1st  of  Jan.  1820  334,996  90 

Make  the  aggregate  amount  of  -     $22.334,996  90 

The  estimates  of  the  expenditure  for  the  year  1820  are  not  yet  complete: 
but  it  is  ascertained  from  those  which  have  already  been  received,  that  a  sum 
not  less  than  $27,000,000  will  be  required  for  the  service  of  that  year. 
This  deficit  of  nearly  $5,000,000,  resulting  from  the  excess  of  expenditure 
beyond  the  receipts,  cannot  be  supplied  by  any  application  of  the  ordinary 
revenue.  Alter  paying  the  interest  and  reimbursement  of  the  public  debt, 
and  redeeming  the  remainder  of  the  Louisiana  stock,  about  $2,500,000 
ot  the  sinking  fund  will  remain  without  application,  if  the  price  of  the 
public  stock  should  continue  above  the  prices  at  which  the  commissioners 


1819.]  SECRETARY  OF  THE  TREASURY.  149 

of  the  sinking  fund  are  authorized  to  purchase.  During  the  years  1821, 
1822,  and  1823,  the  average  sum  of  $5,000,000  of  the  sinking  fund  will 
also  remain  without  application,  if  the  price  of  the  public  stock  should 
prevent  its  purchase.  Any  application  of  that  portion  of  the  sinking  fund 
which,  on  account  of  the  price  of  the  public  stock,  may  remain  unemployed 
in  the  hands  of  the  commissioners  of  the  sinking  fund,  to  other  branches 
of  the  public  service,  if  allowable  under  the  provisions  of  the  act  making 
the  appropriation,  would  only  postpone  the  period  at  which  additional  impo- 
sitions would  be  required  to  meet  the  public  expenditure.  Such  an  applica- 
tion would  also  have  the  effect  of  ultimately  retarding  the  redemption  of  the 
public  debt. 

It  may  bs  proper  to  add,  that,  although  some  of  the  items  in  the  estimate 
for  the  ensuing  year  may  be  considered  in  their  nature  temporary,  yet  it  is 
probable  that  the  estimate  for  succeeding  years  will  exceed,  rather  than 
fall  below  it. 

Under  all  the  circumstances,  it  is  respectfully  submitted  that  the  public 
interest  requires  that  the  revenue  be  augmented,  or  that  the  expenditure  be 
diminished. 

Should  an  increase  of  the  revenue  be  deemed  expedient,  a  portion  of  the 
deficit  may  be  supplied  by  an  addition  to  the  duties  now  imposed  upon 
various  articles  of  foreign  merchandise,  and  by  a  reasonable  duty  upon  sales 
at  public  auction ;  but  it  is  not  probable  that  any  modification  of  the  existing 
tariff  can  supersede  the  necessity  of  resorting  to  internal  taxation,  if  the  ex- 
penditure is  not  diminished.  Should  Congress  deem  it  expedient  to  modify 
the  present  rate  of  duties,  with  a  view  to  afford  that  protection  to  our  cotton, 
woollen,  and  iron  manufactures,  which  is  necessary  to  secure  to  them  the 
domestic  market,  the  necessity  of  resorting  to  a  system  of  internal  taxation 
will  be  augmented.  It  is  believed  that  the  present  is  a  favorable  moment 
for  affording  efficient  protection  to  that  increasing  and  important  interest,  if 
it  can  be  done  consistently  with  the  general  interest  of  the  nation.  The 
situation  of  the  countries  from  whence  our  foreign  manufactures  have  been 
principally  drawn,  authorizes  the  expectation  that,  in  the  event  of  a  mono- 
poly of  the  home  market  being  secured  to  our  cotton  and  woollen  manufac- 
tures, a  considerable  portion  of  the  manufacturing  ski  11  and  capital  of  those 
countries  will  be  promptly  transferred  to  the  United  States,  and  incorporated 
into  the  domestic  capital  of  the  Union.  Should  this  expectation  be  realized, 
the  disadvantages  resulting  from  such  a  monopoly  would  quickly  disappear. 
In  the  mean  time,  it  is  believed  that  a  system  of  internal  taxation  would  be 
severely  felt  by  the  great  mass  of  our  citizens. 

Whether  the  revenue  be  augmented,  or  the  expenditure  be  diminished, 
a  lean  to  some  extent  will  be  necessary.  The  augmentation  of  the  one,  or 
the  diminution  of  the  other,  cannot  be  effected  in  sufficient  time  to  prevent 
this  necessity.  As  the  six  per  cent,  stock  of  the  United  States  is  consider- 
ably above  par,  the  sum  required  to  be  raised  by  loan  can  be  conveniently 
and  advantageously  obtained  by  the  sale  of  stock  of  that  description;  or  it 
may  be  obtained  by  the  issue  of  Treasury  notes.  If  the  revenue  and  expend- 
iture shall  be  equalized,  the  issue  of  Treasury  notes,  not  bearing  interest, 
is  recommended  in  preference  to  the  creation  or  sale  of  stock,  as  the  loan, 
in  that  event,  will  be  small  in  amount  and  temporary  in  its  nature. 
All  which  is  respectfully  submitted. 

WM.  H.  CRAWFORD. 
TREASURY  DEPARTMENT,  December  10,  1819. 


150 


REPORTS  OF  THE 


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1819.1 


SECRETARY  OF  THE  TREASURY. 


151 


A'a. 

A  8TA  TEMENT  exhibiting  the  value  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1818, 
(consisting  of  the  difference  between  articles  paying  duty,  imported, 
and  those  entitled  to  drawback,  re-exported  ;)  and,  also,  of  the  nett  re- 
venue which  accrued  that  year,  from  duties  on  merchandise,  tonnage, 
passports,  and  clearances. 


MERCHANDISE   PAYING   DUTIES   AD   VALOREM. 

2,387,693  dollars,  at    7i  per  cent.         -       t,--p.     '.- 
19.415.525     do.            15        do.              -"  '       -         :,« 
9^24,531      do.           20        do.               -       '    »,  i       - 
24,804,183     do.           25        do.               -           -'.,''       - 
2,634:637     do.            30        do.               ... 

$179,076  97 
2,916,828  75 
1,904,906  20 
6,201,047  00 
790,091  10 

$11,947,26002 
10,094,912  42 

58,795,574 
134,070     do.  exp'd  33|      do. 

11,991,950  02 
44,690  00 

58,661,504 

630,181  75 
2,646,186  92 
615,751  15 
1,531,749  53 
959,970  15 
1,568,892  44 
550,479  20 
1,591,701  28 

1.  Wines       -    1,663,482  gallons,  at  37.9  cents  average 
2.  Spirits       -    6,052,453      do.      at  43.7  cents      do. 
Molasses  -  12,315,023      do.      at    5     cents      do. 
3.  Teas         -    4,842363  pounds,  at  31.6  cents      do. 
Coffee       -  19,199,403      do.      at    5      cents      do. 
4.  Sugar       -  51,284,983      do.      at    3.6  cents      do. 
5.  Salt          -    2,752,396  bushels,  at  20     cents      do. 
6.  All  other  articles          -                       -_*•!• 

.•                           "89          >h    reev 

Deduct  duties  refunded,  after  deducting  therefrom  du- 
ties on  merchandise,  the  particulars  of  which  could 
not  be  ascertained,  and  difference  in  calculation 

2i  per  cent,  retained  on  drawback           ... 
10  per  cent,  extra  duty  on  merchandise  imported  in  for- 
eign vessels        -           -.     v-).^           -  , 
Interest  and  storage                  *?  •<•      '^.i 

Nett  amount  of  duties  on  merchandise     -          >  ' 
Duties  on  tonnage 

Light  money          -           -                   t.^--- 

Passports  and  clearances 

Gross  revenue        -          ,»       ^^       /—  ~,v       -  ^ 
Deduct  expenses  of  collection    '  -  .                t__-  " 

Nett  revenue,  per  statement  A     - 

90,010  21 

201,993  96 
24,643  85 

22,042,172  44 
58,855  64 

21,983,316  80 
316,648  02 

2167669  24 
44,209  57 

22,299,964  82 

260,878  81 
14,030  00 

- 

22,574,873  63 
746,422  15 

21,828,451  48 

152 


REPORTS  OF  THE 

Explanatory  Statements  and  Notes. 


[1819. 


1.    Wines  — 
Madeira  - 
Burgundy 
Claret  in  bottles   - 
Sherry  and  St.  Lucar     - 
Lisbon,  Oporto,  &c. 
Teneriffe,  Fayal,  &c. 
All  other 

2.    Spirits- 
Grain.  1st  proof  - 
2d    do.     - 
3d    do.     - 
4th    do.     - 
5th    do.     - 
Other,  1st  and  2d  proof   - 
3d    do.     - 
4th    do.     - 
5th    do.     - 
Above  5th   do.     - 

:}.    Teas— 
Bohea 
Souchong 
Hyson  skin 
Hyson  and  young  hyson 
Imperial  - 

Deduct,  Imperial  exported 

161,718  gallons,  at 
7,940      do. 
58,474      do. 
11,675      do. 
110,064      do. 
194,348      do. 
1,119,263      do. 

100  cents    - 
100 
70 
60 
50 
40 
25 

42  cents    - 
45 
48 
52 
60 
38 
42 
48 
57 
70 

12  cents    - 
25              -           - 
28 
40 
50 

68 

$161,718  00 
7,940  00 
40,931  80 
7,005  00 
55,032  00 
77,739  20 
279,815  75 

1,663,482      do. 

637,181  75 

594,243  gallons,  at 
202,259      do. 
1,884      do. 
1,415      do. 
79      do. 
763,074      do. 
2,397,302      do. 
2,061,355      do. 
30,569      do. 
273      do. 

249,582  06 
91,016  55 
904  32 
735  80 
47  40 
289,968  12 
1,006,866  84 
989,450  40 
17,424  33 
191  10 

6,052,453      do.       - 

2,446,186  92 

376,294  pounds,  at 
963,257      do. 
1,524,372      do. 
1,713,623      do. 
266,368      do. 

45,155  28 
240,814  25 
426,824  16 
685,449  20 
133,184  00 

4,843,914      do. 
951      do. 

1,531,426  89 
646  68 

4,842,963      do. 

1,530,780  21 
969  32 

Additional  duty  on  teas  imported  from  other  places  than  China 

4.    Sugar  — 
Brown     -                      -  48,250,688  pounds,  at      3  cents    - 
White      -                       -    3,034,295      do.                4 

1,531,749  53 

1,447,520  64 
121,371  80 

5.    Salt- 
Imported,               bushels 
Exported 
Bounties  and  allowances, 
reduced  into  bushels    - 

51,284,983      do.    .    - 

at  20  cents 
at  20  cents 

1,568,892  44 

3,557,925 
32,589 

772,940 

.     '        QAr,  7^0 

711,585  00 
161,105  80 

2,752,396 

550,479  20 

1819.]  SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


153 


G.  All  other  articles. 

Quantity. 

Rate 
of 

duty. 

Duties. 

Cents 

Duck,  Russia         -          -r 

-     pieces 

$35,643 

200 

$71  ,286  00 

Ravens        -           ... 

-       do. 

32,262 

125 

41,577  50 

Holland      -                               *?', 

do. 

1,708 

250 

4,270  00 

Sheeting,  brown,  Russia    - 

-       do. 

14,176 

160 

22,681  60 

white,  Russia     -                   •*:*  - 

•-,     do. 

1,515 

250 

3,787  50 

Beer,  ale,  and  porter,  in  bottles     - 

-  gallons 

282,921 

15 

42,438  51 

jn  casks      -       "r'  - 

do. 

32,055 

10 

3,205  50 

Oil,  spermaceti       -           -                   T..   . 

-       do. 

963 

25 

240  75 

whale,  and  other  fish  -                   .'/*. 

-       do. 

2,301 

15 

345  15 

olive,  in  casks 

-       do. 

16,049 

25 

4,012  25 

Cocoa         -        •*>*  _  .j 

-  pounds 

520,307 

2 

10,406  14 

Chocolate  -           -                       -,-- 

-       do. 

2,079 

3 

62  37 

Sugar,  candy                     -        i,.;. 

do. 

2,339 

12 

280  68 

loaf 

do. 

1,542 

12 

185  04 

lump,  and  other  refined 

V-      do. 

1,061 

10 

106  10 

Almonds    -                      -          '.,  . 

-       do. 

567,682 

3 

17,030  46 

Fruits  —  Currants  -                               ''£-» 

•».     do. 

87,116 

3 

2,613  48 

Prunes  and  plums         -  -« 

do. 

186,379 

3 

5,591  37 

Figs          ... 

do. 

243,312 

3 

7,299  36 

Raisins,  jar,  &c.   -       '    -j'J 

do. 

2,391,865 

3 

71,755  95 

all  other  - 

do. 

1,489,628 

2 

29,792  56 

Candles,  tallow 

do. 

23,784 

3 

713  52 

wax  or  spermaceti     L   -!"* 

do. 

1,151 

6 

69  06 

Cheese        -           -           -       ;%"'-!' 

V-  \  do. 

185,494 

9 

16,694  46 

Soap           -           -           -                   :~°- 

•*       do. 

70,563 

3 

2,116  89 

Tallow       -                                  -  '    »". 

-       do. 

804,334 

1 

8,043  34 

Spices  —  Mar.e        - 

i**»      do. 

3,433 

100 

3,433  00 

Nutmegs  -                    J  -[^ 

-  .     do. 

40,010 

60 

24,006  00 

Cloves      -           -           r 

do. 

30,315 

25 

7,578  75 

Pepper 

do. 

1,100,209 

8 

88,016  72 

Pimento  -          *  '        -    .       - 

-;     do. 

220,740 

6 

13,244  40 

Cassia      - 

do. 

159,192 

6 

9,551  52 

Tobacco,  manufactured,  other  than  snuff  and  segars,  d«. 

103 

10 

10  30 

Indigo         -           -       —  ^-— 

do. 

126,999 

15 

19,049  85 

Cotton         -                       - 

do. 

4,218,742 

3 

126,562  26 

Gunpowder            -       -   X.         *l- 

do. 

105,627 

8 

8,450  16 

Bristles       -        _jf—  ;       -       „  tL_    '^-^ 

_.-...  do. 

188,077 

3 

5,642  31 

Glue           -                                  -      -    . 

-       do. 

50,582 

5 

2,529  10 

Ochre,  dry  -                                   - 

do. 

756,771 

1 

7,567  71 

in  oil                       - 

do. 

36,154 

!i 

542  31 

White  and  red  lead           -           -       }i  *f 

do. 

2,391,239 

3" 

71,737  17 

Whiting  and  Paris  white  - 

do. 

36,117 

1 

361  17 

Lead,  pig,  bar,  and  sheet  - 

do. 

401,148 

1 

4,011  48 

manufactured,  and  shot 

do. 

779,915 

2 

15,598  30 

Cordage,  cables  and  tarred 

-       do. 

396,056 

3 

11,881  68 

untarred,  and  yarn 

-       do. 

85,586 

4 

3,423  44 

Twine,  seines,  &c.             ... 

do. 

505,004 

4 

20,200  16 

Copper,  rods  and  bolts       - 

do. 

53,180 

4 

2,127  20 

nails  and  spikes  - 

do. 

53,667 

4 

2,146  68 

Wire,  not  above  No.  18     - 

do. 

286,260 

5 

14,313  00 

above  No.  18 

do. 

402 

9 

36  18 

IroH,  tacks,  brads,  &c.,  not  above  16  oz.  per  thousand,  M. 

16,914 

5 

845  70 

above        do. 

-       do. 

1,674 

4 

66  96 

nails  -           .... 

-  pounds 

376,722 

3 

11,301  66 

do.    -                       ... 

do. 

711,167 

4 

28,446  68 

spikes            -           -           -           '.'  : 

do. 

92,841 

2 

1,856  82 

do.    -           -           -           -.<*.- 

do. 

169,823 

3 

5,094  69 

anchors         -                      - 

-       do. 

113,431 

2 

2,268  62 

154 


REPORTS  OF  THE  [1819, 

Explanatory  Statements  and  Notes — Continued. 


6.  All  other  articles. 

Quantity. 

Rate 
of 

duty. 

Duties. 

Cents. 

Iron,  anchors         ... 

cwt. 

426 

150 

$639  00 

Pig     - 

do. 

3,970 

50 

1,985  00 

castings 

do. 

15,915 

75 

11,936  25 

sheet,  rod,  and  hoop  - 

do. 

17,856 

250 

44,640  00 

bar  and  bolt,  rolled    - 

do. 

53,979 

150 

80,968  50 

hammered 

do. 

52,739 

45 

23,732  55 

do.     ' 

do. 

245,699 

75 

184,274  25 

Steel 

do. 

11,343 

100 

11,343  00 

Hemp         - 

do. 

99,249 

150 

148,873  50 

Alum          ..... 

do. 

4,334 

100 

4,334  00 

Do.                      .... 

do. 

2,550 

200 

5,100  00 

Copperas    .-..". 

cio. 

455 

100 

455  00 

Coal            -           -           -     .      - 

-  bushels 

921,832 

5 

46,091  60 

Fish,  dried,  smoked,  &c.    - 

-  quintals 

1,888 

100 

1,888  00 

pickled,  salmon 

-    barrels 

2,512 

200 

5,024  00 

mackerel     - 

do. 

8,695 

150 

13,042  50 

all  other 

do. 

694 

100 

694  00 

Glass,  bottles,  black  quart  - 

gross 

19,350 

144 

27,864  00 

window,    8  by  10    - 

-100  sq.ft. 

5,722 

250 

14,305  00 

10  by  12    - 

do. 

3,135 

275 

8,621  25 

above  10  by  12      - 

do. 

5,462 

325 

17,751  50 

Boots          ..... 
Shoes  and  slippers,  silk     - 

pairs 
do. 

1,563 

8,834 

150 
30 

2,344  50 
2,650  20 

leather,  men's,  &c.    - 

do. 

45,111 

25 

11,277  75 

children's 

do. 

14,067 

15 

2,110  05 

Segars        -           - 
Playing  cards         - 

M. 
packs 

15,723 
11,999 

250 
30 

39,307  50 
3,599  70 

Deduct  exportations  over  importations,  viz: 
Cinnamon,  6,104  pounds,  at  25  cents 

$1,526  00 

1,593,359  76 

Snuff,           1,104      do.     at  12    do. 

- 

132  48 

- 

1,658  48 

Total 

1,591,701  28 

TREASURY  DEPARTMENT, 

Register's  Office,  December  10,  1819. 

JOSEPH  NOURSE,  Register. 


1319.] 


SECRETARY  OF  THE  TREASURY. 
B. 


155 


STATEMENT  of  moneys  received  into  the  Treasury,  from  internal 
duties  and  other  objects,  during  the  year  1818. 


From  arrears  of  new  internal  duties 

new  direct  tax 

old  internal  revenue    - 

old  direct  tax  - 
postage  of  letters 
fees  on  letters  patent 

cents  and  half  cents  coined  at  the  mint     - 
rent  of  the  lead  mines  in  the  Missouri  Territory  - 
fines,  penalties,  and  forfeitures 
surplus  proceeds  of  property  sold  for  paying  of 

direct  taxes  of  1815 
surplus  proceeds  of  property  sold  for  paying  of 

direct  taxes  of  1816 

interest  on  stock  in  the  Bank  of  the  United  States 
interest  on  balances  due  by  banks  to  the  U.  States 


$947,946  33 

263,926  01 

7.323  87 

407  35 

20,070  00 

4,740  00 

23,420  00 

2.000  77 

577  60 

1,378  15 

131  71 

525,000  00 
5,299  48 


$1,802,221  27 


TREASURY  DEPARTMENT, 

Register's  Office,  December  4,  1819. 

JOSEPH  NOURSE,  Register. 


156 


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REPORTS  OF  THE 
No.  1. 


[1819 


STATEMENT  of  the  funded  debt  of  the  United  States,  on  the  1st 

October,  1818. 


Deferred  six  per  cent,  stock,  (unredeem- 
ed amount) 
Three  per  cent,  stock 
Louisiana  six  per  cent,  stock 
Six  per  cent,  stock  of  1796 
Exchanged  six  per  cent,  stock  of  1812    - 

Six  per  cent,  stock  of  1812,  loan  of  11 

millions 
Six  per  cent,  stock  of  1813,  loan  of  16 

millions 
Six  per  cent,  stock  of  1813,  loan  of  7^ 

millions 
Six  per  cent,  stock  of  1814,  loan  of  25 

and  3  millions 
Six   per    cent,  stock  of    1815,   loan   of 

$18,452,800    - 

Treasury  note  six  per  cent,  stock 
Treasury  note  seven  per  cent,  stock 
Five  per  cent,    stock,   (subscription    to 

Bank  United  States) 


$3,521,695  40 
13,454,575  68 

9,955,900  00 
80,000  00 

2,669.108  99 


$29,681,280  07 


6,206,502  12 
15,522,272  81. 

6.836,232  39 
13,011,437  63 

9,505,625  41 
1,337.004  99 
8,726,964  49 

7,000,000  00 


68,146,039  84 
$97,827,319  91 


TREASURY  DEPARTMENT. 

Register's  Office,  November  30,  1819. 

JOSEPH  NOURSE,  Register. 


1819.] 


SECRETARY  OF  THE  TREASURY. 


161 


$24,450,466  80 


STATEMENT  of  the  funded  debt  of  the    United  States,  on  the  1st 

January,  1819. 

-  ,ftilru;VK4?s$iI  Ya-jfeMtflT  ; 
Deferred  six  per  cent,  stock,  (unredeem- 

ed amount)  :  *$                                   -  $3,268,832  13 

Three  per  cent,  stock   -   ,                      -  13,454,575  68 

Louisiana  six  per  cent,  stock     -           Oyr  4,977,950  00 

Six  per  cent,  stock  of  1796  80,000  00 

Exchanged  .six  per  cent,  stock  of  1812  -  2.669.108  99 

-  '  --  -'  - 
Six  per  cent,  stock  of  1812,  loan  of  eleven 

millions                                              -  6.206,502  12 
Six  percent,  stock  of  1813,  loan  of  six- 

teen millions                                      -  15,522,272  81 
Six  per  cent,  stock  of  1813,  loan  of  seven 

and  a  half  millions    -            -            -  6,836.232  39 
Six  per  cent,  stock  of  1814,  loan  of  25 

and  3  millions                                    -  13,011.437  63 
Six  per  cent,  stock  of  1815,  loan  of 

818,452,800                                        -  9.505,625  41 

Six  per  cent.  Treasury  note  stock          -  1,387,223  70 

Seven  per  cent.  Treasury  note  stock      -  8,728,416  49 
Five  per  cent,  stock,  (subscription    to 

Bank  United  States    -                         -  7,000,000  00 


a  Unredeemed  amount,  1st    January, 

1818  -  $99,107,346  95 

Add  stock  issued  in  1818  : 

$20  08 


68,197,710  55 
a  $92,648;177  35 


Three  per  cent. 
Treasury  note  six  per  cent. 

«  (see  No.  2  a)  - 

Treasury  note  seven  per 

cent,  b  (see  No.  2  a)      - 


Deduct    stock    purchased 
and  reimbursed  in  1818  : 

Purchased,  per    statement 

No.  4,  accompanying  re- 

port of  the  23d  of  Novem- 

ber, 1818      ,  feO-        - 

VOL.  ii.—  11 


117,801  70 


8.886  00 


126,707  78 


$99,234.054  73 


415,993  87 


162 


REPORTS  OF  THE 


[1819, 


Reimbursed  moiety  of 
Louisiana  stock,  21st 
October  -$4,977,95000 

Old  six  per  cent,  and  de- 
ferred stocks  -  -  1,191,933  51 


As  above,  $92,648,177  35 

TREASURY  DEPARTMENT, 

Register's  Office,  November  30,  1819. 

JOSEPH  NOURSE,  Register, 


No.  2  a. 

STATEMENT  exhibiting  the  total  amount  of  the  six  and  seven  per 
cent.  Treasury  note  stocks,  issued  to  the  3lsl  December,  1818. 


At  what  office  issued. 

Treasury 

New  Hampshire 

Massachusetts 

Rhode  Island 

Connecticut 

New  York    - 

Pennsylvania 

Delaware 

Maryland 

Virginia 

North  Carolina 

South  Carolina 

Georgia 


Deduct  so  much  thereof  included  in 
the  statement  of  the  funded  debt 
to  1st  January,  1818  - 


Six  per  cent, 

-  $46,652  37 

-  62,992  28 

-  500,049  61 

-  10,942  83 

-  348,560  66 

940  00 

-  42,881  26 

8,756  92 

-  282,149  99 

-  107.517  43 

1,411,443  35 
-  1,293,641  65 


Seven  per  cent 

$201.187  00 

121.361  00 

3,04l'.520  00 

163,122  00 

79,499  00 

4,725,846  00 

701,041  00 

15,127  00 
1,866  00 
1,180  00 
8,166  00 

3,880  00 


9,063,795  00 
9,054,909  00 


a  $117,801  70 


b  $8,8S6  00 


TREASURY  DEPARTMENT, 

Register^'  Office,  December  4, 1819. 

JOSEPH  NOURSE,  Register. 



No.  3. 
.ESTIMATE  of  the  funded  debt  of  the  United  States,  1st  October,  1819. 

Deferred  six  per  cent,  stock,  (unredeemed 

amount)  -    '  -    $2,805,020  87 

Three  per  cent.  -  -  -    13,295,915  44 

Louisiana  six  per  cent.    -  -      4,818,279  92 

Six  per  cent.,  1796          -  -  80,000  00 

Exchanged  six  per  cent.,  1812     r         £^  2,668,974  99 


1819.]  SECRETARY  OF  THE  TREASURY. 

Six  per  cent,  stock  of  1812,  (loan  of  11 

millions)  -    $6,187,006  84 

Six  pel-  cent,  stock  of  1813,  (loan  of  16 

millions) 
Six  per  cent,  stock  of  1813,  (loan  of  7^ 

millions)         -  k    - 

Six  per  cent,  stock  of  1814,  (loan  of  25 

and  3  millions) 
Six  per    cent,  stock  of   1815,  (loan  of 

$18,452,800)  -  -       9,490,099  10 

Treasury  note  six  per  cent,  stock  -       1,419,125  61 

Treasury  note  seven  per  cent,  stock      *^--'  8,595,29827 
Five  per  cent,  stock,  (subscription  to  the 

Bank  of  United  States)  -  -       7,000,000  00 

$68,060,336  29 

Amount  1st  October,  1819  $91,728,527  51 

Amount  as  stated  1st  January,  1819        -  $92,648.177  35 
Add  stock  issued  in  the  first  three  quar- 
ters of  1819 : 
Three  per  cent,  for  inter- 
est on  old  registered 
debt  -  $304  68 

Treasury  note  six  per 

cent.  -  -  -       33.195  91 

Treasury  note  seven  per 
cent.-  -        "  -         2,635  00 

36,135  59 

92,684,312  94 

Deduct  stock  purchased  as  per  statement 
No.  4,  herewith         -    $711,957  55 
Reimbursement   of   de- 
ferred stock   -  -     243,827  88 

955,785  43 

As  above  stated,  1st  October,  1819       -  $91,728,527  51 
Deduct  stock   reimbursable  in   the  4th 
quarter  of  1819 : 

Louisiana  6  per  cent. 
(54  per  cent,  on 
$4,818.279  92.)  on 
21st  October  -$2,601,81715 
Deferred  6  per  cent. 
31st  December  -  241,506  70 

2,843,323  85 

Amount  1st  January,  1820  $88,885,203  66 

TREASURY  DEPARTMENT, 

Register's  Office,  November  30,  1819. 

JOSEPH  NOURSE,  Register. 


164 


REPORTS  OF  THE 


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1S19.] 


SECRETARY  OF  THE  TREASURY. 


165 


No.  5. 

A   STATEMENT  of  the  several  denominations  of  Treasury  notes 
issued;  showing  the  amount  outstanding^  by  estimate,  to  the  last  date. 

Treasury  notes  were  issued  under  the  several  acts  of  Congress — 
Of  the  20th  June,  1812  ,  -  -      $5,000.000 

25th  February,  1813      -  -  iv^i*     5,000,000 

4th  March,  1814  -  -  -      10,000,000 

26th  December,  1814     -  .-•     toO  '  \*!»     8,318,400 

24th  February,  1815,  of  $100  notes    $4.969,400 
Small  Treasury  notes     3,392,994 


Total  amount  issued 


8,362,394 
-    $36,680,794 


Of   the  above    amount    there  has   been  cancelled  at  the 

Treasury  -    $32,763,890 

Small  Treasury  notes  in  the  several  banks,  viz: 

New  Hampshire,  (Union  Bank)       -  -  9 

Branch  Bank  Washington  -         *•-••'  127 


Drawn  into  the  Treasury  by  warrants,  and  in 
a  course  of  settlement  for  the  purpose  of  being 
cancelled — Small  Treasury  notes  -  $3,342,127 

In  the  Auditor's  Office,  in  a  course  of  cancel- 
ment  for  six  per  cent,  stock  issued  at — 

The  Treasury,  23d  October,  1819  $22,800 
New  Hampshire.  30th  June,  «  1,920 

Massachusetts,  30th  Sept'r  «  93,020 
Rhode  Island,  31st  March  «  3,280 

New  York,  30th  September  «  29,040 
Maryland,  31st  March  -  «  43,800 
Yirginia  -  -  1,260 

South  Carolina,  30th  June,  1819  -  14,700 
Georgia,  31st  Dec.  1817  -  -  98,000 


136 


In  the  Branch  Bank,  Washington    - 
From  which  deduct  the  estimated 

amount   of  interest  included  in  this 

sum    -  - 


Balance  outstanding,  by  estimate,  viz 
In  small  Treasury  notes 
Other  notes     ... 


As  above    - 


90.332  09 


307,820 


5,332  09 


85.000 


3,734,947 


-  10,961 

-  170,860 


181,821 
$36,680,794 


TREASURY  DEPARTMENT, 

Register's  Office,  December  4, 1819. 

JOSEPH  NOURSE,  Register. 


166 


REPORTS  OF  THE 


[1819, 


No.  6. 

STA  TEMENT  of  the  claims  awarded  by  the  commissioners  appoint- 
ed by  virtue  of  the  act  of  Congress  entitled  "  An  act  supplementary 
to  the.  act  entitled  '  An  act  for  the  indemnification  of  certain  claim- 
ants of  public  lands  in  the  Mississippi  Territory ;'"  passed  on  the  3d 
March,  1815. 


Awards  in.  .favor  of 


Individuals  claiming  under  the!  Jpper  Mississippi  Company 

*  Tennessee  Company 
•Georgia  Mississippi  Com- 
pany    - 

Georgia  Company 
Citizens'  rights 


Amount  of  certificates  issued 
Ditto  to  be  issued 


Total      - 

-   $4,273,550  17$  - 
8,600  95"  - 


Amount. 


$350,000  00 
531,428  05 

1,412,134  96 

1,887,040  95 
101,547  16 

^4,282,151  12 


$4,282,151  12 


TREASURY  DEPARTMENT, 

Registers  Office,  December  3,  1819. 

JOSEPH  NOURSE,  Register. 


1S20.]  SECRETARY  OF  THE  TREASURY.  167 


REPORT  ON  THE  FINANCES. 

DECEMBER,  1820. 


In  obedience  to  the  directions  of  the  "  Act  supplementary  to  the  act  to 
establish  the  Treasury  Department,"  the  Secretary  of  the  Treasury  respect- 
fully submits  the  following  report. 

I.    OF  THE   REVENUE. 

The  nett  revenue  arising  from  imports  and  tonnage,  internal  duties,  di- 
rect tax,  public  lands,  postage,  and  other  incidental  receipts  during  the  year 
1817,  amounted  to  '  $24,365,227  34 

Yiz :  Customs,  (see  statement  A)    -  -  $17.524,775  15 

Internal  duties  -  -  -      2,676,882  77 

Direct  tax      -  "y '  1,833,737  04 

Public  lands,  exclusive  of  Mississippi 

stock  »  •-"    2.015,977  00 

Postage,  and  other  incidental  receipts         313,855  38 

That  which  accrued  from  the  same  sources  during  the  year 
1818  amounted  to  -     26,095,200  65 

Viz :  Customs,  (see  statement  A)  -  -  $21,828,451  48 

Arrears  of  internal  duties      -  -          947,946  33 

Arrears  of  direct  tax  -  263,926  01 

Public  lands,  exclusive  of  Mississippi 

stock  -  - .     2,464,527  90 

Postage,  dividends  on  bank  stock,  and 
other  incidental  receipts     '-   '  590,348  93 

And  that  which  accrued  from  the  same  sources  during 
the  year  1819  amounted  to  -  ^21,435,700  69 

Viz :  Customs,  (see  statement  A)  -  -  $17,116,702  96 

Arrears  of  internal  duties,  (see  state- 
ment B)     -  227,444  01 
Arrears  of  direct  tax,  (see  statement  B)          80,850  61 
Public  lands,  exclusive  of  Miss'pi  stock      3,274,422  78 
Postage,  and  other  incidental  receipts  61,280  33 
First  instalment  from  the  Bank  of  the 
United  States,  and  dividend  on  the 
stock  in  that  bank                 -            -         675,000  00 


It  is  ascertained  that  the  gross  amount  of  duties  on  merchandise  and  ton- 
nage, which  accrued  during  the  first  three  quarters  of  the  present  year,  ex- 
ceeds $13,340,000  ;  and  the  sales  of  public  lands  during  the  first  two  quar- 
ters of  the  year  exceed  $1,240,000. 

The  payments  into  the  Treasury,  during  the  first  three  quarters  of  the 
present  year  are  estimated  to  amount  to  -  $16,819,637  49 

Viz:  Customs  $12,378,513  12 

Public  lands,  exclusive  of  Mississippi 

stock    -  -  1,124,645  32 

"  ' 


68 


REPORTS  OF  THE  [1820 


Arrears  of  internal  duties    ;  $104,76920 
Arrears  of  direct  tax            £ 

Incidental  receipts  -      JW49  14 

Moneys  received  from  loans  -'!'•      ',;:-'•   2,545,431  47 

Repayments  86,529  24 

-  And  the  payments  into  the  Treasury  during  the  fourth 
cruarter  of  the  present  year,  from  the  same  sources,  are  esti- 
mated at  -  -  $3,430,000  00 

Making  the  total  amount  estimated  to  be  received  into 
the  Treasury  during  the  year  1820  -  20,249,637  49 

Which  added  to  the  balance  in  the  Treasury  on  the  1st 
day  of  January  last,  amounting  to  ,'•-•  2,076,607  '14 

Makes  the  aggregate  amount  of  $22,326,244  6o£ 

The  application  of  this  sum  for  the  year  1820  is  estimat- 
ed as  follows,  viz: 

To  the  30th  of  September,  the  payments  have  amounted 
to  -  -  -  $16,908,413  BO 

Viz: 

Civil,  diplomatic,  and  mis- 
cellaneous expenses  -  $2,078.573  25 

Military  service,  including 
fortifications,  ordnance,  Indi- 
an department,  revolutionary 
and  military  pensions,  arming 
the  militia,  and  arrearages 
prior  to  the  1st  January.  1817  6,043,068  00 

Naval  service,  including 
the  permanent  appropriation 
for  the  increase  of  the  navy.  2,946,762  00 

Public     debt,      including 
$1.142,879  55,  for   the   re- 
demption of  the  Mississippi 
certificates  -          h"r  -   5,840,010  55 


During  the  fourth  quarter  it  is  estimated,' 
the  payments  will  amount  to  -  '%;-T,,'.     8,056,000.00 

-f  T  • 

viz: 

Civil,  diplomatic,  and  mis- 
cellaneous expenses  -  .  -  450,000  00 

Military  service    -  -  1,900,000  00 

Naval  service-  ^  - :   806,000  00 

Public  debt,  to  the  1st  Jan- 
uary,1821  -,^^;  -4,900,00000 

Making  the  aggregate  amount  of  -      24,964,413  .80 

And  leaving  on  the  1st  of  January,  1821,  a  balance 
against  the  Treasurv,  estimated  at  -,*         -  -,$2,638,16917 

•         .  lO . 9Vi3«12X? ,          ^    '         .?     • 


1820.]  SECRETARY  OF  THE  TREASURY.  169 

II.    OF    THE    PUBLIC    DEBT. 

The  funded  debt  which  was  contracted  before  the  year  1812,  and  which 
was  unredeemed  on  the  1st  of  October,  1819,  as  appears  by  statement  No.  1, 
amounted  to  -  823.668.254  71 

And  that  contracted  subsequent  to  the  1st  day  of  Janua- 
ry, 1812.  and  unredeemed  on  the  1st  day  of  October,  1819, 
as  appears  by  the  same  statement,  amounted  to  -  -  68,060,336  29 

Making  the  aggregate  amount  of  -$91,728.591  00 

Which  sum  agrees  with  the  amount,  as  stated  in  the  last 
annual  report  as  unredeemed  on  the  1st  of  October,  1819, 
excepting  the  sum  of  $63  49,  which  was  then  short  esti- 
mated, and  which  has  since  been  corrected  by  actual  settle- 
ment. 

In  the  fourth  quarter  of  1819,  there  was  added  to  the 
above  sum,  for  Treasury  notes  brought  into  the  Treasury 
and  cancelled,  the  following  sums,  viz  : 

In  6  per  cent,  stock  -  $4,152  18 

In  7  per  cent,  stock  10,525  00 

' 14,677  18 


Making  -  $91,743.268  18 

From  which  deduct  Louisiana  six  per  cent,  stock,  reim- 
bursed on  the  21st  of  October.  1819        -    $2,601,871  14 

And  deferred  stock  reimbursed  between 
the  1st  of  October,  1819,  and  1st  of  Janu- 
ary. 1820  -  242,063  47 

2,843.934  61 


Making  the  public  debt  which  was  unredeemed  on  the 
1st  day  of  January,  1820,  as  per  statement  No.  2,  amount  to  $88,899.333  57 

From  the  1st  of  January  to  the  30th  of  September,  in- 
clusive, there  was,  by  funding  Treasury  notes,  and  issuing 
three  per  cent,  stock  for  interest  on  the  old  registered  debt, 
added  to  the  public  debt,  as  appears  by  statement  No.  3,  the 
amount  of  834,550  19 

And  by  the  loan  authorized  per  act  of 
May  loth,  1820  -  -  2,545,431  47 

— 2,579.981  66 

Making          "  -.fc         -  $91.479,315  23 
From  which  deduct  the  amount  of  stock  purchased  dur- 
ing that  period,  as  per  statement  No.  3      -  $40  34 

And  the  estimated  reimbursement  of  de- 
ferred stock  253,752  78 

253.793  12 


Making,  on  the  1st  of  October,  1820.  as  appears  by  state- 
ment No.  3.  the  sum  of  -  .  $91,225,522  11 

To  which  add,  in  the  fourth  quarter  of  1820.  on  account 
of  the  loan  of  the  15th  May,  of  the  same  year  •  454,567  66 

Making  -  -  $91,680,089  77 


170  REPORTS  OF  THE  [1820. 

There  will  be  reimbursed  of  the  principal  of  the  defer- 
red stock,  on  the  1st  January,  1821  -    $249,444  16 

Since  the  30th  September  last,  the  residue 
of  the  Louisiana  stock  has  become  redeema- 
ble, amounting  to  •  2,216,408  78 

$2,465,852  94 


Which,  if  discharged  before  the  1st  day  of  January,  1821, 
will  leave  the  public  debt  unredeemed  on  that  day,  as  esti- 
mated -  -  -  -  $89,214,236  83 

The  Treasury  notes  yet  in  circulation  are  estimated, 
as  appears  by  statement  No.  5,  at  $27,656  00 

The  whole  of  the  awards  made  by  the  commissioners 
appointed  under  the  several  acts  of  Congress  for  the  in- 
demnification of  certain  claimants  of  public  lands,  (as  ap- 
pears by  statement  No.  6,)  amount  to  -  $4,282,151  12 

Of  which  there  has  been  received  at  the  General  Land 
Office  -  -  $2,439,308  31 

And  there  was  paid  at  the  Treasury,  66 
per  cent,  on  $1,731,635  69         -  -     1.142,879  55 

3,582,187  86 


Leaving  outstanding,  on  the  30th-  September.  1820        -      $699,963  26 

III.    OF    THE    ESTIMATES   OF   THE  PUBLIC    REVENUE  AND  EXPENDITURES 

FOR    THE    YEAR    1821. 

In  forming  an  estimate  of  the  receipts  into  the  Treasury  for  the  year  1821, 
the  amount  of  revenue  bonds  outstanding  on  the  30th  day  of  September 
last,  the  sum  due  for  public  land,  the  ability  and  disposition  of  the  commu- 
nity to  purchase,  and  especially  the  quantity]and  quality  of  land  intended 
to  be  exposed  at  public  auction  in  the  course  of  the  year,  present  the 
data  upon  which  the  calculation  must  be  made.  As  a  portion  of  the  duties 
which  accrued  in  the  fourth  quarter  of  the  present  year,  and  in  the  first  and 
second  quarters  of  the  next,  form  a  part  of  the  receipts  into  the  Treasury  for 
the  latter  year,  the  amount  received  will  exceed  or  fall  short  of  the 
estimate,  by  the  difference  between  the  duties  which  actually  accrued  in 
those  quarters,  and  are  payable  within  the  year,  and  the  amount  at  which 
they  had  been  estimated. 

The  receipts  into  the  Treasury  may  also  considerably  exceed  or  fall  short 
of  the  sum  estimated,  in  consequence  of  the  issue  of  a  greater  or  less  amount 
of  debentures  payable  during  the  year  1821  than  had  been  estimated. 

The  degree  of  punctuality  with  which  the  revenue  bonds  are  discharged, 
upon  which  the  estimate  is  formed,  must  necessarily  affect  the  amount  that 
will  be  received  into  the  Treasury. 

If  the  accruing  revenue  of  the  present  and  two  succeeding  quarters  should 
exceed  that  of  the  corresponding  quarters  of  the  present  and  last  years  :  if 
the  amount  of  the  debentures  which  may  be  issued  and  made  payable,  so  as 
to  affect  the  receipts  of  the  year,  should  be  less  than  that  of  the  preceding 
years  since  the  peace,  compared  with  the  gross  amount  of  duties  secured 


1820.]  SECRETARY  OF  THE  TREASURY.  171 

within  those  years  respectively;  and  if  greater  punctuality  in  the  payment  of 
the  revenue  bonds  now  outstanding  should  be  observed  than  during  the  last 
mentioned  period,  the  receipts  from  the  customs  will  exceed  the  estimates 
now  presented;  and  they  will  fall  short  of  it,  should  all  these  contingencies 
be  unfavorable,  as  has  been  the  case  during  the  present  year. 

The  revenue  bonds  outstanding  on  the  30th  of  September  last  are  esti- 
mated at  18,770,000  dollars.  Of  this  sum,  3,130,000  dollars  are  in  suit ;  of 
xvhich  about  1,250,000  dollars  will  not  be  collected,  on  account  of  the  insol- 
vency of  the  debtors;  leaving  the  amount  of  bonds  outstanding  upon  which 
collections  are  to  be  made,  estimated  at  17,520,000  dollars.  The  amount 
of  duties  secured  during  the  1st.  2d,  and  3d  quarters  of  the  year  1820,  is 
estimated  at  13,350,000  dollars,  and  that  of  the  whole  year  may  be  estimated 
at  16,500,000.  The  amount  of  debentures  outstanding  on  the  30th  of  Sep- 
tember last,  and  payable  during  the  year  1821,  is  estimated  at  $1,162,114  16, 
which  is  subject  to  be  increased  by  the  amount  issued  in  the  present  quarter, 
and  during  the  whole  of  the  ensuing  year,  chargeable  upon  the  revenue  of 
that  year.  The  annual  average  amount  of  debentures,  bounties,  and  allow- 
ances, and  expenses  of  collection,  chargeable  upon  the  revenue,  has  been 
ascertained  to  be  nearly  equal  to  15  per  cent,  of  the  annual  average  amount 
of  the  duties  upon  imports  and  tonnage,  which  accrued  from  the  year  1815 
to  the  year  1819,  inclusive. 

If  this  proportion  be  applied  to  the  revenue  bonds  outstanding  on  the  30th 
of  September  last ;  and  if  the  receipts  from  the  tonnage  of  vessels  and  upon  du- 
ties secured  during  the  present  and  the  two  succeeding  quarters,  are  assum- 
ed to  be  equal  to  any  deficiency  resulting  from  the  want  of  punctuality  in 
the  discharge  of  the  outstanding  bonds,  the  receipts  into  the  Treasury  for 
the  year  1821,  from  this  source  of  revenue,  may  be  estimated  at  14,000,000 
dollars. 

The  receipts  into  the  Treasury  from  the  public  land  during  the  first  three 
quarters  of  the  present  year  are  estimated  at  $1,124.645  32,  and  those  of  the 
entire  year  will  probably  not  much  exceed  1,600,000  dollars. 

The  receipts  from  that  source  during  the  year  1821  will  probably  not 
exceed  those  of  the  present  year,  if  no  incentive  to  greater  punctuality,  or 
inducement  to  make  prompt  payment,  should  be  presented  to  the  public 
debtor,  in  the  course  of  the  present  session  of  Congress. 

The  balances  of  internal  duties  and  direct  tax  still  outstanding,  are  so  con- 
siderable as  to  justify  an  estimate  of  some  extent,  in  calculating  the  receipts 
of  the  ensuing  year,  if  the  difficulty  of  enforcing  payment  in  those  States 
where  the  largest  amount  is  due  were  not  known  to  be  great.  Under  these 
circumstances,  the  receipts  from  that  source,  for  the  ensuing  year  are  esti- 
mated at  100,000  dollars. 

According  to  the  foregoing  data,  the  receipts  into  the  Treasury  for  the 
ensuing  year  may  be  estimated  as  follows,  viz: 

Customs.  $14,000,00000 

Public  lands,  exclusive  of  Mississippi  stock  1,600,000  00 

Arrears  of  internal  duties,  direct  tax,  and 
incidental  receipts    -  -  -     100,000  00 

Third  instalment  from  the  Bank  of  the 
United  States  -     500,000  00 

Bank  dividends,  which  will  accrue  during 
the  year,  estimated  at  5  per  cent.  -    350,000  00 


Making  the  aggregate  amount  of  -  -          $16,550,000  00 


172  EEPORTS  OF  THE  [1820. 

The  appropriations  for  the  same  period  are  estimated  as 
follows,  viz: 

1st.  Civil,  diplomatic,  and  miscellaneous  $1,769,850  04 

2d.  Military  department,  including  fortifi- 
cations, ordnance,  Indian  department,  mili- 
tary pensions,  and  arrearages  prior  to  the  1st 
January,  1817  :  ~i=  ••  4,585,352  61 

3d.  Naval  department     -  -     2,420,594  56 

Making  an  aggregate  of  -  -  $8,775,797  21 

.Bat  to  determine  the  amount  of  the  charge  upon  the  Treasury  for  the  ser- 
vice of  that  year,  the  following  additions  must  be  made,  viz : 

1st.  Civil,  diplomatic,  and  miscellaneous,  the  sum  of  $1,500.000,  being  an 
amount  of  appropriations  for  the  present  and  preceding  years  unexpended, 
and  which  may  be  expended  during  the  year  1821;  and  the  sum  of 
$5,477,770  76,  payable  on  account  of  the  interest  and  reimbursement  of  the 
principal  of  the  public  debt  during  that  year. 

2d.  The  unexpended  balances  of  appropriations  for  the  War  Department, 
under  the  different  heads  already  enumerated,  and  which  have  been  deduct- 
ed from  the  estimates,  or  not  included  in  them,  (as  in  the  case  of  revolution- 
ary pensions,  because  the  balance  of  that  appropriation  is  estimated  to  be 
equal  to  the  .expenditure  on  that  object  during  the  year,)  amounting  together 
to  $2.507,267  63. 

The  annual  appropriation  of  $200,000  for  arming  the  militia,  and  the 
Indian  annuities  not  embraced  by  the  estimates,  amounting  to  $152,575. 

3d.  The  annual  appropriation  of  $1,000,000,  for  the  gradual  increase  of 
the  navy,  which  will  expire  in  the  year  1823  ;  and  an  unexpended  balance 
on  the  same  account,  which  may  be  expended  in  1S2J,  of  $1,750,000. 

According  to  the  foregoing  data,  the  expenditure  of  the  year  1821,  and 
which  is  chargeable  upon  the  Treasury  during  that  year,  may  be  estimated 
as  follows,  viz : 

1st.  Civil,  diplomatic,  and  miscellane- 
ous -  ,  -$3,269,850  04 

2d.  Public  debt  -    5,477,777  76 

3d.  Military  department,  including  for-    / 
tifications,  ordnance,  Indian  department, 
military  and  revolutionary  pensions,  ar- 
rears prior  to  the  1st  of  Jan'y,  1817,  and 
arming  the  militia,  and  Indian  annuities,     7,445,195  24 

4th.  Navy  Department,  including  the 
sum  of  $1,000,000  for  the  gradual  in- 
crease of  the  navy  -  -  -  5,170,594  56 


Making  an  aggregate  charge  upon  the  Treasury,  for 
the  year  1821,  of  .  $21,363,417  60 

To  which  add  the  balance  against  the  Treasury  on  the 
1st  January,  1821  2,638,169  17 

Making  -  .     $24,001,586  77 

Leaving  a  balance  of  $7,451.586  77.  beyond  the  estimated  means,  for 
which  provision  must  be  made. 


1S20.]  SECRETARY  OF  THE  TREASURY.  173 

To  determine  whether  a  deficiency  to  this  or  any  other  amount  will  oc- 
cur in  succeeding  years,  is  extremely  difficult.  The  data  furnished  by  the 
fiscal  operations  of  the  Government,  since  the  peace,  must  be  principally 
relied  upon,  in  making1  the  calculation  necessary  to  arrive  at  any  general 
result  upon  this  subject. 

It  has  been  ascertained  that  the  nett  revenue  which  has  accrued  from 
imports  and  tonnage,  from  the  year  1815  to  1819,  inclusive,  has  amounted 
to  $120.260,052  46.  If  this  be  divided  by  the  number  of  years  in  which 
it  accrued,  the  result  will  be  an  annual  average  revenue  of  $ 24,052,000. 
But  the  revenue  which  accrued  in  IS  15  greatly  exceeded,  not  only  that  of 
any  year  previous  to  the  war,  but  that  of  any  year  since  that  epoch.  It  is 
also  admitted  that  the  quantity  of  produce  on  hand  at  the  close  of  the  war, 
especially  of  cotton  and  tobacco,  considerably  exceeded  the  amount  of  the 
crop  of  those  articles  made  during  the  preceding  year.  The  ability  of  the 
community,  therefore,  to  purchase  an  increased  amount  of  foreign  articles, 
in  the  year  1815,  exceeded  in  a  corresponding  degree  that  of  subsequent 
years.  It  has  also  been  ascertained  that  the  importation  of  foreign  articles, 
during  the  present  year,  has  been  considerably  less  than  in  any  year  since 
the  peace.  To  form  an  estimate  of  the  average  annual  revenue  which  may 
accrue  from  imports  and  tonnage,  during  the  next  four  years,  that  will  ap- 
proximate towards  accuracy,  it  will  be  necessary  to  embrace  in  the  calcula- 
tion the  revenue  which  accrued  from  the  year  1814  to  1819,  inclusive, 
amounting  to  $124,510,41405,  and  that  which  shall  have  accrued  in  the 
year  1820,  estimated  at  $14.000,000;  making  the  aggregate  sum  of 
$138,510,414  05,  which  gives  the  sum  of  $19,787,202,  as  the  annual  ave- 
rage revenue  for  those  seven  years. 

Other  views,  derived  from  the  fiscal  operations  of  the  Government,  will  be 
found  to  accord  with  this  result.  The  average  product  of  the  duties  upon 
imports  and  tonnage,  which  accrued  from  the  year  1801  to  1807,  inclusive, 
may  ba  stated  at  $13,640,000 ;  and  that  which  accrued  from  the  former  pe- 
riod to  1813,  inclusive,  amounted  to  the  annual  sum  of  $11,570,000. 
The  increase  of  population  in  the  United  States  has  been  estimated  at 
34  per  cent,  in  ten  years.  If  the  increase  of  consumption  has  corresponded 
with  that  of  population,  the  revenue  of  the  year  1820,  according  to  the  re- 
sult furnished  by  the  first  seven  years,  would  exceed  §20,000,000,  and 
would  fall  but  little  short  of  $17,000.000,  according  to  the  data  furnished 
by  the  whole  period.  During  the  former  period,  the  principal  States  of 
Europe  were  involved  in  wars,  which  not  only  gave  to  our  shipping  the 
principal  part  of  the  carrying  trade,  but  created  an  unusual  demand  for 
every  article  of  exportation,  and  greatly  enhanced  their  value.  Any  estimate 
founded  upon  the  average  revenue  of  those  years,  the  duties  upon  imports 
remaining  the  same,  would,  most  probably,  not  be  realized ;  but  as  these 
duties  were  considerably  increased  in  1816,  the  objections  to  such  an  esti- 
mate are,  in  some  degree,  diminished.  From  the  year  1808  to  1813  inclu- 
sive, the  United  States  were  engaged  in  a  state  of  commercial  or  actual 
warfare.  The  disadvantages  to  which  their  commerce  was  subjected  by 
that  warfare  more  than  counterbalance  the  peculiar  advantages  it  enjoyed 
in  the  seven  years  immediately  preceding.  An  estimate  for  the  next  four 
years,  founded  upon  an  average  of  the  whole,  term,  would  more  probably 
fall  short  of  than  exceed  the  sum  which  would  be  received  into  the  Treas- 
ury, notwithstanding  the  duties  were  higher  during  two  years  of  that  term 
than  at  present. 


174  REPORTS  OF  THE  [1820. 

In  the  investigation  of  a  subject  of  such  complexity,  affecting  so  deeply 
the  interest  of  the  community,  every  fact  and  circumstance  connected  with 
it  ought  to  be  considered.  Since  the  year  1807,  new  interests  have  arisen, 
which  claim  a  prominent  place  in  this  consideration.  From  time  immemo- 
rial, household  manufactures  have  existed  in  every  part  of  the  United 
States.  The  mechanical  arts — those  branches  of  manufacture  without  which 
society,  even  in  a  very  imperfect  state  of  civilization,  could  not  exist,  though 
diifering  in  some  degree  from  those  properly  denominated  household — 
have  long  existed  in  the  United  States.  Since  the  year  1807,  those 
branches  of  manufacture  have  been  greatly  extended  and  improved.  Others 
have  been  established ;  and  a  large  amount  of  capital  has  been  invested  in 
manufacturing  establishments,  which  promise  to  furnish,  in  a  short  time, 
an  ample  supply  of  cotton  and  woollen  manufactures,  and  most  of  those  of 
iron,  glass,  and  various  other  articles  of  great  value. 

As  commerce  has  properly  been  defined  to  be  an  exchange  of  equivalent 
value,  it  is  probable  that  the  failure,  on  our  part,  to  receive  from  foreign 
nations  the  accustomed  supply  of  those  articles  which  can  now  be  produced 
in  our  domestic  establishments,  the  articles  which  they  have  been  accus- 
tomed to  receive  from  us  will  lose  something  of  the  value  which  they 
would  otherwise  have  commanded,  until  new  channels  of  intercourse  shall 
be  discovered,  and  different  articles  of  merchandise  shall  be  substituted  for 
those  formerly  received. 

The  capacity  of  a  nation  to  consume  foreign  articles  depends  upon  the 
value  of  its  exports,  and  not  upon  its  ability  to  furnish  every  article  of  pri- 
mary or  secondary  necessity.  The  precious  metals  are  never  imported 
into  any  country,  when  commodities  which  will  command  a  profit  can  be 
obtained  for  importation.  Giving  full  weight  to  the  fact  that  cotton,  wool- 
len, iron,  and  various  other  articles  which  are  now  furnished  by  our  domes- 
tic establishments,  will  be  hereafter  received  from  foreign  nations  only  to 
a  small  amount,  $17,000,000  of  revenue  may  be  assumed  as  the  minimum, 
and  $20,000,000  as  the  maximum,  which  will  be  annually  received  from 
imports  and  tonnage  during  the  next  four  years.  The  decrease  which 
has  occurred  in  the  revenue,  in  the  last  and  present  years,  furnishes  no 
ground  to  distrust  the  correctness  of  the  foregoing  conclusion.  The  cus- 
toms produced,  in  1815,  a  nett  revenue  of  $36,306,022  51;  in  1816, 
$27,484,100  36;  and  in  1817,  $17.524,775  15.  This  last  year  was  consid- 
ered, at  the  time,  as  the  period  of  greatest  reaction  ;  accordingly,  in  1818, 
the  nett  revenue  from  the  customs  amounted  to  $21,828,451  48. 

The  multiplication  of  banks,  the  state  of  the  currency,  and  the  high 
price  which  all  exportable  articles  commanded,  until  the  end  of  1818,  strong- 
ly invited  to  extravagance  of  every  kind,  and  particularly  in  the  consump- 
tion of  foreign  merchandise.  The  resources  of  individuals  had  been,  by 
these  seductions,  in  a  great  degree  anticipated,  during  the  first  years  which 
succeeded  the  peace.  The  sudden  reduction  in  the  value  of  all  exportable 
articles,  which  occurred  about  the  commencement  of  the  year  1819,  not 
only  prevented  in  a  great  degree  further  purchases,  but  rendered  the  dis- 
charge of  engagements  previously  contracted  impracticable.  The  pressure 
thus  produced  upon  the  community  reacted  upon  the  venders  of  every 
species  of  merchandise,  whether  foreign  or  domestic;  who,  without  tho- 
roughly investigating  the  cause  of  their  distress,  have  sought  for  relief  in 
measures  calculated  rather  to  aggravate  than  alleviate  the  public  embarrass- 
ment. 


1820.]  SECRETARY  OF  THE  TREASURY.  175 

The  issue  and  payment  of  a  larger  amount  of  debentures,  in  the  present 
year,  in  proportion  to  the  exportations  of  the  last ;  the  increased  amount  of 
specie,  and  diminished  amount  of  foreign  merchandise  imported  during  the 
present  year;  and  the  ready  sale  of  foreign  and  domestic  articles  now  in  the 
market,  show  that  the  importation  of  foreign  goods  is  upon  the  eve  of  be- 
ing regulated  by  the  demand  for  them  for  consumption. 

It  has  been  stated  that  the  receipts  from  the  public  land,  during  the  year 
1S21,  cannot  be  estimated  at  more  than  $1,600,000,  unless  some  greater 
incentive  to  punctuality,  or  inducement  to  make  prompt  payments,  should 
be  offered  by  the  measures  which  may  be  adopted  in  the  course  of  the  pre- 
sent session  of  Congress.  The  act  of  the  24th  of  April  last,  which  abolish- 
ed credit  on  all  purchases  of  land,  and  reduced  the  minimum  price  from  200 
to  125  cents  per  acre,  furnishes,  it  is  respectfully  conceived,  equitable 
ground  for  legislative  interference  in  favor  of  purchasers  under  the  ancient 
system.  By  that  system,  the  price  could  be  reduced  to  164  cents  an  acre, 
by  prompt  payment.  If  the  act  abolishing  credit  had  fixed  the  minimum 
price  at  164  cents,  instead  of  125  cents,  no  equitable  ground  for  legislative 
interference  would  exist.  It  is  not  contended  that  the  vender  of  an  article, 
under  ordinary  circumstances,  does  an  injury  to  a  purchaser  by  subsequent- 
ly selling  the  same  article  to  others  at  a  lower  rate.  But  if  he  has  in  his 
possession  such  a  quantity  of  the  article  sold,  as  to  enable  him,  for  an  inde- 
finite time,  to  determine  the  price  of  the  article,  he  affects  the  interest  of 
every  previous  purchaser  by  such  reduction,  who  may  be  constrained,  from 
any  cause  whatever,  to  sell  that  article.  The  extent  of  the  national  domain 
will,  for  ages,  enable  the  Government  to  determine  the  price  of  unimproved 
land  similarly  situated.  It  is  admitted  that  the  Government  has  been  in- 
duced to  adopt  this  measure  by  the  most  grave  considerations.  The  most 
prominent  of  these  was  the  necessity  of  preventing  the  further  increase  of 
a  debt,  then  about  $22,000,000,  strongly  affecting  the  interests  and  feelings 
of  a  great  number  of  citizens.  If  its  increase  was  an  object  of  deep  solici- 
tude'its  diminution,  by  an  act  of  grace,  founded  upon  equitable  principles, 
will  be  in  strict  accordance  with  the  motives  in  which  that  measure  origin- 
ated. Difficulties  may  occur  in  adjusting  the  details  of  such  a  measure, 
unless  rt  be  presented  as  a  simple  act  of  grace.  Under  this  point  of  view, 
it  should  be  confined  in  its  operation  to  the  debtors  of  the  Government  for 
public  lands,  and  should  affect  them  only  to  the  extent  of  the  debts  which 
they  may  respectively  owe. 

During  the  excessive  circulation  of  bank  notes  not  convertible  into  specie, 
and  to  which  the  Government,  from  necessity,  for  some  time  gave  currency, 
and  the  high  price  which  every  description  of  domestic  produce  command- 
ed, large  quantities  of  public  land  were  sold  at  public  auction,  at  prices 
greatly  beyond  their  real  value.  In  many  instances,  the  first  payment 
which  the  Government  has  received  cannot  be  obtained  by  the  purchaser, 
if  he  was  able  to  convey  the  title  in  fee  simple.  The  propriety  of  legisla- 
tive interference  to  change  the  relation  between  debtor  and  creditor,  for 
the  benefit  of  either,  may  well  be  questioned.  Circumstances,  however, 
may  arise,  which  will  influence  an  upright  and  benevolent  creditor  to  relax 
his  demands,  and  to  grant  relief  to  his  debtor  voluntarily,  which  he  might 
resist  as  an  act  of  power.  Such  is  respectfully  conceived  to  be  the  situation 
of  the  Government  in  relation  to  the  purchasers  of  public  lands,  who,  in  a 
moment  of  infatuation,  have  engaged  to  pay  for  a  portion  of  the  national 
domain  a  sum  greatly  beyond  its  value,  and  which  never  will  be  paid. 


176  REPORTS  OF  THE  [1820 

In  all  cases  of  this  kind,  the  forfeiture  of  the  sum  already  advanced  will 
inevitably  occur,  if  relief,  to  some  extent,  is  not  granted. 

In  conformity  with  the  foregoing  views,  the  following  propositions  for 
the  relief  of  the"  purchasers  of  public  lands,  and  for  the  purpose  of  increas- 
ing the  payments  into  the  Treasury  in  the  ensuing  year,  are  respectfully 
submitted,  viz: 

1st.  That  every  purchaser  of  public  land  be  permitted,  on  or  before  the 
30th  of  September  next,  to  abandon  any  legal  subdivision  of  his  purchase  ; 
and  that  the  payments  made  upon  the  part  abandoned  be  applied  to  the  dis- 
charge of  the  instalments  due  upon  the  remainder  ;  the  right  to  abandon  in 
no  case  to  involve  any  repayment  by  the  ^Government  to  any  purchaser. 
In  all  cases,  the  part  retained  to  be  in  the  most  compact  form  that  the  situa- 
tion of  the  whole  quantity  purchased  will  permit, 

2d.  The  difference  between  the  former  and  present  minimum  price,  for 
cash  payments,  being  equal  to  23.78  per  cent,  on  the  former,  it  is  respect- 
fully proposed  that,  on  payment  of  the  whole  purchase  money  for  any  tract 
of  land,  on  or  before  the  30th  day  of  September  next,  a  deduction  of  25 
per  cent,  shall  be  made  ;  and  that  any  interest  which  may  have  accrued  to 
the  United  States,  in  such  cases,  be  remitted.  An  act  of  greater  liberality, 
and  which  would  still  further  increase  the  receipts  into  the  Treasury,  during 
the  next  year,  would  be  to  allow  a  deduction  of  37^  per  cent,  on  all  such 
payments  ;  which  is  equal  to  the  difference  between  200  and  125  cents.  . 

3d.  That  all  sums  which  may  be  due  by  purchasers  of  public  lands  who 
shall  not  avail  themselves  of  the  preceding  conditions,  shall  be  payable  in 
ten  equal  annual  instalments,  without  interest;  provided  such  payments  shall 
be  punctually  made  upon  the  several  days  in  each  successive  year  upon 
which  the  purchases  were  respectively  made.  And  failure  in  making  such 
payment  to  revive  the  original  terms  and  conditions  of  sale. 

If  these  or  analogous  provisions  should  be  adopted,  the  payments  from 
the  public  lands,  during  the  year  1821,  will  be  greatly  increased  ;  the  debt 
due  on  that  account  greatly  diminished ;  and  the  revenue  resulting  from 
that  source  acquire,  in  future  years,  a  more  uniform  character. 

If.  then,  it  be  assumed  that  the  revenue  which  will  accrue  from  the  cus- 
toms will  be  equal  to  the  mean  sum  between  seventeen  millions  and  twen- 
ty millions  of  dollars,  the  annual  revenue  for  the  four  succeed  ing  years  may 
be  estimated  as  follows,  viz : 

Customs  -  -  -  ...  ,      $18,500.000  00 

Public  land   -  2.500.000  00 

Bank  dividends,  at  6  per  cent.  '420',000  00 

Incidental  receipts     -  ,fT?^  80,000  00 

Making  an  aggregate  amount  of  •  -      $21,500,000  00 

But  if  the  annual  receipts  from  the  customs  shall  be  estimated  for  the 
next  four  years  at  the  average  sum  of  $17,000,000,  the  annual  revenue  for 
that  period  will  be  equal  to  $20,000,000. 

The  annual  expenditure  for  the  same  period  may  be  estimated  as  follows, 
viz : 

Civil,  diplomatic,  and  miscellaneous  -  -         $2,000,000  00 

Public  debt  5,477,000  00 

War  Department,  including  fortifications,  ordnance, 
Indian  department,  military  and  revolutionary 


1320.J  SECRETARY  OF  THE  TREASURY.  177 

pensions,  arming  the  militia,  and  arrears  prior  to  the  1st 
of  January,  1817  -     $5,850,000  00 

Naval  department,  including  $1,000,000  for  the  perma- 
nent increase  of  the  navy  rtf?i'.ii  '••',  3,420,00000 

Making  the  aggregate  amount  of  -  -  $16,747,000  00 

The  balance  of  the  sinking  fund,  after  paying  the  interest  of  the  funded 
debt,  and  providing  for  the  annual  reimbursement  of  the  six  per  cent,  de- 
ferred stock,  has  not,  in  this  estimate,  been  considered  as  a  charge  upon  the 
Treasury  before  the  year  1825,  as  the  price  of  the  public  stocks  preclude 
the  possibility  of  purchase  within  the  rates  prescribed  by  law. 

This  estimate  is  below  that  which  is  required  for  the  year  1821  ;  but  it  is 
not  believed  to  be  less  than  the  annual  expenditure  which  will  be  required 
for  the  next  four  years.  According  to  this  estimate,  the  means  will  exceed 
the  indispensable  expenditure  during  that  period  $3,253,000. 

After  the  year  1823,  the  annual  expenditure  upon  the  navy  will  be  di- 
minished by  $1.000,000. 

The  expenditure  of  the  Government  after  that  year,  including  the  entire 
appropriation  for  the  public  debt,  is  estimated  as  follows,  viz : 
Civil,  diplomatic,  and  miscellaneous          -          ^:-"         .     $2,000,000  00 
Public  debt  - f>£         -     10,000,000  00 

Military  department,  including  fortifications,  ordnance,  In- 
dian department,  military  and  revolutionary  pensions, 
arming  the  militia,  arid  arrearages  prior  to  the  1st  of 
January,  1817  -  -  5,850,000  00 

Naval  department  -       2,420,000  00 

Making  the  aggregate  amount  of  -  $20,270,000  00 

Which,  after  the  year  1824,  would  leave  an  annual  deficit  of  $270,000. 

If  this  sum  should  not  be  met  by  the  annual  increase  of  revenue,  result- 
ing from  the  increase  of  population  during  those  and  succeeding  years,  and 
the  increased  consumption  of  foreign  articles  resulting  therefrom,  it  may 
be  supplied  by  a  corresponding  reduction  in  those  items  of  expenditure 
which  depend  absolutely  upon  the  will  of  the  Legislature,  unconnected  with 
the  existing  laws  regulating  the  permanent  expenditure. 

It  is,  therefore,  respectfully  submitted  that  it  is  inexpedient  to  resort,  at 
this  time,  to  the  imposition  of  additional  taxes  upon  the  community 

The  condition  of  the  currency  in  several  of  the  States  of  tie  Union  fur- 
nishes strong  inducements  to  abstain  from  additional  taxation  at  this  time. 
The  obligation  of  the  Government  to  receive  the  notes  oi  ite  Bank  of  the 
United  States,  without  reference  to  the  place  where  t/iey  are  payable,  has 
given  to  them  their  universal  currency.  All  notes  issued  south  and  west  of 
this,  (Washington,)  have,  in  consequence  of  the  tfate  of  exchange  between 
those  places  and  the  commercial  cities  to  the  east  of  this  place,  centred  in 
those  cities.  The  bank  has,  consequently,  fraud  itself  constrained  to  direct 
those  branches  to  refuse  to  issue  their  notes,  even  upon  a  deposite  of  specie. 
The  effect  of  these  causes  combined  has  been  the  exclusion  from  circulation, 
in  all  States  west  and  south  of  the  seat  oi  Government,  of  the  notes  of  the 
Bank  of  the  United  States  and  its  offices.  In  several  of  those  States  there 
is  no  sound  paper  circulation.  To  resort  to  internal  taxation,  under  such 
circumstances,  would  be  to  require  of  the  citizens  of  those  States  what  will 
YOL.  n.— 12 


178  REPORTS  OF  THE  [1820. 

be  impossible  for  them  'to  perform.  Wherever  paper  circulates  as  money, 
which  is  not  convertible  into  specie,  it  circulates  to  the  exclusion  of  specie, 
and  of  paper  which  is  convertible  into  gold  and  silver  coin.  In  all  such 
places,  the  payment  of  direct  or  internal  taxes  in  specie,  or  in  the  notes  of 
the  Bank  of  the  United  States,  will  be  impracticable.  Preliminary  to  a  re- 
sort to  internal  taxation  of  any  kind,  the  charter  of  the  Bank  of  the  United 
States  ought  to  be  amended  so  as  to  make  the  bills  of  all  the  offices  of  the 
bank,  except  that  at  the  seat  of  Government,  receivable  only  in  the  States 
where  they  are  made  payable,  and  in  the  States  and  Territories  where  no 
office  is  established. 

The  effect  of  this  modification  will  be,  to  make  the  notes  of  the  offices  of 
the  bank,  except  the  office  in  this  District,  a  local  currency,  which  will 
enter  and  continue  in  the  local  circulation  of  the  States  in  which  they  are 
issued. 

The  notes  thus  issued  will  render  the  local  circulation  of  all  the  States 
sound,  and  furnish  to  the  citizens  the  means  of  discharging  their  contribu- 
tions to  the  Government.  This  measure  will  also  place  the  State  institu- 
tions. to  the  south  and  west  of  this  city,  in  a  more  eligible  situation,  in  rela- 
tion to  the  offices  of  the  Bank  of  the  United  States,  by  enabling  them  to 
adjust  their  accounts  with  these  offices  by  the  exchange  of  notes,  instead  of 
liquidating  their  balances  by  the  payment  of  specie. 

Should  it,  however,  be  judged  expedient  by  the  Legislature  to  lay  addi- 
tional burdens  upon  the  people,  for  the  purpose  of  meeting  the  existing  or 
any  probable  future  deficiency,  it  is  respectfully  submitted  that  the  importa- 
tion of  foreign  spirits  be  prohibited,  and  that  a  duty  upon  domestic  spirits, 
equal  to  the  amount  of  that  now  collected  upon  foreign  spirits,  and  to  such 
deficiency,  be  imposed  on  the  distillation  and  sale  of  domestic  spirits. 

In  any  event,  a  resort  to  loans,  to  the  extent  of  the  deficiency  of  the  year 
1821,  will  be  indispensable. 

Of  the  sum  of  $3,000,000,  authorized  by  the  act  of  the  15th  of  May  last, 
to  be  raised  by  loan,  $2,000,000  have  been  obtained  at  a  premium  of  two  per 
cent,  upon  stock  bearing  interest  at  the  rate  of  six  per  cent,  per  annum, 
redeemable  at  the  will  of  the  Government  ;  and  $1,000,000  at  par,  upon 
stock  bearing  interest  at  the  rate  of  five  per  cent,  per  annum,  redeemable  at 
any  time  after  the  1st  day  of  January,  1832.  There  is  no  just  reason  to 
doubt  that  any  sum  which  may  be  necessary  to  be  raised  by  loan,  can  be 
dbtamed  upon  terms  not  less  favorable  ;  but  as  it  is  probable  that  the  surplus 

the  revenue,  after  satisfying  all  the  demands  upon  the  Treasury,  author- 
ized by  existing  loans,  during  the  years  1822,  1823,  and  1824,  will  be  equal 

the  rederhpticn  of  any  debt  which  may  be  contracted  in  1821,  it  is  re- 
Uly  subrtvitte^  that  the  President  of  the  United  States  be  authorized 
orrow,  trom  ibe  Bank  of  the  United  States,  or  from  other  banks,  or  in- 
uals,  the  sum  vhich  may  be  necessary  for  the  service  of  that  year,  at 
Pa['  a?.,at  a  .^te  of  intent  not  exceeding  six  per  cent,  per  annum,  redeem- 


.,       . 
able  at  the  will  of  the  . 

All  which  is  respectfully  subirjitted. 

„,  WM.  H.  CRAWFORD. 

TREASURY  DEPARTMENT,  December  1,  1820. 


1820.] 


SECRETARY  OF  THE  TREASURY. 


179 


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180 


REPORTS  OF  THE 
STATEMENT  A— Continued. 


[1820. 


.1  STATEMENT  exhibiting  the  value  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1819, 
(consisting  of  the  difference  between  articles  paying  duty,  imported,  and 
those  entitled  to  draicback,  re-exported:}  and,  also,  of  the  nett  revenue 
which  accrued,  that  year,  from  duties  on  merchandise,  tonnage,  pass- 
ports, and  clearances. 


MERCHANDISE  PAYING  DITTIES  AD  VALOREM. 

SI  ,  679  ,  284        at  7J  per  cent.    - 
13,971,593          15        do.                                 - 
5,979,736         20        do.                      .... 
16,355,698         25        do. 
11,215         27i      do. 
1,882,399         30        do. 
5,542         32J      do.         - 

$125,946  28 
2,095,738  95 
1,195,947  23 
4,088,924  43 
3,084  12 
564,719  79 
1,801  05 

$8,076,161  85 
9,631,738  69 

39,885,467 

-      506,836  60 
-  1,959,125  12 
-      595,536  45 
-  1,737,450  09 
-  1,041,293  45 
-  2,181,703  29 
-      595,17240 
-  1,014,621  29 

1.    Wines.        1,235,266  gallons,  at  40.37  cents,  average, 
2.    Spirits,        4,477,628      do.          43.75           do. 
Molasses,  11,910,729      do.            5 
3.    Teas,           5,480,884  pounds,      31.70           do. 
Coffee,       20,825,869      do.            5 
4.    Sugar,        71,665,401      do.            3.04           do. 
5.    Salt,            2,975,862  bushels,      20 
6.    All  other  articles 

Deduct  duties  refunded,  after  deducting  therefrom  duties  on  merchandise, 
the  particulars  of  which  could  not  be  ascertained,  and  difference  in  calcu- 
lation    -------- 

17,707,900  54 
112,992  25 

Two  and  a  half  per  cent,  retained  on  drawback                       -  $92,711  77 
Extra  duty  of  ten  per  cent,  on  merchandise  imported  in  foreign 

vessels    -                                              ....  50,505  22 

Interest  and  storage                     ...                      .  21,64557 

Nett  amount  of  duties  on  merchandise   ------ 

Duties  on  tonnage  -  -  -  109,782  95 

Light  money         -  ...        21,434  56 

Passports  and  clearances  -  -  -  -  -  - 

Gross  revenue     ---..-... 
Deduct  expenses  of  collection     --..„„. 

Nett  revenue,  per  statement  A    ---..-- 


17,594,908  29 


164,862  5G 
17,759,770  85 


131,217  51 

8,640  00 


17,899,628  36 
782,925  40 

17,116,702  96 


1820.] 


SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes. 


181 


1. 

a 

3. 

4. 

5. 

Wines- 
Madeira 
Burgundy,  Champagne,  &c, 
Claret,  in  bottles 
Claret,  in  battles 
Sherry  and  St.  Lucar,  &c.  - 
Lisbon,  Oporto,  &c. 
Teneritfe,  Fayal,  &c. 
All  other 
All  other 

Spirits  — 
Grain,  1st  proof 
2d    do.         - 
4th    do. 
5th    do. 
Other,  1st  &2d  do. 
3d    do. 
4th    do. 
5th    do. 
Above  5th     do. 

Teas— 
Bohea           ... 
Souchong 
Imperial 
Hyson  and  young  hyson 
Hyson  skin  and  other  green 

Deduct  exportation  over  im- 
portation —  hyson 

Add  extra  duty  on  teas  im- 
ported from  other  places 
than  China 

Sugar  — 
Brown           - 
White 

188,267  gallons,  at 
5,797      do. 
21,761      do. 
23,503      do. 
21,468      do. 
128,494      do. 
278,318      do. 
138,853      do. 
448,805      do. 

100  cents 
100    do. 
70    do. 
30    do. 
60    do. 
50    do. 
40    do. 
25    do. 
15    do. 

42  cents 
45    do. 
52    do. 
60    do. 
38    do. 
42    do. 
48    do. 
57    do. 
70    do. 

12  cents 
25    do. 
50    do. 
40    do. 
28    do. 

56    do. 

3  cents 
4    do. 

20  cents 
20  csnts 

$188,257 
5,797  00 
15,232  70 
7,050  90 
12,880  80 
64,247  00 
111,327  20 
34,713  25 
67,320  75 

1,255,266      do.  - 

506,836  60 

483,032  gallons,  at 
42,377      do. 
5,714      do. 
5,907      do. 
644,685      do. 
1,623,431      do. 
1,663,986      do. 
6,237      do. 
2,256      do. 

202,873  44 
19,066  05 
2,971  28 
3,544  20 
244,980  30 
681,842  28 
798,713  28 
3,555  09 
1,579  20 

4,477,628      do.   - 

1,959,125  12 

261,700  pounds,  at 
1,382,633      do.. 
235,089      do. 
1,958,067      do. 
1,646,231      do. 

31  ,404  00 
345,658  25 
117,544  50 

783,226  80 
460,944  68 

5,483,720      do.  - 
2,836      do. 

1,738,778  23 
1,588  16 

5,480,884      do.  - 

1,737,190  07 
260  02 

5,480,884      do.  - 

1,737,450  09 

68,491,275  pounds,  at 
3,174,126      do. 

2,054,738  25 
126,965  04 

71,665,401      do.  - 

2,181,703  27 

Salt- 
Imported,                   bushels 
Exported       -                   \  >  - 
Bounties  and  allowances 
reduced  into  bushels 

i>    3,823,410  at 
12,048 

835,500 

817  548  at 

764,682  00 
169,509  60 

2,975,862 

595,172  40 

*  '                                                         Jfc'  ' 
It 

REPORTS  OF  THE 

Explanatory  Statements  and  Notes — Continued. 


[1820, 


6.    All  other  articles,  viz  : 

(Quantity. 

Rate 
of 
duty. 

Duty. 

Duck,  Russia         I    *'. 

_ 

pieces 

15,531 

Cents. 
200 

$31,062  00- 

Ravens 

. 

do. 

13,051 

125 

16,313  75 

Holland 

- 

do. 

1,555 

160 

3,887  50 

Sheeting,  brown  Russia 

- 

do. 

3,861 

250 

6,177  60 

white      do. 

- 

do. 

175 

250 

437  50 

Beer,  ale,  a,nd  porter,  in  bottles 

- 

gallons 

136,671 

15 

20,500  65 

in  casks 

- 

do. 

15,552 

10 

1,555  20 

Oil,  spermaceti 

. 

do. 

3 

25 

75 

whale  and  other  fish 

. 

do. 

1,114 

15 

167  10 

olive                    - 

. 

do. 

16,796 

25 

4,199  00 

Cocoa                         ... 

. 

pounds 

643,315 

2 

12,866  30 

Chocolate                   ... 

. 

do. 

4,053 

3 

121  59 

Sugar,  candy              - 

_ 

do. 

3,206 

12 

384  72 

loaf 

. 

do. 

2,082 

12 

249  84 

other  refined,  and  lump 

. 

do. 

956 

10 

95  60 

Almonds 

. 

do. 

634,561 

3 

19,036  83 

Fruits,  currants 

„ 

do. 

167,488 

3 

5,024  64 

prunes  and  plums 

. 

do. 

323,401 

3 

9,702  03 

figs                  - 

- 

do. 

319,671 

3 

9,590  13 

raisins,  muscatel 

_ 

do. 

912,358 

3 

27,370  74 

other   - 

. 

do. 

1,625,448 

2 

32,508  96 

Candles,  tallow 

- 

do. 

4,186 

3 

125  58 

wax,  or  spermaceti 

- 

do. 

441 

6 

26  46 

Cheese                        ... 

. 

do. 

79,423 

9 

7,148  07 

Soap                           ... 

- 

do. 

144,888 

3 

4,346  64 

Tallow 

. 

do. 

362,368 

1 

3,623  68 

Spice,  mace                - 

. 

do. 

7,232 

100 

7,232  00 

nutmegs 

- 

do. 

30,516 

60 

18,309  60 

cinnamon         - 

- 

do. 

4,338 

25 

1,084  50 

cloves 

. 

do. 

21,907 

25 

5,476  75 

pepper 

. 

do. 

591,442 

8 

47,315  36 

pimento 

. 

do. 

233,720 

6 

14,023  20 

cassia              ... 

. 

do. 

250,871 

6 

15,052  26 

Tobacco,  manufactured,  other  than  snuff,  &c. 

do. 

3,297 

10 

329  70 

SnufF                          ... 

. 

do. 

55,292 

12 

6,635  04 

Indigo                         ... 
Gunpowder 

T>     *     fl 

- 

do. 
do. 

313,958 
10,515 

15 

8 

47,093  65 
841  20 

Bristles                       ... 

. 

do. 

42,430 

3 

1,272  90 

Glue                           ... 
Paints,  ochre,  dry      ... 

- 

do. 
do. 

45,920 
378,349 

5 
1 

2,296  00 
3,783  49 

ochre,  in  oil   - 
white  and  red  lead     - 
white  and  red  lead    - 

: 

do. 
do. 
do 

51,758 
1,624,172 
25 

li 
3 

0 

776  37 
48,725  16 
50 

whiting,  and  Paris  white 
Lead,  bar  and  sheet    - 
manufactures  of,  and  shot 
Cordage,  tarred,  and  cables 

- 

do. 
do. 
do. 
do. 

139,507 
770,742 
1,112,179 
14,430 

• 
1 
1 
2 
3 

1,395  07 
7,707  42 
22,243  48 
432  90 

untarred,  and  yarn 

. 

do. 

48,637 

4 

1,945  48 

twine,  seines,  &c. 
Copper,  rods  and  bolts 
nails  and  spikes       - 
Wire,  iron  and  steel,  not  above  No.  18 
iron  and  steel,  above  No.  18 
Iron  tacks,  brads,  &c.  not  above  16  oz.  per  M 
tacks,  brads,  &c.  above  16  oz. 

do. 
do. 
do. 
do. 
do. 
do. 
do. 

377,495 
71,859 
19,186 
297,032 
12,445 
19,381 
1,752 

4 
4 
4 
5 
9 
5 
4 

15,099  80 
2,874  36 
767  44 
14,851  60 
1,120  05 
969  05 
70  08 

nails        .... 

. 

do. 

364,563 

4 

14,582  52 

spikes      -           ... 
spikes      .... 
anchors  .... 

- 

do. 
do. 
do. 

165,026 
653 
205,370 

3 

2 
2 

4,950  78 
13  06 
4,107  40 

1820.]  SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


183 


6.  All  other  articles  —  continued. 

Quantity. 

Rate 
of 
duty. 

Duty. 

Cents. 

Iron,  pig  - 

cwt. 

6,634 

50 

S3,  317  00 

castings 

do. 

19,099 

75 

14,324  25 

bar  and  bolt,  rolled 

do. 

51,290 

150 

70,935  00 

hammered    - 

do. 

324,832 

75 

243,624  OD 

do. 

do. 

111 

45 

49  95 

sheet,  rod,  and  hoop 

do. 

18,315 

250 

45,787  50 

Steel        -           -                        -           - 

do. 

8,461 

100 

8,461  00 

Hemp      -           -           -            - 

do. 

51,157 

150 

76,735  50 

Alum      ... 

do. 

2,561 

200 

5,1-21  87 

Copperas            - 

do. 

21 

100 

21  00 

Coal        ----- 

-    bushels 

737,077 

5 

39,353  85 

Fish,  dried  or  smoked    - 

-   quintals 

586 

100 

586  00 

salmon,  pickled     - 

-     barrels 

1,606 

200 

3,212  00 

mackerel   - 

do. 

1,169 

150 

1,753  50 

other          - 

do. 

283 

roo 

283  00 

Glass,  bottles,  black  quart 

-      gross 

13,184 

144 

18,984  96 

window,  not  above    8  by  10 

-100  sq.ft. 

5,576 

250 

13,940  00 

10  by  12 

do. 

2,993 

275 

8,231  75 

above        10  by  12 

do. 

3,842 

325 

12,486  50 

Boots       ----- 

pairs 

1,569 

150 

2,353  50 

Shoes  and  slippers,  silk  - 

-        do. 

4,653 

30 

1,395  90 

leather,  men's,  &c. 

-        do. 

31,106 

25 

7,776  50 

children's  - 

do. 

8,432 

15 

1.26-1  80 

Segars     -           -           -           -           - 

M. 

11,451 

250 

28,627  50 

Cards      - 

packs 

5,425 

30 

1,627  50 

1,146,137  36 

Deduct  excess  of  exportations  over  importations,  viz  : 
On  cotton,  4,33-2,757  pounds,  at  3  cents 

$131,482  71 

nails,           1,112  pounds,  at  3  cents     - 

- 

33  36 

131  516  07 

81,014,621  29 

TREASURY  DEPARTMENT, 

Register's  Office,  November  11,  1820. 

JOSEPH  NOURSE,  Register. 


184 


REPORTS  OF  THE 
B. 


[1820. 


STATEMENT  of  moneys  received  into  the  Treasury,  from  internal 
duties  and  other  objects,  during  the  year  1819. 


From  arrears  of  internal  duties,  (new) 
new  direct  tax 

old  internal  duties    -  -   $2,149  62 

old  direct  tax  -     2;800  17 

postages  of  letters  71  32 

fees  on  letters  patent     -  -      3,060  00 

cents  and  half  cents  coined  at  the  mint    38,535  00 
fines,  penalties,  and  forfeitures  -  -      2,120  89 

nett  proceeds  of  prizes  captured  by  pub- 
lic armed  vessels       -  8  52 
sale  of  vessels  on  Lake  Champlain        -      7,601  00 
surplus  proceeds  of  property  sold  for  di- 
rect tax  of  1815                                          125  40 
surplus  proceeds  of  property  sold  for  di- 
rect tax  of  1816                                 -     2,558  58 
interest  on  balances  due  by  banks  to  the 

United  States  -     2,249  83 

first  instalment  payable  by  the  Bank  of  the  United 

States 
dividend  on  stock  in  the  Bank  of  the  United  States 


$227,444  01 
80,850  61 


61,280  33 

500,000  00 
175,000  00 

$1,044,574  95 


TREASURY  DEPARTMENT, 

Register's  Office,  November  30,  1820. 

JOSEPH  NOURSE,  Register. 


1820.1 


SECRETARY  OF  THE  TREASURY. 


185 


No.  1. 
STATEMENT  of  the  debt  of  the   United  States,  1st  October,  1819. 

Deferred  six  per  cent,  stock,  (unredeemed 


amount) 
Three  per  cent.  do. 

Louisiana  six  per  cent.  do. 
Six  per  cent,  of  1796  do. 
Exchanged  6  per  cent.  do. 

Six  per  cent,  stock  of  1812,  (loan  of  11 

millions) 
Six  per  cent,  stock  of  1813.  (loan  of  16 

millions) 
Six  per  cent,  stock  of  1813,  (loan  of  7^ 

millions) 
Six  per  cent,  stock  of  1814,  (loan  of  25 

and  3  millions) 
Six  per  cent,  stock  of    1815,  (loan    of 

$18,452,800)  - 

Treasury  note  six  per  cent,  stock 
Treasury  note  seven  per  cent,  stock 
Five  per  cent,  stock,  (subscription  to  Bank 

United  States) 


$2,805,084  36 
13,^95,915  44 

4,818,279  92 
80,000  00 

2,668,974  99 
$23,668,254  71 

6,187,006  84 
15,521,136  45 

6,836,232  39 
13,011,437  63 

9.490,099  10 
1,419,125  61 

8,595,298  27 

7,000,000  00 
68,060,336  29 


Amount  1st  October,  1819,   $91,728,591  00 

TREASURY  DEPARTMENT, 

Register's  Office,  November  10,  1820. 

JOSEPH  NOURSE,  Register. 


186  REPORTS  OF  THE  [1820. 

No.  2. 

STA  TEMENT  of  the  debt  of  the  United  States,  on  the  1st  of  January, 

1820. 

Deferred  six  per  cent,  stock,  (unredeemed 

amount)                                              -  $2,563,020  89 

Three  per  cent  stock       -                         -  13,295,915  44 

Louisiana  six  per  cent,  stock      -            -  2,216,408  78 

Six  per  cent,  stock  of  1796                      -  80,000  00 

Exchanged  six  per  cent,  stock  of  1812    -  2,668,974  99 

$20,824,320  10 

Six  per  cent,  stock  of  1812,  loan  of  11 

millions                                               -  6,187,006  84 
Six  per  cent,  stock  of  1813,  loan  of  16 

millions                                                 -  15,521,136  45 
Six  per  cent,  stock  of  1813,  loan  of  1\ 

millions  6,836,232  39 
Six  per  cent,  stock  of  1814,  loan  of  25 

and  3  millions                                      -  13,011,437  63 

Six  per  cent,  stock  of  1815                      -  9,490,099  10 

Treasury  note  six  per  cent,  stock            -  1,424,471  79 

Treasury  note  seven  per  cent,  stock       -  8,604,629  27 
Five   per    cent,   stock,  (subscription  to 

Bank  United  States)   -            -            -  .  7,000,000  00 

68,075,013  47 


Amount,  1st  January,  1820  -  $88,899,333  57 

Unredeemed  amount,  1st  January,  1819  -    92,648,177  35 

Add  stock  issued  in  1819  : 

Viz. 

Three  per  cent,  stock      -  -  $304  68 

Treasury  note  six  per  cent,  stock,  (see 

a,  No.  2  a)       -  37,348  09 

Treasury  note  seven  per  cent,  stock,  (see  , 

6,  No.  2  a)  -  -  -  13,160  00 

50,812  77 


$92,698,990  12 

Deduct  stock  purchased  and  reimbursed 

in  1819.     Purchased  as  per  statement 

No.  4,  accompanying  the  report  of  the 

10th  December,  1819  711,957  55 

Reimbursed  Louisiana  stock  on  the  21st 

October,  1819  -  -  -       2,601,871  14 

Deferred  stock  in  1819  -  -  -          485,827  86 

3.799,656  55 


As  above,  1st  January,  1820     $88,899,333  57 

TREASURY  DEPARTMENT, 

Register's  Office,  NovemberW,  1820. 

JOSEPH  NOURSE,  Register. 


1S20.]  SECRETARY  OF  THE  TREASURY.  187 

No.  2  a. 

STATEMENT  exhibiting  the  total  amount  of  the  six  and  seven  per 
cent.  Treasury  note  stocks,  issued  to  the  31st  December,  1819. 

At  what  office  issued.  Six  per  cent.  Seven  per  cent 

Treasury  -            -  57,93852  -!t...       ~-:t*      201,55700 

New  Hampshire  -  -     .^  63,110  13  121,731  00 

Massachusetts  •*•,,         -  504,859  82  -            -      3,041,492  00 

Rhode  Island  ifcfc  11,628  78  -                       163,122  00 

Connecticut  -         -  79,499  00 

New  York-  -  359,74436  -          ,yjy  4,726,989  00 

Pennsylvania  701,447  00 

Delaware    -  -  940  00 

Maryland    -  »  J?U         -  47,988  56  -         ^         17,140  00 

Virginia      -  -  -  -i  -                          ]>866  °° 

North  Carolina  MI     8,75692  -         ",'•&..  1,18000 

South  Carolina  -  v;  <      *»-.  286,30692  ...-";.       ..,  ~          8,16600 

Georgia      -  -  107,517  43  3,880  00 


1,448,791  44  9,068,069  00 

Deduct  so  much  thereof  in- 
cluded in  the  statement  of  the 
funded  debt  to  1st  January, 
1819  -  -  1.411,443  35  -  -  9,054,909  00 


a  $37,348  09  b  $13,160  00 


TREASURY  DEPARTMENT, 

Register's  Office,  November  10,  1820. 

JOSEPH  NOURSE,  Register. 


188                                  REPORTS  OF  THE  [1820. 

No.  3. 

ESTIMA  TE  of  the  funded  debt  of  the  United  States,  1st  October,  1820. 

Deferred  stock,  (unredeemed  amount)  $2,309.258  25 

Three  per  cent.           -            -            -  13,295,946  44 

Louisiana        -                         -            -  2,216,408  78 

Six  per  cent,  of  1796                          -  80,000  00 

Exchanged  six  per  cent,  of  1812        -  2,668,974  99 

$20,570,588  46 

Six  per  cent.of  181 2,(loan  of  11  millions)  $6,187,006  84 

Six  per  cent,  of  1813,           16        do.-  15,521,13645 

Six  per  cent,  of  1813,             1\      do.  -  6,836,232  39 

Six  per  cent,  of  1814,          25  &  3  do.  -  13,011,437  63 

Six  per  cent,  of  1815,                            -  9,490,09910 

Treasury  note  six  per  cent.     -            -  1,458,473  50 

Treasury  note  seven  per  cent.              -  8,605,116  27 
Five  per  cent  stock,  (subscription   to 

Bank  of  United  States)                     -  7,000,000  00 

Six  per  cent,  stock  of  1820      -            -  2,000,000  00 

Five  per  cent,  stock  of  1820    -            -  1,000,000  00 

71,109,502  18 


$91,680,090  64 

Amount  as  stated  1st  January.    1820  -    $88,899,333  57 

Add  stock  issued  in  the  first  three  quarters  of  1820  : 
Three  per  cent,  stock,  for  interest  on  old 

registered  debt  $61  48 

Treasury  note  six  per  cent,  stock    -  -    34,001  71 

Treasury  note  seven  per  cent,  stock  487  00 

$34,550  19 

Loan,  per  act  of  15th  May, 
1820,  whereof  at  six  per  ct.  $2,000,000  00 
At  five  per  cent.  -      545,431  47 

-  --       2,545,431  47 

--      2,579,981  66 


$91,479,315  23 

Deduct  reimbursement  of  deferred  stock       $253,752  78 
stock  purchased,  (a)  40  34 

253,793  12 


As  above,  1st  October,  1820      -  -  -  -$91,225,52211 

Add  residue  of  loan  of  15th  May,  1820,  at  five  per  cent.          454,567  66 

$91,680.089  77 


1820.]  SECRETARY  OF  THE  TREASURY.  189 

D  educt  stock  reimbursable  in  the  fourth  quarter  of  1820  : 

Residue  of  Louisiana  six   per   cent., 
21st  October,  1820  -     $2,216,408  78 

Reimbursement  of  deferred  stock       -          249,444  16 

$2,465,852  94 


Amount,  1st  January,  1821  $89.214,236  83 

(a)  Purchased  of  William  Lyon,  of  Connecticut.  $31  26, 

deferred,  at  31.542  per  cent.       -  -     $9  86 

$46  89,  three  per  cent,  at  65  per  cent.  -     30  48 


$40  34 


TREASURY  DEPARTMENT, 

Register's  Office,  November  10,  1820. 


JOSEPH  NOURSE.  Register. 


No.  4. 

ESTIMATE  of  the,  amount  of  Treasury  notes  outstanding.  1st    Oc- 
tober, 1820. 

Total  amount  issued,  (as  per  No.  5  of  last  report,)  -    $36,680,794 

Whereof  there  has  been  reported  on  by  the  First  Auditor, 
as  cancelled  -     $36.208,747 

In  his  office,  to  be  reported  on  : 
Received  for  six  per  cent,  stock,  issued  at  the 

Treasury,  to  30th  September,  1820    -     $40,120 
New  Hampshire,  30th  June,    do.  2,220 

Massachusetts,          do.  do.      '>r>  « 104,020 

Rhode  Island,  31st  March,  1819  3,280 

New  York,  30th  June,  1820     -  -      31,680 

Maryland,  3lst  March,  1819      -  -      43,340 

Virginia,  30th  June,  1820  JOO 

South  Carolina,  do.    do.  -       16,100 

Georgia,  31st  December,  1817  -  -      98,000 

$338;860 

Received  for  seven  per  cent,  stock  issued  at 
New  York,  to  30th  June,  1820  2,348 

South  Carolina,  30th  June,  1818  158 

Georgia,  31st  March,  1817  3,880 

6,386 
Redeemed  by  the  Branch  Bank  at  Richmond  40 

345,286 

In  the  Branch  Bank  at  Washington;  small  notes  to 
the  amount  of  -  2,101 

Other  notes,  including  interest          $103,323  67 
Deduct  estimate  for  interest  6,323  67 

97,000 

In  the  Union  Bank,  New  Hampshire,  small  notes  4 

99,105 


190  REPORTS  OF  THE  [1820. 

Estimated  balance  outstanding  1st  October,  1820 : 

In  small  notes  -  $4,096 

Others  -  -  23,560 

$27,656 


$36,680,794 

TREASURY  DEPARTMENT, 

Register's  Office,  November  10,  1820. 

JOSEPH  NOURSE,  Register. 


No.  5. 

STA  TEMENT  of  the  stock  issued  under  the  act  of  Congress  entitled 
"  An  act  supplementary  to  the  act  entitled  An  act  for  the  indemnifica- 
tion of  certain  claimants  of  public  lands  in  the  Mississippi  Territory" 
passed  on  the  3d  of  March,  1815. 

Amount  of  claims  awarded,  per  No.  6  of  last  report       -  $4,282,151  12^ 
Amount  of  certificates  issued,  per  do.      $4,273,550  17^ 
Amount  of  certificates  issued  since  5,814  01 


Total  issued  4.279,364 
Amount  of  certificates  to  be  issued  2,786  94 

--  $4,282,151 

Amount  of  certificates  issued,  brought  down,     $4,279,364 


Amount  paid  in  for  lands,  to  the  30th  September,  1819, 
per  statement  C  of  last  year     -  -     $2,372.574  31^ 

Amount  paid  in  since  66,733  99| 

Total  paid  in  for  lands  to  the  30th  Sep- 
tember, 1820  ---    2,439,308  31 

Amount  of  sixty-six  per  cent.,  paid  at  the  Treasury,  on 
$1,731,635  69,  from  the  15th  May  to  30th  September, 
1820  -  ...  1,142,879  55 

Outstanding,  30th  September,  1820  : 

This  sum,  upon  which  the  66  per  cent. 
has  not  been  paid  -      $108,420 

Thirty-four  per  cent,  on  $1,731,635  69      588,756  14 

-       697,176 


Amount  issued,  as  above   4,279,364 
Amount  to  be  issued      .,-^.     2,786  94 


Total  awards  $4,282,151 


TREASURY  DEPARTMENT, 

Register's  Office,  November  10,  1820. 

JOSEPH  NOURSE,  Register. 


1820.] 


SECRETARY  OF  THE  TREASURY. 


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198  REPORTS  OF  THE  [1821. 

REPORT  ON  THE  FINANCES. 
DECEMBER,  1821. 


In  obedience  to  the  directions  of  the  "Act  supplementary  to  the  act  to 
establish  the  Treasury  Department,"  the,  Secretary  of  the  Treasury  re- 
spectfully submits  the  following  report. 

I.    OF   THE    REVENUE. 

The  nett  revenue  arising  from  imports  and  tonnage,  internal  duties, 
direct  tax,  public  lands,  postage,  and  other  incidental  receipts,  during  the 
year  1818.  amounted  to  -  -  $26,095,200  65 

Viz. 

Customs,  (see  statement  A)  -  $21.828f451  48 

Arrears  of  internal  duties  947,946  33 

Arrears  of  direct  tax       -  263,92601 

Public    lands,  exclusive   of   Mississippi 

stock  '    -       2,464,52.7  90 

Dividend  on  stock  in  the  Bank  of  the 

United  States  525.000  00 

Postage,  and  other  incidental  receipts      -         ^£5,348  93 


That  which  accrued  from  the  same  sources,  during 
the  year  1819,  amounted  to  -  -     21,435,700 

Viz. 

Customs,  (see  statement  A)  -  $17,116,702  96 

Arrears  of  internal  duties  227.444  01 

Arrears  of  direct  tax  80.850  61 

Public    lands,  exclusive  of   Mississippi 

stock  ,      3,274,422  78 

First  instalment  from  the  Bank  of  the  U.  S., 

and  dividend  on  stock  in  that  bank     -          675,000  00 
Postage,  and  other  incidental  receipts      -  61,28033 


And  that  which  accrued  from  the  same  sources,  during 
the  year  1820,  amounted  to  -  15.284,546  29 

Viz. 

Customs,  (see  statement  A)  -  $12,449,556  15 

Arrears  of  internal  duties,  (see  statement 

B)       -  104,172  07 

Arrears  of  direct  tax,  (see  statement  B)  -  31,286  82- 

Public    lands,  exclusive   of   Mississippi 

stock,  (see  statement  C)  '    ..       1,635,871  6 1 

Second  and  third  instalments  from  the 

Bank  of  the  United  States       -  -       1,000,000  00 


1821.]  SECRETARY  OF  THE  TREASURY.  199 

-      •     •«'  ifaft   V»*!l  '    lk<*r   '  •'•'    !  .  •:TI*~'  -<••- 

Postage,  and  other  incidental  receipts, 
(see  statement  B)  $63,659  64 

It  is  estimated  that  the 
gross  amount  of  duties 
on  merchandise  and  ton- 
nage, which  accrued  du- 
ring the  tirst  three  quar- 
ters of  the  present  year, 
exceeds  -  -  $14,088,000  00 

The  payments  into  the  Treasury  to  the 
30th  September  last,  have  amounted  to    -  $16,219,197  70 

Customs'  -  $10.068,394.85 

Public  lands,exclusive 

of  Mississippi  stock  -  940,980  35 

Arrears  of  internal  du- 
ties and  direct  tax  -  69.867  26 

Bank  dividends          -  105',000  00 

Incidental  receipts     -  21,581  51 

Repayments.-            -  13,373  73 

Loan             -            -  5,000,000.  00 


And  the  payments  into  the  Treasury, 
during  the  fourth  quarter  are  estimated  at     $3,595,278  14 
Viz* 

Customs'       >         -     $3,000,00000 

Public  lands  -  360,000  00 

Moneys  recovered  out 
of  advances  made  in  the 
War  Department,  before 
the  1st  of  July,  1815  -  120.000  00 

Balances  of  military 
appropriations  carried  to 
the  account  of  the  sur- 
plus fund  90,278  14 

Direct  tax  and  inter- 
nal duties,  and  incidental 
receipts  .,.-  25,000  00 


Making  the  total  amount  estimated  to  be  received  into 
the  Treasury  during  the  year  1821  -  $19,81  ',475  84 

Which  added  to  the  balance  in  the  Treasury  on  the  1st 
January  last,  of  -  -  1,198,4^1  21 

Make  the  aggregate  amount  of     -  $21.012,937  05 
The  application  of,  this  sum  for  the  year  1821,  is  esti- 
mated as  follows,  viz : 

The  payments  to  the  30th  September 
have  amounted  to  $15,655,288  47 

Viz: 

Civil,  diplomatic,  and 
miscellaneous   -  -     $1,772,717  30 


REPORTS  OF  THE  [1821. 


Military  service,inclii- 
ding  fortifications,  ord- 
nance, Indian  depart- 
ment, revolutionary  and 
military  pensions,  arm- 
ing1 the  miiuia,  and  ar- 
rearages prior  to  the  1st 
of  January,  1817  -  $4,872,865  78 

Naval  service,  includ- 
ing the  gradual  increase 
of  the  navy  -  -  2,603,59275 

Public  debt,  including 
$591,611  30  of  Missis- 
sippi stock  -  6,406,112  64 

f 

During   the  fourth  quarter  it  is  esti- 
mated that  the  payments  will  amount  to  -    $3,580,000  00 
Viz: 

Civil,  diplomatic,  and 
miscellaneous  -  -  $690,000  00 

Military  service  290,000  00 

Naval  service  700,000  00 

Public  debt    -  -       1,900.000  00 


Making  the  aggregate  amount  of  -  $19,235,288  47 

Which  being  deducted  from  the  above  sum  of 
$21,012,937  05,  will  leave  in  the  Treasury  on  the  1st  day 
of  January  next,  a  balance  estimated  at  -  $1.777,648  58 

But  of  the  balances  of  appropriations  for  the  service  of  the  year  1821, 
necessary  to  effect  the  object  of  those  appropriations,  exclusive  of  balances 
which  will  not  be  required,  and  which  have  been  deducted  from  the 
estimates  of  the  year  1822,  or  will  be  carried  to  the  account  of  the  surplus 
fund,  there  remains  the  sum  of  $2,268.611  28,  which  is  an  existing  charge 
upon  the  revenue  of  1821,  and  exceeds  the  balance  estimated  to  be  in  the 
Treasury,  on  the  1st  day  of  January  next,  by  $490,962  70. 

II.    OF  THE  PUBLIC  DEBT. 

The  funded  debt  which  was  contracted  before  the  year 
1812,  and  which  was  unredeemed  on  the  30th  of  Septem- 
ber, 1820,  as  appears  by  statement  No.  1,  amounted  to  -  $20,570,627  12 

And  that  contracted  subsequently  to  the  1st  of  January, 
1812,  and  unredeemed  on  the  30th  of  September,  1820, 
amounted,  as  appears  by  the  same  statement,  to  -  -  70.654,933  65 


Making  the  aggregate  amount  of  -  $91,225,560  77 

Which  sum  agrees  with  the  amount  stated  in  the  last  an- 
nual report  as  unredeemed  on  the  1st  of  October,  1820,  ex- 
cepting the  sum  of  $38  66,  which  was  then  short  esti- 
mated, and  which  has  been  since  corrected  by  actual  settle- 
ment. 


1821.] 


SECRETARY  OF  THE  TREASURY.  201 

$457,747  95 


In  the  fourth  quarter  of  the  year  there  was  added  to  the 
above  the  sum  of 
Viz: 

In  6  "and  7  per  cent,  stocks  for  Treasury  notes  brought 
into  the  Treasury  and  cancelled  -  $3,280  ~29 

In  5  per  cent,  stock,  under  the  act  of 
May  15,  1820      -  ^»,  454,567  66 

Making     - 
And  there  vvas  paid  in  the  fourth  quarter  the  sum  of    - 

Viz: 

Deferred  stock  reimbursed  -      $249,401  58 

Payments  on  accou-nt  of  the  Louisiana       >  .-  , 
stock        -  -  -  -  -        139,490  63 


Making  the  public  debt  unredeemed  on  the  1st  of  Janua- 
ry, 1821,  as  per  statement  No.  2 

From  the  1st  of  January,  to  the  30th  of  September,  in- 
clusive, there  has  been  added  the  suai  of  - 
Viz: 

Three  per  cent,  stock,  for  interest  on  re- 
gistered debt  $26  01 

Treasury  note  6  and  7  per  cent,  stock  4,454  07 

Loan  authorized  by  act  of  3d  of  March, 
1821  -     4,735,296  30 

Making 
From  which  is  to  be  deducted  the  sum  of 

Viz: 

Reimbursement  of  deferred  stock  during 
the  same  period    -  $276,73715 

Payments  on  account  of  Louisiana  stock      2,071,360  00 

Making  the  public  debt  which  was  unredeemed  on  the 
1st  of  October,  1821,  as  per  estimate  No.  3 

To  which  will  be  added,  in  the  fourth  quarter,  Treasury 
note  6  per  cent,  stock  issued 

Making 

From  which  will  be  deducted,  in  the  fourth  quarter,  the 
sum  of  -  - 

Viz: 

Reimbursement  of  deferred  stock          -      $257,32226 
Residue  of  Louisiana  stock       -  -  5.558  15 


Making  the  amount  of  the  public  debt  unredeemed  on 


91,683,308  72 
38.-.,892  21 


91,294,416  51 
4,739,776  38 


96,034.192  89 
2,348,097  15 


93,686,095  74 
390  40 

93,686,486  14 
262,880  41 


the  1st  of  January,  1822,  as  estimated 


-  $93,423,605  73 


The  Treasury  notes  yet  outstanding  are  estimated,  as 
appears  by  estimate  No.  4,  at 


$28,495  00 


The  awards  made  by  the  commissioners  appointed  under  the  several  acts 
of  Congress  for  the  indemnification  of  certain  claimants  of  public  lands  in 
the  Mississippi  Territory,  amount  to  -  -  $4,282,151  12 


REPORTS  OF  THE  [1821 

Of  which  there  have  been  received  at  the  General  Land 

Office,  in  stock    -  -    $2,442,535  39 

And  there  have  been  paid  at  the  Treasury   1,734,490  85 

Making  together    -  $4,177,026  24 

And  leaving  outstanding  on  the  30th  of  September,  1821, 
as  per  statement  No.  5       -  -        $105,124  88 

III.    OF    THE  ESTIMATES  OF    THE    PUBLIC  REVENUE    AND   EXPENDITURES 

FOR  THE  YEAR    1822. 

The  diminution  of  the  revenue  from  imports  and  tonnage,  which  occurred 
in  1819,  advanced  with  progressive  force  through  1820,  and  reached  its 
lowest  point  of  depression  in  the  first  quarter  of  the  present  year.  The 
duties  secured  in  that  quarter  were  727,000  dollars  less  than  those  of  the 
corresponding  quarter  of  1820 ;  whilst  the  amount  secured  in  the  second  and 
third  quarters  exceeded  that  of  the  same  period  of  the  preceding  year  by 
$1.172,000;  thus  presenting,  on  the  30th  of  September  last,  an  aggregate  ex- 
cess of  $445,000  for  the  first  three  quarters  of  1821 ;  which  sum,  there  is  just 
reason  to  believe,  will  be  considerably  augmented  at  the  end  of  the  year. 

Whilst  the  duties  have  progressively  increased,  the  debentures  chargeable 
upon  them  have  considerably  diminished;  the  amount  of  debentures  issued 
from  the  1st  of  January  to  30th  of  September  last  being  952,000  dollars 
less  than  was  issued  during  the  same  period  of  the  preceding  year. 

The  same  causes  which,  in  1819  and  1820,  effected  so  great  a  reduction 
of  the  revenue  arising  from  imports  and  tonnage,  were  felt,  in  an  equal  de- 
gree, in  the  sale  of  the  public  lands.  Those  who,  from  an  anticipation  of 
thei  r  resources  previously  to  those  years,  were  unable  topurchase  foreign  mer- 
chandise, were  equally  incapable  of  purchasing  public  lands,  or  of  discharg- 
ing debts  contracted  with  the  Government  by  purchases  antecedently  made. 

In  the  annual  report  of  the  Treasury  at  the  commencement  of  the  last 
session  of  Congress,  the  receipts  from  the  public  lands  for  the  year  1821 
were  estimated  at  1.600.000  dollars,  if  no  change  should  be  made  by  law  af- 
fecting the  obligations  which  the  purchasers  were  then  under  to  be  punctual 
in  their  payments.  But,  at  the  close  of  that  session,  an  act  was  passed  for 
the  relief  of  the  purchasers  of  public  lands,  which  so  far  impaired  that  ob- 
ligation as  to  induce  the  Committee  of  Ways  and  Means  to  estimate  the 
proceeds  of  that  source  of  revenue  at  only  $800,000.  It  has  been  shown, 
however,  that  the  receipts  to  the  30th  of  September  last  have  exceeded 
940.000  dollars,  and  those  of  the  whole  year  are  now  estimated  at 
1,300,000  dollars. 

This  result,  in  relation  to  the  public  lands,  and  the  improvement  which 
has  taken  place  in  the  revenue  arising  from  imports  and  tonnage,  indicate  a 
favorable  change  in  the  condition  of  the  nation,  from  which  a  progressive 
increase  of  the  public  revenue  may  be  confidently  anticipated. 

Independently,  however,  of  any  such  increase,  the  facts  disclosed  by  the 

fiscal  operations  of  the  year,  some  of  which  have  been  enumerated,  warrant 

the  conclusion  that  the  receipts  of   the  year  1822  may  be  estimated 

at  .         .  •-  .    '         .  -  $16,110,000  00 

Viz: 

Customs  _w-ri<          $14,000,000  00 

Public  lands     -  '  1.609.000  00 

Bank  dividends  350.000  00 


1821.]  SECRETARY  OF  THE  TREASURY.  203 

Arrears  of  direct  tax  and  internal  duties      $75.000  00 

Moneys  recovered  out  of  advances  made 
in  the  War  Department  before  the  1st 
of  July,  1815  -  60,000  00 

Incidental  receipts  25,000  00 

The  expenditures  of  the  year   1822  are  estimated  at    $14.947,661  SO 
Viz: 

Civil,  diplomatic,  and  miscellaneous       $1,664,297  00 

Public  debt  -  5,722,857  01 

Military  service,  including  fortifications, 
ordnance,  Indian  department,  revolu- 
tionary and  military  pensions,  arm- 
ing the  militia,  and  arrearages  prior 
to  the  1st  of  January,  1817  -  5,108,097  52 

Naval  service,  including  the  gradual  in- 
crease of  the  navy  -  -  -  2,452,410  27 


The  receipts  of  the  year  will,  therefore,  exceed  the  esti-  * 
mated  expenditure  by •  i^oJj  -    $1,162,338  20 

Which,  after  discharging  the  difference  between  the  balance  in  the  Trea- 
sury on  the  1st  of  January,  1822.  and  the  balance  of  appropriations  charge- 
able upon  it,  will  leave  in  the  Treasury  on  the  1st  of  January,  1823.  a  bal- 
ance estimated  at  $671,375  50. 

It  is,  however,  proper  to  state,  that,  in  the  estimate  for  the  naval  service, 
only  200,000  dollars  of  the  annual  appropriation  of  500,000  dollars,  for  the 
gradual  increase  of  the  navy,  is  included;  but  that  of  the  amount  estimated 
by  the  Secretary  of  War,  a  sum  larger  than  the  balance  of  that  appropriation 
is  for  arrearages  for  revolutionary  pensions  and  the  Indian  department, 
which  will  not  be  embraced  in  estimates  for  the  year  1823. 

The  expenditure  of  the  two  succeeding  years,  it  is  believed,  will  not  ex- 
ceed that  of  the  year  1822.  unless  a  further  expenditure  shall,  in  the  inter- 
mediate time,  be  authorized  by  law.  But  in  the  expenditure  of  the  year 
1822.  and  also  of  1823  and  1824,  no  part  of  the  annual  appropriation  of 
,$10,000,000.  constituting  the  sinking  fund,  is  comprehended,  except  what 
is  necessary  to  discharge  the  interest  of  the  public  debt,  and  the  reimburse- 
ment of  the  6  per  cent,  deferred  stock.  On  the  1st  of  January,  1825,  and 
the  three  succeeding  years,  the  debt  contracted  during  the  years  1812,  1813, 
1814,  and  1815,  becomes  redeemable  at  the  will  of  the  Government.  These 
sums  greatly  exceed  the  amount  of  the  sinking  fund  applicable  in  those 
years  to  the  redemption  of  the  public  debt.  As  the  current  value  of  the  five 
per  cent,  stock,  created  during  the  last  and  present  years,  exceeds  that  of  the 
seven  per  cent,  stock,  and  of  the  six  per  cent,  stocks  of  1812  and  1813,  it  is 
presumed  that  the  holders  of  those  stocks  will  be  disposed  to  exchange  them 
for  an  equal  amount  of  five  per  cent,  stock,  redeemable  at  such  periods  as  to 
give  full  operation  to  the  sinking  fund  as  at  present  constituted.  Accord- 
ing to  this  view  of  the  subject,  $24,000,000  of  the  stocks  which  will  be  re- 
deemable in  the  years  1825  and  1826  may  be  exchanged  for  five  per  cent, 
stock,  redeemable,  one-third  on  the  1st  of  January,  1831,  and  one-third  on 
the  same  days  of  1832  and  1833.  This  exchange  of  six  per  cent,  stock, 
if  effected  on  the  1st  of  January,  1823,  will  produce  an  annual  reduction  of 
,icV;I  ;(!l  T^C'v^-MA  f:  ;-'Vv:v  :j 


204  REPORTS  OF  THE  [1821. 

the  interest  of  the  public  debt,  from  that  time  to  the  first  mentioned  period, 
of  $'MO,000,  and  an  aggregate  saving,  through  the  whole  period,  of 
$2,160,000.  If  the  whole  of  the  seven  per  cent,  stock  should  be  exchanged, 
the  saving  will  be  considerably  increased. 

If  such  an  exchange  of  stock  should  be  deemed  inexpedient  or  impracti- 
cable, a  saving  of  equal,  if  not  greater  extent,  may  be  effected  in  the  years 
1825,  1826,  1827,  and  1828,  by  borrowing  at  the  rate  of  five  per  cent.,  in 
the  first  and  each  successive  year,  a  sum  equal  to  the  difference  between  the 
amount  redeemable,  and  that  portion  of  the  sinking  fund  applicable  to  its  re- 
demption: the  five  per  cent,  stock,  so  created,  to  be  redeemable  at  such  pe- 
riods as  to  give  full  operation  to  the  sinking  fund,  until  the  whole  of  the 
public  debt  shall  be  redeemed.  If  the  five  per  cent,  stock  shall,  during 
those  years,  be  above  par,  a  saving  beyond  that  proposed  to  be  effected  by 
the  exchange  of  stock  in  1822  will  be  secured,  to  the  extent  of  that  dif- 
ference, by  the  latter  process. 

But  it  is  possible  that  the  progressive  increase  of  the  revenue  which  has 
been  anticipated,  and  which  is  necessary  to  the  full  operation  of  the  sinking 
fund,  may  not  be  realized.  In  that  event,  the  public  expenditure  authorized 
by  law  may,  after  the  1st  of  January,  1825,  exceed  the  public  revenue. 

The  remedy  in  such  case  must  be — 1st,  an  increase  of  the  public  revenue, 
by  an  addition  to  the  existing  impositions;  or,  2d,  a  reduction  of  the  sinking 
fund. 

1  A  general  revision  and  correction  of  the  duties  imposed  upon  foreign 
merchandise  seem  to  be  required.  Many  of  the  articles  which  pay  but  fif- 
teen per  cent,  ad  valorem,  ought,  in  justice  as  well  as  policy,  to  be  placed 
at  twenty-five  per  cent.;  which  is  the  duty  paid  upon  the  principal  articles 
of  woollen  and  cotton  manufactures.  The  same  observation  is  applicable  to 
some  of  the  articles  which  pay  twenty  per  cent,  ad  valorem.  A  correction 
of  the  existing  duties,  with  a  view  to  an  increase  of  the  public  revenue,  could 
hardly  fail  to  effect  that  object  to  the  extent  of  nearly  $1,000,000  annually. 
It  is  highly  probable,  however,  that  an  increase  of  duty  on  some  of  those 
articles  might  eventually  cause  a  reduction  of  the  revenue;  but  this  can  only 
take  place  where  similar  articles  are  manufactured  in  the  country.  In  that 
event,  domestic  manufactures  will  have  been  fostered,  and  the  general  abil- 
ity of  the  community  to  contribute  to  the  public  exigencies  will  have  been 
proportionably  increased. 

2.  If  it  should  be  deemed  expedient  to  reduce  the  sinking  fund,  in  pre- 
ference to  the  imposition  of  additional  duties,  it  may  be  satisfactory  to  know 
that  an  annual  appropriation  for  that  object,  of  $8,000,000,  commencing  on 
the  1st  of  January,  1825,  will  extinguish  the  whole  of  the  public  debt,  exclu- 
sive of  the  three  per  cent,  stock,  in  the  year  1839.  Should  the  sinking  fund 
be  reduced  to  $8,000,000,  an  exchange  of  $36,000,000  of  six  per'  cent, 
for  five  per  cent,  stock  may  be  effected,  in  the  course  of  the  year^  1 822,  if 
the  present  price  of  the  latter  stock  should  continue  ;  without  diminishing,  in 
any  degree,  the  operation  of  that  fund  in  the  redemption  of  the  public  debt. 
Such  an  exchange  would  reduce  the  interest  annually  360,000  dollars. 

The  loan  of  5,000,000  dollars,  which  was  authorized  by  the  act  of  the  3d 
of  March,  1821,  has  been  obtained  at  an  average  premium  of  nearly  5.59 
per  cent.,  upon  the  issue  of  five  per  cent,  stock,  redeemable  at  the  will  of  the 
Government  after  the  1st  of  January,  1835. 

All  which  is  respectfully  submitted. 

WM.  H.  CRAWFORD. 
TREASURY  DEPARTMENT,  December  10,  1821. 


1821.] 


SECRETARY  OF  THE  TREASURY. 


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206 


REPORTS  OF  THE 
STATEMENT  A— Continued. 


[1821. 


A  STA  T.EMENT  exhibiting  the  value  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1820; 
(consisting  of  the  difference  between  articles  paying  duty,  imported,  and 
those  entitled  to  drawback,  re-exported;}  and,  also,  of  the  nett  revenue 
which  accrued,  that  year,  from  duties  on  merchandise,  tonnage,  pass- 
ports, and  clearances. 


MERCHANDISE   PAYING   DUTIES   AD   VALOREM. 

$509,237  at    7|  per  cent.         -                       .... 
9,407,288        15        do. 
2,400,789        20        do. 
8,980,075        25        do. 
831,038        30        do.             -           -                       -. 

$35,360  48 
1,411,093  20 
480,157  80 
2,245,018  75 
249,329  40 

$4,  420,  959  63 
8,517,551  10 

•22,128,487 

27.96  cents  average 
44        do. 
5        do. 
32.06     do.        do. 
5         do. 
3.06    do.        do. 
20        do. 

4,420,959  63 

1.     Wines        1,754,322  gallons,  at 
2.      Spirits        3,928,996      do. 
Molasses  10,786,905      do. 
3.     Teas         4,891,447  pounds 
Coffee      13,  -391,  857      do. 
4.     Sugar       51,537,888      do. 
5.     Salt           4,019,569  bushels 
G.     All  other  articles 

490,573  50 
1,728,565  81 
539,345  25 
1,568,414  32 
664,592  85 
1,575,345  23 
803,913  80 
1,146,800  34 

Deduct  duties  refunded,  after  deducting  therefrom  duties  on  merchandise,  the 
particulars  of  v/hich  could  not  be  ascertained,  and  difference  in  calculation 

Two  and  a  half  per  cent,  retained  on  drawback                        -      $91  ,602  33 
Ten  per  cent,  extra  duty  on  merchandise  imported  in  foreign 
vessels    -                                                                                   -        34,542  20 
Interest  and  storage                                                                     -        29,85297 

12,938,510  73 
57,086  04 

12,881,424  69 
155,997  50 

Nett  duties  on  merchandise 
Duties  on  tonnage 
Light  money 

Passports  and  clearances 

Gross  revenue 
Deduct  expenses  of  collection 

Nett  revenue,  per  statement  A    - 

"           " 

155,021  16 
13,806  80 

13,037,422  19 

168,827  96 
10,528  00 

- 

13,216,778  15 
767,222  00 

12,449,556  15 

1821.] 


SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes. 


207 


1.  Wines  — 
Madeira     -        ,  '-"    , 
Burgundy,  &c. 
Sherry  and  St.  Lucar 
Lisbon  and  Oporto,  &c.     - 
Teneriffe,  Fayal,  &c. 
Claret,  &c.,  in  bottles,  &c., 
All  other    -                   i"?-( 
Do.                 '.-4   f'-.pH 

2.  Spirits- 
Grain.  1st  proof    -     .  #•-' 
2d    do.      - 
3d    do.     - 
4th    do.      - 
5th    do.     - 
Other,   2d    do.      - 
3d    do.      - 
4th    do.      - 
5th    do.      -      ()»  J-, 

3.  Teas— 
Bohea       ;-  i',' 
Souchong  - 
Hyson  skin,  &c.     - 
Hyson  and  young  hyson    - 
Imperial 

Extra  duty  en  teas    imported 
from  other  places  than  China 

4.  Sugar- 
Brown,  &c. 
White,  clayed 

•• 

5.  Salt— 
Iraported  -           -  bushels 
Exported  -           -  bushels- 
Bounties  and  allowances  re- 
duced into  bushels,  at  20 
cents 

96,927  gallons,  at  100  cents    - 
7,853      do.     at  100    do.    - 
6,615      do.     at    60    do,    - 
193,908      do.     at   50    do.    - 
248,805      do.     at   40    do.    - 
35,112      do.     at   30    do."   - 
1,164,711      do.     at    15    do.     - 
361      do.     at   25    do.     -       .     - 

fa  '   $96,9-27  00 
7,b53  00 
3,987  00 
96,951  00 
99,522  00 
10,633  60 
174,706  65 
90  25 

1,754,322      do. 

490,573  50 

363,189      do.     at    42    do.     - 
49,477      do.     at   45    do.    - 
2,628      do.     at   48    do.     - 
1,539      do.     at   52    do.     - 
2,261      do.     at   60    do.     - 
606,494      do.     at   38    do.     - 
1,245,976      do.     at   42    do.     -         •.'- 
1,646,338      do.     at   48    do.    - 
11,094      do.     at   57    do.    - 
do        '    ' 

152,539  38 
22,264  65 
1,261  44 
800  -28 
1,356  60 
230,467  72 
5-23,309  92 
790,242  24 
6,323  58 

3,928,996 

1,728,565  81 

163,  226  pounds,  at    12    do.    -          - 
1,253,164      do.     at    25    do.    -       -«.*! 
1,485,116      do.     at   28    do.    - 
1,  757,  210      do.     at    40    do.    - 
232,731      do.     at   50    do.    - 

19,587  12 
313,291  00 
415,832  48 
702,884  00 
116,365  50 

4,891,447 

.*?*      "  r          '  -,"'         -  ,        '- 

1,567,950  10 
454  22 

4,891,447      do. 

1,568,414  32 

48,617,029      do.     at     3    do.    - 
2,920,859      do.     at     4    do.    - 

1,458,510  87 
116,834  36 

51,537,888      do. 

1,575,345  23 

i.S-    .     >-<r  5,  081,  716  at  20  cents 
17,130 

1,045,017      1,062,  147  at  20    do. 

1,016,343  20 
212,429  40 

4,  019,  569  at  20    do. 

803,913  80 

•  -M   -..,; 


.Ofj 


208  KEPORTS  OF  THE 

Explanatory  Statements  and  Notes — Continued. 


6.  All  other  articles. 

Quantity. 

Rate  o: 
duty. 

Duties. 

Duck  —  Russia 

pieces 

26,859 

Cents. 
200 

$53,718  00 

Ravens          - 

do. 

16,185 

125 

20,231  25 

Holland         -           -           -           - 

do. 

1,814 

250 

4,535  00 

Sheeting—  brown,  Russia 

do. 

14,738 

160 

23,580  80 

white,  Russia 

do. 

643 

250 

1,607  50 

Beer,  ale,  and  porter,  in  bottles 

gallons 

44,238 

15 

6,635  70 

in  casks 

do. 

13,52-3 

10 

1,352  20 

Oil—  spermaceti 
whale,  and  other  fish    - 

do. 
do. 

7,901 
473 

25 
15 

1,975  25 
70  95 

olive,  in  casks  - 

do. 

7,285 

25 

1,821  25 

Cocoa 

pounds 

777,732 

2 

15,554  64 

Chocolate 

do. 

2,029 

3 

60  87 

Sugar,  candy  -                                   -           - 

do. 

3,347 

12 

401  6-1 

loaf     -                                     -            - 

do. 

898 

12 

107  76 

other,  refined  and  lump 

do. 

563 

10 

56  30 

Fruits—  Almonds 

do. 

297,483 

3 

8,924  49 

Currants 

do. 

120,008 

3 

3,600  24 

Prunes  and  plums    - 

do. 

114,543 

3 

3,436  29 

Figs             - 

do. 

278,400 

3 

8,352  00 

Raisins,  jar  and  muscatel   - 

do. 

934,840 

3 

28,045  20 

Raisins,  all  other 

do. 

1,030,108 

2 

20,602  16 

Candles—  Tallow 

do. 

44,304 

3 

1,329  12 

Wax  and  spermaceti 

do. 

1,045 

6 

62  70 

Cheese                        - 

do. 

73>118 

9 

6,580  62 

Soap   - 

do. 

39,989 

3 

1,199  67 

Tallow           -           -           - 

do. 

1,886,722 

1 

18,867  22 

Spices—  Mace 

do. 

330 

100 

330  00 

Cloves          - 

do. 

19,547 

25 

4,886  75 

Pepper 

do. 

194,155 

8 

15,53-2  40 

Pimento        -        (    - 

do. 

263,799 

6 

15,827  94 

Cassia 

do. 

88,200 

6 

5,292  00 

Tobacco,  manufactured,  &c. 

do. 

503 

10 

50  30 

Indigo            -           -                       -            - 

do. 

122,729 

15 

18,409  35 

Gunpowder    - 

do. 

59,912 

8 

4,792  96 

Bristles           - 

do. 

44,33!) 

3 

1,330  17 

Glue 

do. 

54,647 

5 

2,732  35 

Paints—  Ochre,  dry    - 

do. 

163,243 

1 

1,632  43 

in  oil 

do. 

34,232 

U 

513  48 

White  and  red  lead 

do. 

3,037,786 

3 

91,133  58 

Whiting  and  Paris  white   - 

do. 

72,210 

1 

722  10 

Lead,  bar,  pig,  and  sheet 

do. 

2,202,920 

1 

22,029  20 

manufactured  and  shot 

do. 

2,055,478 

2 

41,109  56 

Cordage,  tarred,  and  cables  - 

do. 

267,332 

3 

8,019  96 

un  tarred,  and  yarn 

do. 

246,321 

4 

9,852  84 

twine  and  packthread        - 

do. 

223,793 

4 

8,951  72 

Copper  and  composition  rods  and  bolts 

do. 

21,759 

4 

870  36 

nails  and  spikes    - 

do. 

13,186 

4 

527  44 

Wire,  iron  and  steel,  not  above  No.  18 

do. 

120,284 

5 

6,014  20 

above           do. 

do. 

7,582 

9 

682  38 

Iron—  tacks,  brads,  &c.,  not  above  16  ounces 

per   -                                   - 

M. 

22,009 

5 

1,100  45 

tacks,  brads,  &c.,  above  16  ounces  per  - 

do. 

1,497 

4 

59  88 

nails        ..... 

pounds 

220,682 

4 

8,827  28 

spikes      ..... 

do. 

38,625 

3 

1,158  75 

anchors   -           -           -           - 

do. 

79,252 

2 

1  ,585  04 

pig                                  -           - 

cwt. 

6,584 

50 

3,292  00 

castings  - 

do. 

6,202 

75 

4,651  50 

bar  and  bolt,  rolled        ... 

do. 

59,385 

150 

89,077  50 

1S21.]  SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


209 


'   .\     ;'-'r>: 
6  All  other  articles. 

- 
Quantity. 

Rate 
of 
duty. 

Duties. 

' 

* 

Cents. 

Iron  —  bar  and  bolt,  hammered 

. 

cwt. 

389,797 

75 

$•292,347  75 

sheet,  rod,  and  hoop 

- 

do. 

12,5-20 

250 

31,300  00 

Steel       -                  |T| 

. 

do. 

7,802 

100 

7,802  00 

Hemp    -           -           - 

- 

-       -  do. 

93,707 

150 

140,560  50 

Alum    >-           -           - 

. 

•  ,.  .      do. 

1,283 

200 

2,566  00 

Copperas           -       ^  •-"    i  ~- 

do. 

540 

100 

540  00 

Coal      -        r  X:  ''      -        > 

;., 

-     bushels 

673,711 

5 

33,685  55 

Fish  —  dried  or  smoked     '  J  '  - 

- 

-    quintals 

558 

100 

558  00 

pickled  salmon  -       j  "  - 
mackerel       T'- 

•*   _^«    ''  t 

_ 

-     barrels 
do. 

1,373 
17 

200 
150 

2,746  00 
25  50 

other      -      \  *  - 

-  ,       ;f" 

do. 

219 

100 

219  00 

Glass  —  black  quart  bottles 

-    .  -  _  \ 

-  ,      gross 

9,379 

144 

13,505  76 

window,  not  above  8  by 

10  inches 

-  100  sq.  ft. 

2,825 

250 

7,062  50 

^    do.            do.      10  by 

1-2    do. 

do. 

1,158 

275 

3,184  50 

do.      above       10  by 

12    do. 

do. 

2,288 

325 

7,436  00 

Shoes  —  silk 

•    '• 

pairs 

475 

30 

142  50 

leather,  men's,  &c. 

_ju*.  -=  — 

do. 

3,144 

25 

786  00 

children's 

'     ••,-»*! 

do. 

2,532 

15 

379  W) 

Segars   -           -          '- 

'  •>'*' 

M. 

5,364 

250 

13,410  00 

Playing  cards    -        ''*'•/'   '" 

. 

packs 

2,113 

30 

633  90 

2$i  ,1'J   v: 

i    1^0  &n&  an 

. 

Deduct  excess  of  articles  exported  beyond  the  importations,  viz : 

Nutmegs        -   A    '                               366  pounds,  at   60  cents  $219  60 

Cinnamon  -        6,328     do.      at   25   do.  1,582  00 

Snuff     -                       -  -      49,733     do.      at    12  do.  5,967  96 

Cotton    -  -    246,985     do.      at     3   do.  7,409  55 

Boots      -                                             411  pairs,     at  150  do.  616  50 


15,795  61 


1,146,800  34 


TREASURY  DEPARTMENT, 

Register's  Office,  December  1,  1821. 

JOSEPH  NOURSE,  Register. 


VOL.  ii.— 14 


REPORTS  OF  THE 


[1821. 


STATEMENT  of  moneys  received  into  the  Treasury,  from  internal 
revenue  and  other  objects,  during  the  year  1820. 


From  arrears  of  internal  duties  (new)     - 
direct  tax  (do.).    - 

•  old  internal  duties 
old  direct  tax 
Postage  of  letters   - 
Fees  on  letters  patent 

Cents  coined  at  the  mint  of  the  United  States 
Fines,  penalties,  and  forfeitures    - 

•  ,  '     Nett  proceeds  of  prizes  captured  by  public' armed  vessels 
Returned  passage  money  of  an  American  seaman 
Interest  on  balances  due  by  banks  to  the  United  States    - 
Sale  of  public  lots  in  the  city  of  Washington 

Second  and  third  instalments  payable  by  the  ^an's  of  the 

United  States      -  -  -  -  _ 


$2,088  46 

300  00 

6,465  95 

3,720  00 

32,820  50 

105  97 

8,004  7G 

10  00 

144  00 

10,000  00 


$104, 
31, 


172  07 
286  82 


,   63,659  01 
1,000,000  00 


TREASURY  DEPARTMENT, 

Register's  Office,  November  12,  1821. 

JOSEPH  BOURSE.  Register. 


vli  :' 


1S21.J 


SECRETARY  OF  THE  TREASURY. 


C. 


STATEMENT  of  moneys  received  from  Ihe  sales  of  the  public  lands, 
during  the  year  1820. 


From   Washington,  Mississippi 
Huntsville,  Alabama 
St.  Stephen's,      do. 
Cahaba, 
Cincinnati, 
Chillicothe, 
Zanesville, 
Steubenville, 
Wooster, 
Marietta, 
Delaware, 
Piqua, 

Jefferson  ville.  Indiana 
Vincenues.          do. 
Brookville,         do. 
Shawneetown,  Illinois 
Kaskaskia,          do. 
Edwardsville,    do. 
Franklin,       Missouri 
St.  Louis,  do. 

Detroit,  Michigan 

,->  »jv 


do. 
Ohio 
do. 
do. 
do. 
do. 
do. 
do. 
do. 


£!Sl:;.. 

iyfr-K 


teailoic. 


$116.104  31 
?*  62,586  43 
. .  70,308  25 

-  298,130  97 

-  133,694  55 

36,689  62 

-  71,106  22 
42,143  41 
60.912  09 
12,795  38 

.'  :   37,819  35 
3,100  00 

-  148,832  26 
133,6*10  80 

-  117,980  36 

37,782  53 
67,073  34 
29,499  28 
89,075  59 
59,569  91 
7,056  96 

$1,635,871  61 


TREASURY  DEPARTMENT, 

Register's  Office,  December  11,  1821. 

JOSEPH  INOURSE,  Register. 
"I'fSJ  H^iti-v  ' 


212  REPORTS  OF  THE  [1821. 

No.  1. 
STATEMENT  of  the  debt  of  the  United  Slates,  1st  October,  1320. 

Deferred  stock,  (unredeemed  amount)  -  $2,309,296  91 
Three  per  cent.  -  -  13,295,94644 

Louisiana  -  -      2,216,408  78 

Six  per  cent,  of  1796       -  80,000  00 

Exchanged  six  per  cent,  of  1812  -      2,668,974  99 

$20,570,627  12 

Six  per  cent,  of  1812,  (loan  of  11  millions)  6,187,006  84 
Six  per  cent,  of  1813,  do.  16  do.  15.521,136  45 
Six  per  cent,  of  1813,  do.  7^  do.  6,836,232  39 

Six  per  cent,  of  1814,  do.  25  and3  mil.  13,011,437  63 
Six  per  cent,  of  1815,  do.  18,482,500  9,490,09910 
Treasury  note  6  per  cent,  stock  -  -  1,458,473  50 

Treasury  note  7  per  cent,  stock    -  -     8,605,11627 

Five  per  cent,  stock,  subscription  to  Bank 

United  States    -  -  *  -         -  -     7,000,000  00 

Six  per  cent,  stock  of  1820  -  -    2,000,000  00 

Five  per  cent,  stock  of  1820          -  -       545.431  47 

—    70,654,933  65 


91.225,560  77 


Amount,  as  per  the  Secretary's  report  of  last  year  -  -  -  91,225,522  11 

Add  this  sum  overestimated  as  reimbursement  of  deferred 
stock,  to  30th  September,  1820  38  66 

As  above        -  $91,225,560  77 

TREASURY  DEPARTMENT, 

Register's  Office,  November  12,  1821. 

JOSEPH  NOURSE,  Register. 


1821.] 


SECRETARY  OF  THE  TREASURY. 

No.  2. 


213 


STATEMENT  of  the  debt  of  the  United  States,  January  1,  1821, 

Deferred  stock  (unredeemed  amount)  -  ...  .  $2,059,885  53 

Three  per  cent,  stock      -  -  -  -       '''if  1       -13,295,93003 

Six  per  cent,  stock  of  1796          -  -  i/itf.-,-       -         80,00000 

Exchanged  six  per  cent,  stock  of  1812  -  rtl*.  •       -'  2,668,974  99 

Louisiana  six  per  cent,  stock      -  '.\-V*  ''       -    2,076,918  15 


Six  per  cent,  stock  of  1812,  loan  of  11  millions 
Six  per  cent,  stock  of  1813,  loan  of  16  millions 
Six  per  cent,  stock  of  1813,  loan  of  7£  millions 
Six  per  cent,  stock  of  1814,  loan  of  25  and  3  millions  - 
Six  per  cent,  stock  of  1815,  loan  of  818,482,500          ';&\ 
Treasury  note  six  per  cent,  stock  - 

Treasury  note  seven  per  cent,  stock       -  -  .  - 

Five  per  cent,  stock,  subscription  to  the  Bank  of  the  United 
States    -  -  -  -  ,  • 

Six  per  cent,  stock  of  1820,  per  act  of  May  15,  1820      -        '  - 
Five  per  cent,  stock,  per  act  of  May  15,  1820    -       !!•*•)    •    \*. 


$20,181,708  70 


-  6,187,006  84 

-  15,521,136  45 

-  6,836,232  39 

-  13,011,437  63 

-  9,490,099  10 

-  1,460,949  00 
8,605,847  27 

7,000,000  00 
2,000,000  00 
999,999  13 
71,112,707  81 


Amount  on  the  1st  of  January,  1821      - 

Unredeemed  amount  on  the  1st  of  October,  1820,  per  statement  No.  1 
Add  stock  issued  in  the  fourth  quarter  of  1820,  viz : 
Treasury  note  six  per  cent,  stack    -  r>  T  .1       T        $2,44929 

Treasury  note  seven  per  cent,  stock  '•[•?•-•          73100 

Five  per  cent,  stock,  per  act  of  May  15,  1820        -  -       454,56766 


Deduct  reimbursement  of  deferred  stock  in  same  quarter 
And  payments  on  account  of  Louisiana  stock  -       ''••  — 


As  above  - 


249,401  58 
139,490  63 


$91,294,416  51 
$91,225,560  77 


457,747  95 
91,683,308  72 

388,892  21 
$91,294,416  51 


TREASURY  DEPARTMENT, 

Register's  Office,  November  12,  1821. 

JOSEPH  NOURSE,  Register. 


JBC'Vi 


"f  >!" 

214 


REPORTS  OF  THE 


[1821. 


$17,833,637  56 


No,  3. 
ESTIMATE  of  the  funded  debt  of  the  United  States,  October  1,  1821. 

Deferred  stock,  unredeemed  amount     -  -$1.783,14838 

Three  per  cent,  stock,     -           -  -                       -  13,395,956  04 

Six  per  cent,  stock  of  1796,         -  -         80,000  00 

Exchanged  six  per  cent,  stock  of  1812,  -  -    2,668,974  99 

Louisiana  stock  (amount  unapplied  for)  5,5.58  15 

Six  per  cent,  stock  of  1812,  Iqan  of  11  millions  „          '-    6,187,00684 

Six  per  cent,  stock  of  1813,  loan  of  16  millions  -  15,521,136  45 

Six  per  cent,  stock  of  1813,  loan  of  Ik  millions  -     6,836,232  39 

Six  per  cent,  stock  of  1814,  loan  of  25  and  3  millions  -  -  13,011,437  63 

Six  per  cent,  stock  of  1815,  loan  of  $18,482,500  -     9,490,099  10 

Treasury  note  six  per  cent,  stock    '  -     1,464,89507 

Treasury  note  seven  per  cent,  stock      -  -    8,606,355  27 

Five  per  cent,  stock,  subscription  to  Bank  of  the  United  States     7,000,000  00 
Six  per  cent,  stock  of  1820  -  -    2,000,000  00 

Five  per  cent,  stock  of  1820        -  -  -       999,999  13 

Five  per  cent,  stock,  per  act  of  March  3,  1821  -  -    4,735.296  30 

J75,8_52,458_:i8 

$93,686^095 ~74 


Amount,  as  stated,  January  1,  1821        -  - 

Add  stock  issued  in  the  first  three  quarters  of  1821,  viz : 
Three  per  cent,  stock,  for  interest  on  registered  debt.   .   •-    -          $26  01 
Treasury  note  six  per  cent,  stock   -  3,946  07 

Treasury  note  seven  per  cent,  stock  508  00 


$91,294,416  51 


Loan,  per  act  of  the  3d  of  March,  1821 


Deduct  reimbursement  of  deferred  stock 

And  payments  on  account  of  Louisiana  stock  - 


4,480  08 
(a),  4,735,296  30 


275.737  15 
-    2,07l',360  00 


4,739,776  38 
96,034,192  89 


2,348,097  15 


As  above,  October  1,  1821 

Add  Treasury  note  six  per  cent,  stock,  issued  in  the  fourth  quarter  of  1821   - 

Deduct  estimated  amount  of  payments  in  the  fourth  quarter  of  1821,  viz : 
Reimbursement  of  deferred  stock   -  -  -     $257,322  26 

Residue  of  Louisiana  stock  5,558  15 


93,686.01)5  74 
'390  40 

93,686,486  14 


'262,880  41 


Estimated  amount,  January  1,  1822 


$93,423,605  73 


(a)  Stock  issued,  and  premium  obtained  therech,  in  pursuance  of  the  act  of  March  3, 1821. 


Where  sold. 
At  Philadelphia  - 
Philadelphia  - 
New  York  - 
Boston 
Washington  - 


Arrtount  of  stock  issued. 

-      $4,000,000  00 

282,700  00 

351,500  00 

100,000  00 

1,096  30 


$4,735,296  30 
264,703  70 


Premium. 

$205,880  00 

22,616  00 

28,120  00 

8,000  00 

87  70 


$264,703  70 


TREASURY  DEPARTMENT, 

Register's  Office,  November  12,  1821. 

JOSEPH  NOURSE,  Register 


1821.]  SECRETARY  OF  THE  TREASURY.  215 

No.  4. 

J£&'11MATE  of  the  amount  of  Treasury  notes  outstanding,  1st  Novem- 

ber, 1821. 


Total  amount  issued,  as  per  No.  4  of  last  report    '*'•£*      :)  VV.  $36,690.794 
Cancelled  and  reported  on  by  the  First  -Auditor  $36,649,535 
In  his  office,  to  be  reported  on,  for  six  per  cent. 
Treasury  note  stock  issued  at  the  loan  office 
for  New  Hampshire  $500 

Massachusetts  700 

New  York      >„          -          '-3*        340 
Virginia       •'  JS          -         '-  600 

Jn  the  Register's  office  400 

2,540 


In  the  branch  bank  at  Washington,  small  notes  224 

36,652,299 


Outstanding  1st  November,  1821      -  -  a  28,495 

Of  which  appears  to  be  in  small  notes  $3,075 

Notes  bearing  interest  25,420 

.$28,495 

— 

a  Note  made  by  the  First  Auditof^_ 

The  balance  estimated  by  Mr.  Nourse  as  outstanding  on  the 

1st  November,  1820,  is     -  $27,656 

To  which  add  amount  estimated  to  be  in  the  branch  at  Wash- 
ington and  the  Union  Bank  of  New  Hampshire,  after  de- 
ducting the  estimated  amount  of  interest  thereon  $99,105 

Deduct  the  nett  amount,  exclusive  of  interest,  ascer- 
tained to  be  in  the  branch  bank  on  the  2d  De- 
cember, 1820,  per  report  No.  42,245  91,318 

Difference  arising  from  the  interest  being  short  estimated     ~-^~  7,787 

;o»     ^T^aM^i-AiaCT  , 

35,443 

Deduct  amount  received  since  1st  November,  1820,  at  the 
office  of  the  First  Auditor,  at  the  branch  bank,  Washington, 
and  by  the  Register  of  the  Treasury,  for  stock  issued  6,948 


TREASURY  DEPARTMENT, 

Register's  Office,  November  12,  1821. 

JOSEPH  NOURSE,  Register. 


216  REPORTS  OF  THE  [1821. 

No.  5. 

STA  TEMENT  of  the  stock  issued  under  the  act  of  C  ongress  entitled 
"  An  act  supplementary  to  the  act  for  the  indemnification  of  certain 
claimants  of  public  lands  in  the  Mississippi  Territory"  passed  on  the 
3d  March,  1815. 

Amount  of  claims  awarded,  per  statement  No.  5  of  last 
report  -  a  $4,282,151  12$ 

Paid  in  for  lands  to  the  30th  September, 

1820,  per  said  statement  -  $2,439,308  31 

Paid  in  since    -  -  3,227  08 


2,442,535  39 

Amount  of  payments  made 
at  the  Treasury,  on  ac-. 
count  of  this  stock,  to  the 
30th  September,  1820,  as 
per  said  statement  $1,142,879  55 
Amount  of  payments  made 
at  the  Treasury,  on  ac- 
count of  this  stock,  from 
1st  October,  1820,  to  the 
30th  September,  1821  591,611  30 

1,734,490  85 

—        4,177,026  24 

Outstanding  on  the  1st  October,  1821  j*Vr.i        105,124  88$ 




$4,282,151 


a  Certificates  issued  for 
Certificates  to  be  issued 


$4,282,151 

-  te'jiitvfej  (hod;-.       itt/i  ?.•_;;  .-rjjiii  <}({>  ja^    ===== 
TREASURY  DEPARTMENT, 

Register's  Office,  November  12,  1821. 

10SEPH  NOURSE,  Register. 


1822.]  SECRETARY  OF  THE  TREASURY.  217 


REPORT  ON  THE  FINANCES. 

DECEMBER,  1822. 


In  obedience  to  the  directions  of  the  "  Act  supplementary  to  the  act  to 
establish  the  Treasury  Department,"  the  Secretary  of  the  Treasury  re- 
spectfully submits  the  following  report : 

I.    OF  THE  PUBLIC  REVENUE  AND  EXPENDITURE  OF  THE  YEARS  1821 

AND  1822. 

The  nett  revenue  which  accrued  from  duties  on  imports  and  tonnage, 
during  the  year  1821,  amounted  (see  statement  A)  to  $15,898,434  42 

The  actual  receipts  into  the  Treasury,  during  the  year 
1821,  including  the  loan  of  $5,000,000,  amounted  to       -     $19.573,703  72 
Viz. 

Customs,  (see  statement  A)          .      -  $13.004,447  15 

Public  lands,  exclusive  of  Mississippi 
stock,  (see  statement  D)  1,212,966  46 

Arrears  of  internal  duties  and  direct 
tax,  dividend  on  stock  in  the  Bank  of  the 
United  States,  and  other  incidental  re- 
ceipts, (see  statement  E)  356,290  11 

Loan  authorized  by  act  of  the  3d  of 
March,  1821,  including  a  premium  of 
$264,703  70,  gained  on  the  same,  (see 
statement  E)  -  -  -  5.000,000  00 


Making,  with  the  balance  in  the  Treasury,  on  the  1st 
of  January,  1821,  of       -          - ;»  -         ..--         i*-^      1,198,46121 


An  aggregate  of  -    $20,772,164  93 

The  expenditures,  during  the  year  1821,  amounted 
(see  statement  F)  to  ^-        *:<pb    19,090,572  69 

Viz. 

Civil,  diplomatic,  and  miscellaneous       $2,241,871  54 

Military  service,  including  fortifica- 
tions, ordnance,  Indian  department,  re- 
volutionary and  military  pensions,  arm- 
ing the  militia,  and  arrearages  prior  to 
1st  January,  1817  ..  *  5,162,364  47 

Naval  service,  including  the  gradual 
increase  of  the  navy  -  -  3,319,243  06 

Public  debt   -  -  -      8,367,093  62 


Leaving  a  balance  in  the  Treasury,  on  the  1st  of  Jan- 
uary, 1822,  of  .        1,681,592  24 

- 


REPORTS  OF  THE 


The  actual  receipts  into  the  Treasury,  during  the  first 
three  quarters  of  the  year  1822,  are  estimated  to  have 
amounted -to  -  -  $14.745,40875 

Viz. 

Customs     -  -     $12,648,933  15 

Public  lands,  exclu- 
sive of  Mississippi  stock, 
(see  statement  G)  -  1,298,434  56 

Arrears  of  internal 
duties  and  direct  tax, 
dividend  on  stock  in 
the  Bank  of  the  United 
States,  and  other  inci- 
dental receipts,  (see 
statement  H)  -  391,871  76 

Balances  of  appropri- 
ations for  the  War  and 
Navy  Departments,  re- 
turned to  the  Treasury, 
and  carried  to  the  sur- 
plus fund  -  408,119  28 

The  actual  receipts  into  the  Treasury 
during  the  fourth  quarter  are  estimated  at       5,000,000  00 


Making  the  total  estimated  receipts  into  the  Treasury 


during  the  year  1822 


-  $19,745.408  75 


And  with  the  balance  in  the  Trersury  on  the   1st  of 


January,  1822,  forming  an  aggregate  of  - 


-  $21,427.000  99 


The  expenditures  during  the  first  three  quarters  of  the 
year  1822  are  estimated  to  have  amounted  to  (see  state- 


ment  I) 
Viz. 

Civil,  diplomatic,  and 
miscellaneous 

Military  service,  inclu- 
ding fortifications,  ord- 
nance, Indian  depart- 
ment, revolutionary  and 
military  pensions,  arm- 
ing the  militia,  and  ar- 
rearages prior  to  1st  Jan- 
uary, 1817 

Naval  service,  includ- 
ing the  gradual  increase 
of  the  navy  - 

Public  debt          .M-«I 


$12.278,653  32 


$1,536,434  24 


i-HIiT 
fctotl 


4.930,210  68 


1,538,952  88 
4,273,055  52 


bun 


•;•  nm 


The  expenditures  during  the  fourth 
quarter,  including  the  redemption  of  the 
$2,000,000  of  six  per  cent,  stock  of  1820, 
are  estimated  at  Bl-to  f  '•*&  -Xil!*  6,000.00000 

|  ^  ^ f  

Making  the  total  estimated  expenditure  of  the  year  1822      $18,278,653  32 


1822.] 


SECRETARY  OF  THE  TREASURY. 


219 


And  leaving  in  the  Treasury  on  the  1st  of  January,  1823,  an  estimated 
balance  of  $3,148,347  67.  After  deducting  from  this  sum  certain  balances 
of  appropriations,  amounting  to  $>1, 232.2 12  11,  which  are  necessary  to  effect 
the  objects  for  which  they  were  severally  made,  or  have  been  deducted  from 
the  estimates  for  the  service  of  the  ensuing  year,  a  balance  of  $1.916,135  56 
remain^,  which,  with  the  receipts  into  the  Treasury  during  the  year  1823, 
constitutes  the  means  for  defraying  the  current  service  of  that  year. 

II.    OF  THE  PUBLIC  DEBT. 

The  funded  debt  which  was  contracted  before  the  year  1812,  and  which 
was  unredeemed  on  the  1st  day  of  October,  1821,  amounted  (see  statement 
No.  1)  to  ...  $17,833.746  84 

And  that  which  was  contracted  subsequently  to  the  1st 
of  January,  1812,  and  was  unredeemed  on  the  1st  of  Oc- 
tober, 1821,  amounted  (see  statement  No.  1)  to  75,852.458  18 


Making  the  total  amount  of  the  funded  debt  unre- 
deemed on  the  1st  of  October,  1821  - 

In  the  fourth  quarter  of  that  year  there  was  issued 
Treasury  note  six  per  cent,  stock  to  the  amount  of  - 

Making  an  aggregate  of 

In  the  same  quarter  there  was  paid  the  sum  of 

Viz. 

Reimbursement  of  six  per  cent,  de- 
ferred stock    -  -       $257.180  60 
Redemption  of  Louisiana  stock       -  5,558  15 


93,686,205  02 
390  40 

93,686,595  42 
262.738  75 


Reducing  the  funded  debt  on  the  1st  of  January,  1822, 
(see  statement  No.  2,)  to 

From  that  day  to  the  1st  of  October  last,  there  was  is- 
sued three  per  cent,  stock  to  the  amount  of 

Making  an  aggregate  of 

During  the  same  period  there  was  paid  the  sum  of 
Viz, 

Reimbursement  of  six  per  cent,  de- 
ferred stock     -  -       $300,980  02 

Redemption  of  six  per  cent,   stock 
of  1796  -  80,000  00 


93,423,856  67 
143  02 

93.423,999  69 
'380,980  02 


Reducing  the  funded  debt  on  the  1st  of  October,  1822, 
(see  estimate  No.  3,)  to  ... 

It  is  estimated  that  in  the  fourth  quarter  of  the  present 
year  there  will  be  paid  - 

Viz. 

Reimbursement  of  six  per  cent,  de- 
ferred stock     -  -       $265.538  07 

Redemption   of  six  per  cent,  stock 
of  1820  -  .      2,000.000  00 


93,043,019  67 
2,265,588  07 


Which  will  reduce  the  funded  debt,  unredeemed  on 
the  1st  of  January,  18/i3,  to     -         ";>' 


90,777,431  60 


220  REPORTS  OF  THE  [1822. 

The  amount  of  Treasury  notes  outstanding  on  the  1st 
of  October,  1822,  is  estimated  (see  No.  4)  at  -  $27,437  00 

And  the  amount  of  Mississippi  stock  unredeemed  on 
that  day  (see  No  5)  at  -  26,735  94 

III.      OF  THE    ESTIMATE    OF   THE   PUBLIC    REVENUE    AND    EXPENDITURE 

FOR  THE  YEAR  1823. 

The  gross  amount  of  duties  on  imports  and  tonnage,  which  accrued  from 
the  1st  of  January  to  the  30th  September  last,  both  days  included,  is  esti- 
mated at  $19,500,000,  and  that  of  the  whole  year  at  $23,000,000. 

It  is  estimated  that  the  amount  of  debentures  issued  during  the  same  period 
exceeds  the  amount  issued  during  the  corresponding  period  of  the  year!821. 
by  $8G,000  ;  and  that  the  amount  of  debentures  outstanding  on  the  30th  of 
September  last,  chargeable  upon  the  revenue  of  1823,  is  $234,000  more 
than  was  on  the  same  day  in  1821  chargeable  upon  the  revenue  of  1822. 

It  is  estimated  that  the  value  of  domestic  articles  exported  from  the 
United  States,  in  the  year  ending  on  the  30th  of  September  last,  has  amounted 
to  $49,874,079,  and  that  foreign  articles  exported  during  the  same  period 
have  amounted  to  $22,286,202. 

As  the  receipts  from  the  customs  in  the  year  1823  depend,  1st,  upon  the 
amount  of  duty  bonds  which  become  due  within  that  year,  after  deducting 
the  expenses  of  collection  and  the  amount  of  debentures  chargeable  upon 
them ;  and  2d,  upon  such  portion  of  the  dutiesjsecured  in  the  first  and  second 
quarters  of  that  year,  as  are  payable  within  the  year  ;  it  is  manifest  that  an 
increase  in  the  amount  of  debentures  chargeable  upon  the  revenue  of  the 
year  1823,  or  a  diminution  of  the  importations  of  foreign  merchandise  during 
the  first  two  quarters  of  that  year,  must  necessarily  diminish  the  receipts 
into  the  Treasury.  As  debentures  can  be  issued  at  any  time  within  twelve 
months  after  importation,  chargeable  upon  bonds  given  for  the  duties  upon 
such  importation,  it  is  impossible  to  foresee  the  amount  which  maybe  charge- 
able upon  the  bonds  that  are  payable  during  the  year  1823.  The  facts, 
however,  which  have  been  stated,  justify  the  conclusion,  that  the  amount  of 
debentures  which  will  be  issued  and  charged  upon  the  revenue  of  1823  will 
considerably  exceed  the  amount  which  was  chargeable  upon  that  of  1822. 
From  the  same  facts,  it  is  also  presumed  that  the  importations  of  the  first 
two  quarters  of  the  year  1823,  will  be  less  than  the  corresponding  quarters 
of  the  present  year. 

Giving  due  weight  to  all  the  facts  connected  with  the  subject,  the  receipts 

for  the  year  1823  may  be  estimated  at  -        ffi&:;         -      $21,100,000  00 

Viz. 

Customs       -  $19,000.000  00 

Public  lands  */-.  ' .  -     1,60(^000  00 

Bank  dividends  330,000  00 

Arrears  of  internal  duties  and  direct 
ax,  and  incidental  receipts      -         Jfo     150,000  000 

To  which  is  to  be  added  the  sum  of  -  1,916,135  56 

Remaining  in  the  Treasury  after  satisfying  the  bal- 
ances of  appropriations  chargeable  upon  the  revenue  of 
1822,  which  makes  the  entire  means  of  the  year  1823 
amount  to  -  '  »  -  m~-*'  -  -  23,016,135  56 

*  * 


1822.]  SECRETARY  OF  THE  TREASURY.  221 

The  expenditure  of  the  year  1823  is  estimated  at    -     $15.059,597  22 
Viz. 

Civil,  diplomatic,  and  miscellaneous    $1,599,317  35 

Military  service,  including  fortifica- 
tions, ordnance,  Indian  department,  re- 
volutionary and  military  pensions,  arm- 
ing the  militia,  and  arrearages  prior  to 
the  1st  of  January,  1817  -  5,134,292  75 

Naval  service,  including  the  gradual 
increase  of  the  navy  -  -  -  2,723,98712 

Public  debt   -  -  -  -       5,602,000-00 


Which  being  deducted  from  the  above  sum,  will  leave 
in  the  Treasury,  on  the  1st  of  January,  1824,  after  satis- 
fying the  current  demands  of  the  year  1823,  a  sum  es- 

timated  at  -  -      $7,956,538  34 


Although  the  facts  already  disclosed  justify  the  conclusion  that  the  im- 
portations of  the  present  year  exceed  the  value  of  domestic  articles  exported 
during  the  year,  yet  there  are  no  means  of  ascertaining  the  extent  of  that 
excess.  If  the  custom-house  documents  were  to  be  considered  conclusive 
evidence  upon  this  subject,  it  would  be  apparent  that  the  nation  has,  through 
the  whole  period  of  its  existence,  imported  more  in  value  than  it  has  ex- 
ported. But  the  fact  is  incontestable,  that  the  United  States  have^enjoyed  a 
more  uninterrupted  prosperity,  and  have  increased  their  capital  to  a  greater 
relative  extent,  than  any  of  the  nations  with  whom  they  have  maintained 
commercial  intercourse. 

To  show  that  the  custom-house  documents  cannot  be  considered  conclu- 
sive evidence  in  this  case,  it  is  proper  to  observe:  1st.  That  the  value  of 
articles  paying  duties  ad  valorem,  imported  into  the  United  States,  is  ascer- 
tained by  adding  to  the  invoice  value  20  per  cent. ,  if  from  beyond  the  Cape 
of  Good  Hope,  and  10  per  cent,  from  all  other  places;  whilst  the  value  of 
domestic  articles  exported  is  ascertained  at  the  port  of  shipment,  without  any 
such  addition.  2d.  The  greatest  portion  of  the  importations  and  exporta- 
tions  is  made  in  vessels  of  the  United  States.  3d.  The  capital  employed 
in  the  trade  of  the  northwest  coast  and  of  the  Pacific  ocean  consists 
almost  exclusively  of, the  labor  and  enterprise  of  those  engaged  in  it. 
Foreign  articles,  the  proceeds  of  those  enterprises,  imported  into  the  United 
States,  are  therefore  only  equivalent  to  the  labor  and  enterprise  by  which 
they  were  procured.  4th.  The  value  of  domestic  articles  exported  is  more 
imperfectly  ascertained  than  of  foreign  articles  imported ;  because  it  has  not 
been  considered  necessary  to  resort  to  the  same  sanctions  to  enforce  a  com- 
pliance with  the  regulations  which  have  been  prescribed  for  that  purpose. 
To  ascertain  the  relative  value  of  imports  and  exports,  it  is  necessary — 1st. 
That  the  same  additions  should  be  made  to  the  invoice  value  of  the  latter,  as 
are  required  by  law  to  be  made  to  the  former.  2d.  The  freight  of  domestic 
articles  exported  in  American  vessels  should  be  added  to  their  value,  after 
deducting  from  it  the  freight  of  foreign  articles  imported  in  foreign  vessels. 
3d.  The  value  of  foreign  articles  imported  in  vessels  engaged  in  the  trade  of 
the  northwest  coast  and  Pacific  ocean,  the  proceeds  of  the  labor  and  en- 
terprise of  those  by  whom  they  are  navigated,  should  be  added  to  the  do- 
mestic exports.  4th.  ,It  is  impossible  to  ascertain  what  addition  should  be 
:d;ob  0''  '  x  Vftttn  -~  "iffri  ;*|J 


222  REPORTS  OF  THE  [1822, 

made  to  the  value  of  the  domestic  exports  on  account  of  the  omission  of  the 
exporters  to  state  correctly  the  quantity  or  value  of  articles  exported  hy 
them;  but,  after- making  a  liberal  allowance  for  foreign  articles  illicitly  in- 
troduced or  inaccurately  invoiced,  it  is  believed  that  a  considerable  addition 
should  be  made. 

If,  then,  to  the  amount  of  domestic  articles  exported  during  the  year 
ending  on  the  30th  of  September  last,  already  estimated  at  49,874,079  dol- 
lars, the  additions  should  be  made  which  the  preceding  facts  and  consid- 
erations appear  to  authorize,  the  value  of  our  domestic  exports  during  that 
period  may  be  estimated  at  nearly  60,000,000  dollars. 

Although  no  calculation  has  been  completed,  showing  the  average  rate  of 
duty  upon  the  value  of  foreign  articles  imported  into  the  United  States,  it 
is  presumed  that  an  importation  of  60,000,000  dollars  of  foreign  merchan- 
dise will  not  produce  a  less  revenue  than  17,000,000  dollars.  As  the  re- 
ceipts from  the  customs  during  the  year  1823  have  been  estimated  at 
19,000,000  dollars,  it  is  probable  that  the  receipts  from  the  same  source. in 
1824,  which  will  depend  upon  the  importations  of  1823,  will  not  exceed. 
15,000,000  dollars.  Under  the  most  unfavorable  circumstances,  it  is  be- 
lieved that  the  receipts  of  that  year  will  be  sufficient  to  discharge  all  de- 
mands upon  the  Treasury  which  may  be  authorized  by  law. 

If  the  current  appropriations  for  the  year  1825  shall  be  equal  to  those 
required  by  the  estimates  for  the  ensuing  year,  the  expenditure  of  that  year 
may  be  estimated  at  -  ;  -  $28,253,597  22 

Viz. 

Current  appropriations     -  $8,578,722  22 

Permanent  appropriations  for  arming  the 
militia,  and  Indian  annuities  -     378,875  00 

Gradual  increase  of  the  navy  •••v.-V       ,  ••>•      500,000  00 

Public  debt,  including  balances  unapplied 
in  1823  and  1824,  amounting  to  $8.796,000,  18,796,000  00 

The  means  of  the  Treasury  to  meet  this  extraordinary 
expenditure,  consists — 1st,  of  the  balance  which  may  be 
in  the  Treasury  on  the  1st  of  January  of  that  year,  esti- 
mated at  -  $8,000,000  00 } 

And  2d,  of  the  receipts  of  that  year,  esti- 
mated at  19,000,000  00 

Viz. 

Customs     -  $17,000,000 

Public  lands  -     1,600,000 

Bank  dividends      -  350,000 

Incidental  receipts  -  50,000 

Making  together  an  aggregate  of  \  <#i  27,000,000  00 

o ;  t  i  bfc/j  'or 

And  leaving  a  deficit  of  about  -    $1,250,000  00 

In  this  estimate  the  receipts  and  expenditures  of  the  year  1824  are  esti- 
mated to  be  nearly  equal.  It  is  probable,  however,  that  the  receipts  may 
exceed,  to  a  small  extent,  the  expenditures;  but  there  is  at  least  an  equal 
probability  that  the  receipts  for  the  year  1825  are  estimated  too  high.  In 
the  year  1826,  the  expenditure,  assuming  the  current  appropriations  to  be 
the  same  as  in  the  year  1823,  may  be  estimated  at  19,457.000  dollars,  and 


>   1S22.]  SECRETARY  OF  THE  TREASURY. 

the  receipts  at  19,000,000  dollars.  As  the  appropriation  of  500.000  dollars 
for  the  gradual  increase  of  the  navy  expires  in  that  year,  the  annual  expend- 
iture may,  for  subsequent  years,  be  estimated  at  19,000,000  dollars,  unless 
it  shall  be  considered  expedient  >.o  make  further  provision  for  the  increase 
of  that  essential  means  of  national  defence. 

It  is  probable  that  the  annual  revenue  will  be  equal  to  that  sum.  To  pro- 
vide for  the  estimated  deficit  of  the  years  1825  and  1826,  as  well  as  to  meet 
any  extraordinary  demands  upon  the  Treasury  which  unforeseen  exigen- 
cies may  require,  it  is  believed  to  be  expedient  that  the  revenue  should  be 
increased.  This  may  be  conveniently  effected  by  a  judicious  revision  of 
the  tariff,  which,  while  it  will  not  prove  onerous  to  the  consumer,  will  sim- 
plify the  labors  of  the  officers  of  the' revenue.  At  present,  articles  composed 
of  wool,  cotton,  flax,  and  hemp,  pay  different  rates  of  duty.  Difficulties 
frequently  occur  in  determining  the  duties  to  which  such  cirticles  are  sub- 
ject. The  provision  in  the  tariff,  that  the  duty  upon  articles  composed  of 
various  materials  shall  be  regulated  by  the  material  of  chief  value  of  which 
it  is  composed,  is  productive  of  frequent  embarrassment  and  much  incon- 
venience. It  is  therefore  respectfully  submitted,  that  all  articles  composed 
of  wool,  cotton,  flax,  hemp,  or  silk,  or  of  which  any  one  of  these  materials 
is  a  component  part,  be  subject  to  a  duty  of  twenty-five  per  cent,  ad  valorem. 

The  duties  upon  glass  and  paper,  upon  iron  arid  lead,  arid  upon  all  arti- 
cles composed  of  the  two  latter  materials,  may  also  be  increased,  with  a 
view  to  the  augmentation  of  the  revenue.  In  all  these  cases,  except  arti- 
cles composed  of  silk,  it  is  probable  that  the  effect  of  the  proposed  augment- 
ation of  duties  will  gradually  lead  to  an  ample  supply  of  those  articles 
from  our  domestic  manufactories.  It  is  however  presumed,  that  the  reve- 
nue will  continue  to  be  augmented  by  the  proposed  alterations  in  the  tariff, 
until  the  public  debt  shall  have  been  redeemed;  after  which,  the  public 
expenditure,  in  time  of  peace,  will  be  diminished  to  the  extent  of  the 
sinking  fund,  which  is  at  present  $10,000,000.  But  if,  contrary  to  present 
anticipations,  the  proposed  augmentation  of  duties  should,  before  the  public 
debt  be  redeemed,  produce  a  diminution  of  the  revenue  arising  from  the 
importation  of  those  articles,  a  corresponding,  if  not  a  greater  augmenta- 
tion, may  be  confidently  expected  upon  other  articles  imported  into  the 
United  States.  This  supposition  rests  upon  the  two-fold  conviction,  that 
foreign  articles,  nearly  equal  to  the  value  of  the  domestic  exports,  will  be 
imported  and  consumed;  and  that  the  substitution  of  particular  classes  of 
domestic  articles  for  those  of  foreign  nations,  not  only  does  not  necessarily 
diminish  the  value  of  domestic  exports,  but  usually  tends  to  increase  that 
value. 

The  duties  upon  various  other  articles,  not  in  any  degree  connected  with 
our  domestic  industry,  may  likewise  be  increased,  with  a  view  to  the  aug- 
mentation of  the  public  revenue.  If  the  existing  tariff  shall,  during  the  pre- 
sent session  of  Congress,  be  judiciously  revised  for  the  purpose  of  augment- 
ing the  revenue,  it  is  confidently  believed  that  it  will  not  only  be  amply  suf- 
ficient to  defray  all  the  demands  upon  the  Treasury  at  present  authorized 
by  law,  but  that  there  will  remain  an  annual  surplus,  subject  to  such  dis- 
position, for  the  promotion  of  the  public  welfare,  as  the  wisdom  of  Congress 
may  direct. 

Under  the  act  of  the  20th  of  April  last,  authorizing  the  exchange  of  cer- 
tain portions  of  the  public  debt  for  five  per  cent,  stock,  $56,704  77  only 
have  been  exchanged.  The  increased  demand  for  capital  for  the  prosecu- 


224  REPORTS  OF  THE  [1822. 

tion  of  commercial  enterprises  during  the  present  year,  and  the  rise  in  the 
rate  of  interest  consequent  upon  that  demand,  which  were  not  anticipated 
at  the  time  that  the  measure  was  proposed,  have  prevented  its  execution. 
Existing  circumstances  do  not  authorize  the  conclusion,  that  a  measure  of 
this  nature  will  be  more  successful  during  the  next  year.  If  the  price  of  the 
public  debt  in  1825  should  be  as  high  as  it  is  at  present,  any  portion  of  it, 
redeemable  at  the  pleasure  of  the  Government,  which  should  be  unredeem- 
ed in  that  and  subsequent  years,  after  the  application  of  the  sinking  fund 
to  that  object,  may  be  advantageously  exchanged  for  stock,  redeemable  at 
such  periods  as  to  give  full  operation  to  the  sinking  fund.  This  may  be 
effected,  either  directly,  by  an  exchange  of  stock,  or  indirectly,  by  authoriz- 
ing a  loan  to  the  amount  of  the  stock  annually  redeemable,  beyond  the 
amount  of  the  sinking  fund  applicable  to  that  object. 
All  which  is  respectfully  submitted. 

WM.  H.  CRAWFORD. 
TREASURY  DEPARTMENT,  December  23,  1822. 


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226 


REPORTS  OF  THE 


[1822. 


B. 


A  STATEMENT  exhibiting  the  value  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1821  ; 
{consisting  of  the  difference  between  articles  paying  duty,  imported,  and 
those  entitled  to  drawback,  re-exported;}  and,  also,  of  the  nett  revenue 
which  accrued  that  year  from  duties  on  merchandise,  tonnage,  pass- 
ports, and  clearances. 


MERCHANDISE    PAYIXG   DUTIES   AD    VALOREM. 

840,613  dollars,  at   7i  per  cent. 
13,036,191  dollars,  at  15~  per  cent. 
4,473,993  dollars,  at  20    percent. 
16,605,525  dollars,  at  25   percent. 
1,604,368  dollars,  at  30   per  cent. 

$63,045  98 
-  1,955,428  65 
.894,798  60 
4,151,381  25 
481,310  40 

87,  545,  964  88 
8,712,707  45 

36,560,690  dollars 

7,545,964  88 

1.  Wines,       3,154,111  gallons,  at  24.  86  cents,  average 
2.  Spirits,       3,847,003  gallons,  at  43.  65  cents,  average 
Molasses,    9,459,898  gallons,  at   5      cents 
3.  Teas,          4,603,855  pounds,  at  3  1.45  cents,  average 
4.  Coffee,      15,965,237  pounds,  at   5       cents 
5.  Sugar,      43,084,819  pounds,  at  3.05  cents,  average 
6.  Salt,            3,121,847  bushels,  at  20      cents 
7.  Other  articles    - 

To  which  add  duties  collected  on  merchandise,  the  par- 
ticulars of  which  were  not  rendered  by  the  collectors, 
after  deducting  tlierefrom  duties  refunded,  and  differ- 
ence in  calculation         -                        ... 

2j  per  cent,  retained  on  drawbacks 
Extra  duty  on  merchandise  imported  in  foreign  vessels  - 
Interest  and  storage 

*"*•            ' 

Duties  on  merchandise                           ,'  • 
Duties  on  tonnage  - 
Light  money          -                       -       ';_  • 

Passports  and  clearances  - 

Deduct  expenses  of  collection      -       !>.  --• 
"                          L  '      •  '*:                     -1 
Nett  revenue,  per  statement  A      -                      - 

784,126  65 
1,679,319  49 
472,994  90 
1,447,921  09 
798,446  90 
1,315,143.40 
624,  3G9  40 
1,590,385  62 

61,674  69 
21,010  70 
26,725  21 

16,258,672  33 
115,483  02 

16,374,155  35 
I09y410  60 

89^848  61 
8,328  99 

10,483,565  95 

98,177  60 
9,858  00 

16,591,601  55 
693,167  13 

'1  ~  - 

15,898,434  42 

i> 
J 


£•£'• 


1822.] 


SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes. 


227 


1.     Wines- 
Madeira            -             r 
Burgundy,  &c. 
Sherry  and  St.  Lucar 
Lisbon  and  Oporto 
Tenenfle,  Fayal,  &c. 
Claret,  &c.  bottled 
All  other  •    f*>  _      >••*! 

2.     Spirits— 
From  grain,  1st  proof 
2d    do. 
3d    do. 
4th    do. 
5th    do. 
Above  5th    do. 
Other  materials,  1st  &  2d  do. 
3d    do. 
4th    do. 
5th    do. 
Above  5th    do. 

3.    Teas— 
Bohea                       "V  y 
Souchong 
Hyson  skin,  &c.      '•'.*. 
Hyson  and  young  hyson 
Imperial 

Extra  duty  on  teas  imported  from 
other  places  than  China 

4.    Coffee  
Do.    (imported  in  1814) 

5.     Sugar  — 
Brown,  &c. 
Do.    (imported  in  1814) 
White,  clayed 

6.     Salt  —  imported,           bushels 
exported,               do. 
Bounties  and  allowances  redt 
ed  into  bushels 

93,480  gallons,  at 
3,761      do. 
18,858      do. 
-      285,740      do. 
-      445,818      do. 
5b,037      do. 
-   2,250,417      do. 

100  cents 
100    do. 
60    do. 
50    do. 
40    do. 
30    do. 
15    do. 

42  cents 
45    do. 
48    do. 
52    do. 
60    do. 
75    do. 
38    do. 
42    do. 
48    do. 
57    do. 
70    do. 

12  cents 
25    do. 
28    do. 
40    do. 
50    do. 

5  cents 
10    do. 

3  cents 
5    do. 
4    do. 

20    do. 

20    do. 
20    do. 

$93,480  00 
3,761  00 
11,314  80 
142,870  00 
178,327  20 
16,811  10 
337,562  55 

3,154,111      do. 

784,126  65 

-      442,139  gallons,  at 
30,362      do. 
2,471      do. 
10,450      do. 
5,799      do. 
638      do. 
-      555,670      do. 
-    1,457,617      do. 
-    1,323,048      do. 
16,945      do. 
f^         1,864      do. 

185,698  38 
13,662  90 
1,186  08 
5,434  00 
3,479  40 
478  50 
211,154  60 
612,199  14 
635,063  04 
9,658  65 
1,304  80 

3,847,003      do. 

1,679,319  49 

-      175,328  pounds,  at 
-   1,053,758      do. 
-    1,728,913      do. 
-    1,437,189      do. 
-      208,667      do. 

21,039  36 
263,439  50 
484,095  64 
574,875  60 
104,333  50 

4,603,855      do. 

1,447,783  60 
13749 

4,603,855      do. 

1,447,921  09 

15,961,536  pounds,   at 
3,701      do. 

798,076  80 
370  10 

15,965,237      do. 

798,446  90 

40,578,166  pounds,  at 
53,230      do. 
-   2,453,423      do. 

1,214,344  98 
2,661  50 
98,136  92 

43,084,819      do. 

1,315,143  40 

-       4,061,422 
-        33,772 

LC- 

-      905,803 

939  575 

812,284  40 
187,915  00 

3,121,847 

624,369  40 

• 
-    ?• 

228  ,     REPORTS  OF  THE 

Explanatory  Statements  and  Notes — Continued. 


[1822. 


•   7.  All  other  articles. 
&>-&£;&£ 

Gluantity. 

Rate 
of 
duty 

Duties. 

Cents 

Duck,  Russia 
Ravens       .-        .     -. 

-     pieces 
do. 

28,797 
26,468 

•200 
125 

$57,594  00 
33,085  00 

Holland      -                     .  - 

do. 

1,416 

250 

3,540  CO 

Sheeting,  brown,  Russia    - 
•white,  Russia     -         ,  - 

do. 
do. 

16,946 
997 

160 

250 

27,113  60 
2,492  50 

Beer,  ale,  and  porter,  in  bottles     - 

-  gallons 

71,343 

15 

10,701  45 

jn  casks 

-        do. 

11,563 

10 

1,156  30 

Oil,  spermaceti       - 
whale,  and  other  fish  - 

do. 
do. 

4,462 

578 

25 
15 

1,115  50 

86  70 

olive,  in  casks 

-        do. 

64,676 

-25 

16,169  00 

Cocoa         -                                    - 

-   pounds 

414,725 

2 

8,294  50 

Chocolate   - 

-        do. 

948 

3 

28  44 

Sugar,  candy                      -           4 

do. 

2,665 

12 

319  80 

other  refined 

do. 

465 

10 

46  50 

Fruits—  Almonds  - 

do. 

218,801 

3 

6,564  03 

Currants   - 

do. 

30,326 

3 

909  78 

Prunes  and  plums 

do. 

79,058 

3 

2,371  74 

Figs 

-  .      do. 

385,803 

3 

11,574  09 

Raisins,  jar,  and  muscatel 

-       do. 

2,102,416 

3 

63,072  48 

other 

do. 

2,251,500 

2 

45,030  00 

Candies,  tallow      - 
wax  and  spermaceti       - 

do. 
-        do. 

4,071 
172 

3 
6 

122  13 

10  32 

Cheese        -                        -           - 

do. 

53,724 

9 

4,835  16 

Soap 

-        do. 

235,515 

3 

7,065  45 

Tallow 

-        do. 

5,613^,646 

1 

56,136  46 

Spices—  Nutmegs  - 
Cinnamon            ... 

do. 
-       do.- 

27,875 
2,917 

60 
25 

16,725  00 

729  25 

C\oves      -                       - 

do. 

2,306 

25 

576  50 

pepper      ..---. 

-      -do. 

2,034,605 

8 

162,768  40 

Pimento  - 

do. 

349,927 

6 

20,995  62 

Cassia      - 

do. 

44,753 

6 

2,685  18 

Tobacco,  manufactured,  &c. 

-.      do. 

573 

10 

57  30 

Snuff 

do. 

5,728 

12 

687  36 

Indigo          -                         -                     '    • 

-       do. 

405,962 

15 

53,394  30 

Gunpowder 

do. 

70,673 

8 

5,653  84 

Bristles       -           -  -   .     •           -           -    - 

do. 

139,432 

3 

4,182  96 

Glue 

do. 

70,211 

5 

3,510  55 

Paints,  ochre,  dry  - 

do. 

488,188 

1 

'  4,881  88 

in  oil 

do. 

75,659 

ii 

1,134  88 

White  and  red  lead 

do. 

3,787,069 

3 

113,612  07 

Whiting  and  Paris  white  - 

do. 

28,118 

1 

281  18 

Lead,  pig,  bar,  and  sheet  - 

do. 

3,524,427 

1 

35,244  27 

shot              -                       - 

do. 

2,374,842 

2 

47,496  84 

Cordage,  cables  and  tarred     : 

do. 

157,212 

3 

4,716  36 

untarred 

do. 

367,719 

4 

14,708  76 

twine      '-."•'* 

do. 

282,304 

4 

11,292  16 

Copper,  rods  and  bolts 
nails  and  spikes  -                      ;  - 

-       do. 
do. 

26,244 
3,390 

4 
4 

1,049  76 
135  60 

Wire,  iron  and  steel,  not  above  No.  18    - 
above  No.  18 

-::    do. 
do. 

267,283 
103,215 

5 
9 

13,364  15 
9,289  35 

Jroa,  tacks,  brads,  and  sprigs,  not  above  16  oz 

per      M. 

46,466 

5 

2,323  30 

above  16  oz. 

do. 

1,250 

4 

50  00 

nails  ----- 

-  pounds 

705,572 

4 

28,222  88 

spikes            -                                "-• 

-       do. 

83,731 

3 

2,511  93 

anchors 

do. 

64,540 

2 

1,290  80 

pig     -                                               * 

-      cwt. 

14,633 

50 

7,316  50 

castings         -           - 

do. 

8,822 

75 

6,616  50 

bar,  rolled     -           -           - 

do. 

33,431 

150 

50,146  50 

hammered 

do. 

306,960 

75 

230,220  00 

sheet,  rod  and  hoop  - 

do. 

26,452 

250 

66,130  00 

1822.]  SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


229 


7.  All  other  articles. 

Quantity. 

Rate 
of 

duty. 

Duties. 

Steel 

cwt. 

11.699 

Cents. 
100 

$11,699  00 

Hemp      -           -           -           "^ 

do. 

119,927 

150 

179,890  50 

Alum      - 

do. 

1,899 

200 

3,798  00 

Copperas                                    -           -    - 

-.          do. 

2,895 

100 

2,895  00 

Coal        ... 

-     bushels 

774,247 

5 

38,712  35 

Fish  —  foreign  caught,  dried,  &c. 

-    quintals 

308 

100 

308  00 

salmon,  pickled  -           -       *"•*'-', 

barrels 

1,282 

200 

2,564  00 

mackerel,  do.     - 

-          do. 

199 

150 

298  50 

other           do.      -            -            - 

do. 

146 

100 

146  00 

Glass  —  bottles,  black  quart 

gross 

11,110 

144 

,15,998  40 

window,  not  above  8  by  10  inches 

-  100  sq.  ft. 

2,306 

250 

5,765  00 

do.            do.      10  by  12    do. 

do. 

910 

275 

2,502  50 

do.      above       10  by  12    do. 

cv."     do. 

2,756 

325 

8,957  00 

Boots      ----- 

;V:  "   pairs 

.    104 

150 

156  00 

Shoes  and  slippers  —  silk 

v.£  V.      do. 

790 

30 

&37  00 

leather,  men's,  &c. 

do. 

7,012 

25 

1,753  00 

children's 

do. 

2,271 

15 

340  65 

Segars     -           -         .•*?.?£ 

M. 

12,478 

250 

31,195  00 

Cards,  playing   -                               .  _  -  s 

packs 

1,300 

30 

390  00 

From  which  deduct  excess  of  exportation  over  importation,  viz: 
Loaf  sugar         -v  •  437  pounds,  at    12  cents 

Mace      -  -  -  536      do.      at  100    do. 

Cotton    -  -  -       2,290      do.     at     3   do. 


$52  44 

536  00 

68  70 


1,591,042  76 


657  14 


1,590,385  62 


TREASURY  DEPARTMENT, 

Register's  Office,  December  7,  1822. 


JOSEPH  NOURSE,  Register 


•  it  4  ] 


230 


REPORTS  OF  THE  [1822, 


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1822.J 


SECRETARY  OF  THE  TREASURY. 


231 


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TREASURY  DEPARTMENT, 
General  Land  Office, 


\w  i' 

a 


232 


REPORTS  OF  THE 
E. 


[1822. 


STATEMENT  of  moneys  received  into  the  Treasury,  from  all  sources 
other  than  customs  and  public  lands,  during  the  year  1821. 


From  arrears  of  old  internal  revenue 
direct  tax  of  1798 
new  internal  revenue 
new  direct  tax 

dividend  on  stock  in  the  Bank  of  the  United  States 

fees  on  letters  patent 

postage  of  letters     - 

cents  coined  at  the  mint    - 

prizes  captured  by  public  armed  vessels       - 

sales  of  public  lots  in  the  city  of  Washington 

return  passage  money  of  an  American  seaman 

damages  recovered  in  an  action  of  ejectment,  in  the 
district  court  of  Vermont 

vessels,  &c.,  condemned  under  the  acts  prohibiting 
the  slave  trade    - 

interest  on  balances  due  by  banks  to  the  United 
States     - 

moneys  previously  advanced  on  account 

of  the  third  census   -  -       $231  18 

moneys  previously  advanced  for  build- 
ing custom-houses  716  62 

balances  of  advances  made  to  the  War 

Department  -          ,  -  - 112,430  81 


small  Treasury  notes,  for  which  certificates  of  7 

per  cent,  stock  have  been  issued 
loan  authorized  by  act  of  3d  March, 

1821  $4,735,296  30 

premium  on  the  same  -      264,703  70 


$3,661  25 

69,027  63 

25.687  80 

105,000  00 

4,770  00 

516  91 

14,440  00 

634  20 

9,372  75 

10  00 

233  33 

8,923  28- 
310  35 


113,378  61 
324  00 


$5,356,290  II 

TREASURY  DEPARTMENT. 

Register's  Office,  December  12,  1822. 

JOSEPH  NOURSE,  Register. 


1822.] 


SECRETARY  OF  THE  TREASURY. 


233 


F. 


- 


STATEMENT  of  the  expenditures  of  the 

year  1321. 


United  States,   for  the 


CIVIL,  MISCELLANEOUS,  AND  DIPLOMATIC,  VIZ  : 


Legislature                                              -_  $359,900  04 

Executive  departments   -  506,024  19 

Officers  of  the  mint  9,600  00 

Surveying  department    -  16,837  32 

Commissioner  of  Public  Buildings  1,000  00 
Governments  in  the  Territories  of  the 

United  States  -  14,101  68 

Judiciary  204,829  41 

Annuities  and  grants  -  <V :  1,30000 
Mint  establishment  45.850  00 
Unclaimed  merchandise  -  3,736  92 
Light-house  establishment  146,584  84 
Surveys  of  public  lands  173J941  95 
Privateer  pension  fund  -  1,961  54 
Trading-houses  with  the  Indians  18,750  00 
Roads  within  the  State  of  Ohio  -  '  -K  9,802  85 
Roads  within  the  State  of  Alabama  '950  00 
Road  from  Cumberland  to  Ohio  65,320  11 
Road  from  Wheeling,  Va.,  to  the  Missis- 
sippi river  ,  t$  ..  5,000  00 
Marine  hospital  establishment  -  66,845  48 
Public  buildings  in  Washington  110,136  00 
Florida  claims  -  413  60 
Payment  of  claims  for  property  lost,  &c.  134  50 
Payment  of  balances  to  collectors  of  new 

internal  revenue  2,567  05 
Payment  of  balances  to  certain  collectors 

of  old  internal  revenue  266  98 
Payment  of  outstanding  debentures  for 

internal  duties  7,074  16 

Prohibition  of  the  slave  trade  -  7,502  67 

Prisoners  of  war  2,684  57 

Fourth  census  -  212,000  00 
Refunding  surplus  proceeds  of  property 

sold  for  payment  of  direct  tax  134  58 
Votes  for  President  and  Vice  President  of 

the  United  States  3,195  50 

Miscellaneous  claims  -  33,314  85 
Surveying  certain  parts  of  the  coast  of 

North  Carolina            -            -            -;-  3,000  00 


$1,112,292  64 


922,468      1 


234 


REPORTS  OF  THE 


[1822. 


Diplomatic  department  - 

Contingent  expenses  of  foreign  intercourse 

Relief  and  protection  of  American  seamen 

Treaty  of  Ghent 

Treaties  with  Mediterranean  powers 

Treaty  with  Spain 


$45,524  91 
21.662  77 
33,504  26 
29,522  66 
13,896  15 
63.000  00 


207,110  75 


MILITARY  DEPARTMENT,  VIZ: 


Pay  of  the  army 

Subsistence 

Forage   - 

Clothing 

Medical  and  hospital  department 

Contingent  expenses 

Ordnance 

Fortifications 

Quartermaster's  department 

Military  Academy  at  West  Point 

Arrearages  of  outstanding  claims 

Survey  of  the  watercourses  west  of  the 

Mississippi 

Survey  of  the  Ohio  and  Mississippi  rivers 
Pay  of  disbanded  officers  and  soldiers     - 
Balances  due  to  certain  States     - 
Boundary  line  of  Indian  cessions 
Indian  department 
Civilization  of  Indian  tribes 
Road  through  the  Creek  nation,  between 

Georgia  and  Alabama 
Relief  of  John  Harding  and  others 

Joseph  Bruce    - 

Thomas  C.  Withers 

Daniel   Converse    and    George 

Miller 

Military  pensions 

Half-pay  pensions  to  widows  and  orphans 
Arming  and  equipping  the  militia 
Treaties  with  Indian  tribes 
Survey  of  the  coast  of  the  United  States  - 


1,154,555  86 
354,654  67 

31,840  00 
276,565  25 

12,505  GO 

40.000  00 
805^250  00 
602,000  00 
456,380  50 
'-59,286  79 

30,000  00 

4,500  00 

5.000  00 

6(1,000  00 

350,000  00 

»  15.000  00 

330,205  44 

10.000  00 

3,300  00 

180  00 

'  65  00 

370  00 

35  00 

212.817  25 

30,000  00 

200,000  00 

118,050  00 

103  71 


5,162,364  47 


NAVAL  DEPARTMENT,  VIZ  : 

Pay  and  subsistence  of  officers,  and  pay 

of  seamen       -  983,325  25 

Provisions  337,831  00 

Medicines  32,000  00 

Repairs  of  vessels  wf<        475,000  00 

Ordnance                         -  25,000  00 

Contingent  expenses       -  200,000  00 


1822.J 


SECRETARY  OF  THE  TREASURY. 


235 


Pay  and  subsistence  of  the  marine  corps  -  $169,393  00 

Clothing  for  the  marine  corps    .-./  30,68631 

Fuel  for  the  marine  corps  6,857  50 
Quartermasters,  and  contingencies  of  the 

marine  corps    -  14,000  00 

Gradual  increase  of  the  navy     "-''  950,000  00 

Navy  yards  85,000  00 

Building  small  vessels  of  war      -  10.000  00 

Removing  obstructions  in  the  river  Thames  150  00 


PUBLIC  DEBT,  VIZ  : 

Interest  and  reimbursement  of  domestic 

debt     -  :;•:-:.  5,623,321  38 

Interest  on  Louisiana  stock      .Yr  ••'  -36,56088 

Redemption  of  Louisiana  stock  -             -  52,071.360  00 

Payment  of  certain  parts  of  domestic  debt  54  45 

Reimbursement  of  Mississippi  stock  634,022  53 

Principal  and  interest  of  Treasury  notes  1,774  38 


$3,319.243  06 


8,367,093  62 
$19,090.572  69 


TREASURY  DEPARTMENT, 

Register's  Office,  December  14,  1822. 

JOSEPH  NOURSE,  Register. 


236 


REPORTS  OF  THE 


[1822. 


G. 

STATEMENT  of  lands  sold,  and  of  moneys  received  on  account  of 
public  lands,  from  the  1st  January,  1822,  to  the  30^A  June,  1822. 


1 

1 
Amount  received. 

Expenses. 

Lands  sold   „_,  »  M 

~O  iL  ^*  O 

i 

-  '/i 

<U    Si    fa-. 

in  the  first 

||| 

>  ^ 

S.-C  fl 

"^^2^ 

Payments 

Offices. 

two  quar- 

°3 o"  ~-2 

'5  a* 

|*.S 

S  J£  o 

made  into 

ters  of  '22. 

a)  3  '-s 

'~   O   O* 

£    f*  GO         ® 

O   o 

&*«$ 

«  §  § 

the  Trea- 

*»•'    • 

^   c/)   O 

-  r^2oo 

S  —  ^  S"* 
i;  •"•  o  M  _r 

si| 

3J?S 

-H    Jj       Q 

£  'S  £ 

sury. 

Acres. 

cc  ra      do 

Sfe£" 

03    0>          <« 

,  tt)  O 

C3  •£    M 

°.s  5 

£     rj     O 
O     <T     P3 

C-S   «3 

cL'rt  c  "5 

1U    O    C3    ^ 

Marietta 

1,449.07 

$1,811  30 

$2,513  79 

$4,325  09 

$604  43 

$3,052  52 

Zanebville 

7,080.58 

^8,850  71 

9,386  62 

18,237  33 

1,009  24 

$100  00 

9,332  09 

Steubenville  - 

11,200.73 

14,000  90 

5,418  34 

19,419  24 

1,410  72 

18,340  63 

Chillicothe     - 

4,964.08 

6,205  03 

6,046  30 

12,251  33 

894  25 

_ 

11,400  01 

Cincinnati 

3,313.32 

4,141  65 

22,118  58 

26,260  23 

1,180  20 

20  64 

20,297  74 

Wooster 

6,305.24 

7,881  54 

8,093  20 

15,974  74 

846  20 

_ 

15,753  58 

Piqua 

1,762.35 

2,202  95 

_ 

2,202  95 

531  85 

Delaware 

39.953.39 

49,941  81 

M 

49,941  81 

1,598  69 

_ 

57,440  70 

Jefferson  ville- 

7,032.$ 

9,540  03 

14,716  35 

24,256  38 

1,237  23 

_ 

58,140  47 

Vincennes 

6,666.24 

8,332  88 

12,311  82 

20,644  70 

1,356  35 

_ 

17,140  52 

Brookville 

51,033.78 

63,809  13 

_ 

63,809  13 

3,449  74 

_ 

98,069  69 

Terre  Haute  - 

9,931.11 

12,413  93 

_ 

12,413  93 

381  00 

Kaskaskia      - 

1,341.41 

1,676  76 

3,401  73 

5,078  49 

664  20 

_ 

5,783  50 

Shawneelown 

1,349.31 

.1,686  64 

7,393  27 

9,079  91 

789  75 

_ 

9,590  20 

Edwardsville 

4,169.89 

5,212  35 

2,230  93 

7,443  28 

1,128  45 

_ 

7,690  00 

Vandalia 

1,120.00 

1,400  00 

_ 

1,400  00 

574  41 

_ 

500  00 

Palestine 

1,859.52 

2,622  25 

_ 

2,622  25 

650  08 

Detroit 

6,860.27 

8,575  73 

566  29 

9,142  02 

651  66 

_ 

5,800  00 

St.  Louis 

7,394.01 

9,359  86 

7,015  59 

16,375  45 

654  57 

_ 

17,219  56 

Franklin 

5,910.05 

7,387  57 

5,795  13 

13,182  70 

1,676  44 

•    _ 

18,368  75 

CapeGirardeau 

5,643.54 

7,164,41 

_ 

7,164  41 

2,613  51 

_ 

40,094  77 

Lawrence  co. 

_ 

_ 

_ 

500  00 

Arkansas 

258.25 

322  81 

_ 

322  81 

599  95 

_ 

2,819  00 

Ouachita 

2,272.85 

2,841  06 

_ 

2,841  06 

560  62 

Opelousas 

_ 

_ 

_ 

_ 

500  00 

New  Orleans  - 

79,741.22 

99,694  53 

_ 

99,694  53 

2,900  08 

St.  Helena  c.h. 

_ 

_ 

_ 

_ 

500  00 

Jackson  c.  h.  - 

_ 

861  55 

_ 

9,940  34 

Washington  - 

6,389.44 

7,986  72 

19,774  12 

27,760  84 

1,526  32 

2,126  76 

24,775  00 

St.  Stephen's  - 

3,452.82 

4,316  05 

4,620  48 

8,936  53 

1,445  22 

_ 

11,720  83 

Cahaba 

27,471.41 

34,339  23 

70,002  42 

104,341  65 

14  25 

_ 

3,315  59 

Huntsville 

12,438.77 

15,548  50 

1,422  00 

16,970  50 

1,760  48 

_ 

38,266  69 

Tuscaloosa    - 

64,894.97 

81,088  69 

_ 

81,088  69 

964  09 

199  96 

200,680  34 

Connecuh  c.  h. 

- 

- 

- 

- 

500  00 

383,859.63 

480,355  02 

202,826  96 

683,181  98 

36,535  53 

2,447  36 

705,532  52 

Amount  of  moneys  received  from  the  1st  January,  1822,  to  the  30th  June,  1822      $683, 181  98 
Incidental  expenses, including  commissions  and  salaries  -  -    $36,535  53 

Repayments  made  to  individuals     -----        2,44736 

38,982  89 

Nett  proceeds  of  lands  iri  the  first  two  quarters  of  1822     -  -  644,199^0? 

The  payments  made  into  the  Treasury  from  the  1st  of  January,  1822,  to  the  30th 

June,  1822,  amount  to      --„--_-.    $705,53252 
Those  made  from  1st  July,  1822,  to  the  30th  September,  1822     -  -  -       592,952  04 


Total  from  1st  January,  1822,  to  the  30th  September,  1822 

TREASURY  DEPARTMENT, 

General  Land  Office,  November  29, 1822. 


-    1,298,484  56 


JOHN  McLEAN,  Commissioner. 


SECRETARY  OF  THE  TREASURY. 


237 


H.    v 

STATEMENT  of  moneys  received  into  the  Treasury,  from  all  sources 
k  other  than  customs  and  public  lands,  from  1st  January  to  30th  Sep- 
tember, 1822. 


From  arrears  of  old  internal  revenue 
direct  tax  of  1798 
new  internal  revenue 
new  direct  tax 

dividends  on  stock  in  the  Bank  of  the  United  States   - 
fees  on  letters  patent  - 
postage  of  letters 
cents  coined  at  the  mint 
vessels,  &c.  condemned  under  the  acts  prohibiting  the 

slave  trade 

interest  on  balances  due  by  banks  to  the  United  States 
nett  proceeds  of  gunboats  sold  per  act  of  27th  February, 

1817 

moneys  previously  advanced  on  account 
of  the  third  census 
military  pensions 
roads  under  the  treaty 

of  Brownstown 
balances  of  advances 
made  to  the  War  Department 
under  3d  section 
Do.          balances  of  appropria- 
tions for  the  War  Department 
returned  to  the  Treasury  and 
carried  to  the  surplus  fund,  un- 
der the   act  of  1st  May,  1820 
Do.          balances    of  appropria- 
tions for  the  Navy  Department 
returned  to  the  Treasury  and 
carried  to  the  surplus  fund  un- 
der the  act  of  1st  May,  1820 


Do. 
Do. 

Do. 


$12  84 
-5,087  29 

578  21 


54,667  82 


84.282  16 


267,169  CO 


TREASURY  DEPARTMENT, 

Register's  Office,  December  12,  1822. 


$121  11 

863  22 

55,863  97 

15,265  92 

297,500  00 

4,950  00 

602  €4 

9,594  00 

1,507  86 
543  72 

2,381  58 


408,797  62 
$797,991  04 


JOSEPH  NOURSE,  Regisler. 


238 


REPORTS  OF  THE 


[1822. 


I. 

STATEMENT  of  expenditures  of  the  United  States,  from  the  1st  of 
January  to  the  30th  September,  1822. 

CIVIL,    MISCELLANEOUS,    AND    DIPLOMATIC. 


Legislature 

Executive  Departments 

Officers  of  the  mint 

Commissioner  of  the  Public  Buildings 

Surveying  department 

Governments  in  the  Territories  of  the  United 

States 
Judiciary 

Annuities  and  grants 

Mint  establishment    - 

Unclaimed  merchandise 

Light-house  establishment 

Surveys  of  public  lands 

Privateer  pension  fund 

Appropriation  of  prize  money 

Trading-houses  with  the  Indians 

Roads  within  the  State  of  Ohio 

Roads  within  the  State  of  Alabama    - 

Roads  within  the  State  of  Indiana 

Marine  hospital  establishment 

Public  buildings  in  Washington 

Building  custom-houses 

Florida  claims 

Payment  of  balances  to  collectors,  (new  internal 

revenue)  ''  •  ' 

Payment  of  balances  to  officers  of  old  internal 

revenue  and  direct  tax 
Prohibition  of  the  slave  trade 
Prisoners  of  war 
Payment  of  certain  certificates 
Printing  the  journal  of  the  convention  - 
Payment  of  claims  for  property  lost    - 
Survey  of  the  coast  of  Florida 
Refunding  duties  on  distilled  spirits  - 
Miscellaneous  expenses 

Diplomatic  department 

Contingent  expenses  of  foreign  intercourse     - 

Relief  and  protection  of  American  seamen 

Treaty  of  Ghent 

Treaty  with  Spain     - 

Treaties  with  Mediterranean  powers 


$369.790  51 

346,390  94 

7,200  00 

1,178  08 

6;882  50 

9,200  00 
160,143  69 

1,657  13 

8,000  00 

598  49 

128,197  27 

66,735  00 

1,221  62 

634  20 

9,570  60 

3.257  54 

800  00 

32,629  46 

33,959  21 

97,751  53 

1,319  26 

141  17 

517  93 

2,234  82 

22,820  42 

2,089  87 

2,029  43 

542  56 

55  00 

150  00 

95  62 

87,210  60 

86,023  30 

7,250  00 

7,543  39 

13,492  24 

14,277  86 

1,843  00 


$900,785  72 


505,218  73 


130,429  79 


1822.] 


SECRETARY  OF  THE  TREASURY. 


MILITARY    DEPARTMENT,  VIZ  : 


Pay  of  the  army    -  v  fj 

Subsistence 

Forage 

Clothing 

Medical  and  hospital  department    - 

Contingent  expenses  of  War  Department    - 

Ordnance  department       &«0.-T  . 

Fortifications 

Quartermaster's  department 

Military  Academy  at  West  Point     -         •>  -  .' 

Brigade  of  militia     - 

Surveys  of  ports  and  harbors 

Medals  for  officers  of  the  army 

New  roofs  for  the  barracks  at  Carlisle 

Arrearages  of  outstanding  claims     - 

Maps,  plans,  <fcc.  of  War  Office 

Completing  the  road  through  Georgia 

Relief  of  Gen.  James  Wilkinson 

Joshua  Newsom,  and  others 

Elias  Parks 

John  Anderson    - 

William  Gvvyn  ,  H        ?lv.f. 

William  E.  "Meek 

Cornelius  Huson  •» 

William  Henderson 

James  Pierce 

Greenberry  H.  Murphey    - 
Militia  courts-martial,  Col.  Wood,  President 
Thos.  C.  Miller,    do. 
T.  More  &  D.  Fore  do. 
Gen.  Steddiford      do. 
Repairs  and  contingencies  of  fortifications    - 
Fort  Delaware 

Fort  Monroe  '1'fipy     rfi-vi" 

Fort  Washington     -  ..  -  ; 

Fort  Calhoun  ?Vi>H.     ;i^ 

Fort  at  the  Rigolets  - 

Barracks  at  Baton  Rouge    -         ^  $     ^S-^ ' 
Mobile  Point  -  -     - 

Survey  of  the  Ohio  and  Mississippi  rivers    - 
Arsenal  at  Baton  Rouge      -  -         *  . 

Materials  for  a  fort  opposite  to  Fort  St.  Philip 
Balance  due  to  the  State  of  Maryland 
Relief  of  William  Dooley    ... 
Relief  of  the  Planters'  Bank,  New  Orleans    - 
Bounties  and  premiums 
Preservation  of  arms  .  *     *  ";r- 

Army  supplies         -  ... 


$865.050  68 
183,275  61 
12,633  96 
131,4:^5  33 
13,409  83 
4,017  33 
263,539  28 
111,108  87 
318,201  98 
2,492  43 
10,693  28 
3  50 
4,080  00 
3,500  00 
108,652  10 
140  22 
321  01 
2,926  59 
647  80 
2.284  00 
1,300  00 
47  50 
1,279  87 
250  00 
2,765  CO 
430  00 
1,490  30 
762  84 

1.494  65 
606  59 

17,839  24 
3.192  32 
8^400  00 
27.592  32 
12,585  56 
17,400  00 
48,006  84 
8,108  16 
1,993  16 
276  00 
3,000  00 
800  00 
527  00 
305  80 

8.495  70 
3,718  90 
2,200  00 

820  00 


- 


•/.  •'. ": : . 


240 


REPORTS  OF  THE 


[1822 


Expenses  of  arsenals 

Repairing  arms     -  - 

Repairs  of  arsenals 

Preservation  of  ammunition 

Arming  and  equipping  the  militia 

Gratuities,  &c. 

Armories  - 

Cannon,  shot,  &c. 

Expenses  of  recruiting 

Revolutionary  pensions     - 

Military  and  half-pay  pensions 

Indian  department 

Civilization  of  the  Indians 

Annuities  to  Indians,  per  act  6th  May,  1796 


Do. 
Do. 
Do. 
Do. 
Do. 
Do. 
Do. 
Do. 
Do. 
Do. 
Do. 
Do. 
Do. 
Do. 
Do. 


25th  Feb.  1799 
3d  March,  1805 
21st  April,  1806 
3d  March,  1807 
19th  Feb.  1808 
1st  May,  1810 
3d  March,  1811 
26th  April,  1816 
2d  March,  1817 
3d  March,  1821 
3d  March,  1819 
8th  Jan.,  1821 
15th  May,  1820 
7th  May,  1822 
7th  May,  1822 


Treaties  with  the  Creeks  and  Cherokees 
Treaties  with  the  Creeks    - 
Pay  of  Indian  agents 
Pay  of  sub-agents 
Presents  to  Indians 


From  which  deduct  ihe  following  repay 
ments,  viz: 

Expenses  of  recruiting  $12,246  69 
Balances  due  to  certain  States  120,433  26 
Bounties  and  premiums  29,006  58 
Mobile  Point  12,550  00 
Gratuities  15,469  15 
Cannon,  shells,  <fec.  8,478  95 
Arsenal  at  Baton  Rouge  -  4.690  29 
Powder  magazine  at  Frank- 
ford,  Pennsylvania  17  50 
Survey  of  the  Ohio  and, 
Mississippi  rivers  1,251  60 


$585  50 

2,841  05 

89  81 

1,550  00 

332,466  44 

392  28 

94,000  00 

1,000  00 

21  33 

1,642,590  94 

300,935  90 

152,984  67 

1,373  80 

14,505  54 

15.322  19 

1,000  00 

31,167  17 

661  11 

10,000  00 

4,200  00 

2,235  07 

50  00 

38,716  44 

29,454  01 

117,050  00 

60,760  47 

6,000  00 

15,100  00 

18,107  10 

25,010  43 

8,331  27 

7,000  00 

3,750  00 

4,935  59 


ho' 


[822.]  SECRETARY  OF  THE  TREASURY. 


Survey  of  watercourses  in 

Mississippi  $184  46 

Relief  of  T.C.  Withers  -  18700 

Relief  of  J.Harding  180  00 
Boundary  line  between  the 

U.  States  and  the  Creeks  865  38 
Boundary  line  of  several 

cessions  15.000  00 

Claims  against  the  Ossages  3,582  50 

Arsenal  at  Watervliet  -  324  69 
Treaty  with  the  Indians 

in  Mississippi   -  3,610  93 


- 


$228,078  98 


fcf-s 


$4,930,210  68 


NAVAL    DEPARTMENT,    VIZ : 


Pay  of  the  navy   - 
Provisions 
Medicines 

Repairs  of  vessels  --  - 

Ordnance 

Freight  and  contingent  expenses  - 
Navy  yards 

Superintendents,  &c.      .  - 
Laborers,  <fcc. 
Gradual  increase 

Pay  and  subsistence  of  the  marine  corps  - 
Clothing  of  the  marine  corps 
Fuel  for  the  marine  corps 
Quartermaster's  stores,  and  contingencies 
of  the  marine  corps 


From  which  deduct  the  following  repay- 
ments, viz : 
Heads  to  which  they  apply — 

Purchase  of  timber  -  $11,584  67 

Repairs  of  vessels  damaged 
in  action  - 

Shot,  shells,  and  military  stores 

Repairs  of  the  Constellation 

Seventy-fours  and  frigates    - 

Survey  coast  of  North  Caro- 
lina 

Widows  and  orphans  of  per- 
sons on  board  the  Epervier 

Military  stores,  marine  corps 


TOL.  ii.— 16 


430  38 

7,481  70 
10,825  15 


533,071  56 

113,649  99 

10,476  42 

217,279  59 

822  81 

141,062  54 

34,663  75 

19,225  71 

9,703  01 

425,483  09 

48,192  43 

26,277  50 

724  95 

15,990  13 


57,670  60 


1,538,952  88 


REPORTS  OF  THE  [1822. 


242 


Interest,  &c.  domestic  debt  $4,163,656  47 

Redemption  of  Louisiana  stock     -0$  5,294  12 

Reimbursement  of  Mississippi  stock  23,388  94 

Certain  parts  of  domestic  debt  438  99 

Redemption  of  6  per  cent,  stock  of  179&  -        80,000  00 
Principal  and  interest  of  Treasury  notes  -  277  00 

— —     $4,273,055  52 


TREASURY  DEPARTMENT, 

Register's  Office,  December  14,  1822. 

JOSEPH  NOURSE,  Register 


1822.1  SECRETARY  OF  THE  TREASURY. 

No.  1. 

STA  TEMENT  of  the  funded  debt  of  the  United  States,  on  the  1st 

October,  1821. 

Deferred  stock,  (unredeemed  amount)  -  $1,783,257  66 
Three  per  cent,  stock  -  -  13,295,956  04 
Six  per  cent,  stock  of  1796  80,000  00 
Exchanged  six  per  cent,  stock  of  1812  -  2,668.974  99 
Louisiana  six  per  cent,  slock,  amount  un- 
applied for  5,558  15 

$17,833,746  84 

Six  per  cent,  stock  of  1812                        -  6,187,006  84 

Six  per  cent,  stock  of  1813  (16  millions)   -  15,521,136  45 

Six  per  cent,  stock  of  1813  (7|  millions)  -  6.836,232  39 

Six  per  cent,  stock  of  1814        '   -            -  13,011,437  63 

Six  per  cent,  stock  of  1815                        -  9.490,099  10 

Treasury  note  six  per  cent,  stock  ,          ('-,  j;  1,464,895  07 

Treasury  note  seven  per  cent,  stock  8,606,355  27    . 
Five  per  cent,  stock,  (subscription  to  Bank 

United  States) '                           -  7,000,000  00 

Six  per  cent,  stock  of  1820                        -  2,000,000  00 

Five  per  cent,  stock  of  1820  999,999  13 

Five  per  cent,  stock  of  1821                       -  4,735,296  30 


$93,686,205J)2 

NOTE. — The  estimated  amount,  per  No.  1  of  the  Secretary's 
report  of  last  year,  was  -  $93,686,095  74 

To  which  add  this  sum,  then  overestimated,  as  reimburse- 
ment of  deferred  stock  -  -  -  -  109  28 


Making,  as  above  -  $93,686,205  02 

TREASURY  DEPARTMENT, 

Register's  Office,  December  2,  1822. 

JOSEPH  NOURSE,  Register. 


244  REPORTS  OF  THE  [1822. 

No.  2. 

STA  TEMENT  of  the  debt  of  the  United  States,  on  the  1st  of  January, 

1822. 

Deferred  stock,  (unredeemed  amount)  -  $1,526,077  06 
Three  per  cent,  stock  -  13,295,956  04 

Six  per  cent,  stock  of  1796  80,000  00 

Exchanged  six  per  cent,  stock  ol  1812     -     6,668,974  99 

$17.571,008  09 

Six  per  cent,  stock  of  1812  -     6,187,00684 

Six  per  cent,  stock  of  1813  (16  millions)  -  15,521,136  45 
Six  per  cent,  stock  of  1813  pj  millions)  -  6.836,232  39 
Six  per  cent,  stock  of  1814  -  -  13,011,437  63 

Six  per  cent,  stock  of  1815  -  -    9,490,099  10 

Treasury  note  six  per  cent,  stock  -     1,465,285  47 

Treasury  note  seven  per  cent,  stock  -  8,606,355  27 
Five  per  cent,  stock,  (subscription  to  Bank 

United  States)  -  -     7,000,000  00 

Six  per  cent,  stock  of  1820  -     2,000,000  00 

Five  per  cent,  stock  of  1820  -       999,99913 

Five  per  cent,  stock  of  1821  -    4,735,296  30 

75,852,848  58 


$93,423,856  67 


Amount  of  the  debt,  per  statement  No.  1,  on  1st  October, 

1821  -  -  $93,686,205  02 

Add  Treasury  note  six  per  cent,  stock,  issued  in  the  fourth 
quarter  of  1821  390  40 


93,686,595  42 
Deduct  reimbursement  of  the  deferred  stock 

on  the  31st  December,  1821      -  -     $257,180  60 

And  payment  of  Louisiana  stock,  which,  on 
the  1st  of  October,  1821,  had  not  been 
applied  for  5,558  15 

262,738  75 


Amount,  as  above,  on  1st  January,  1822  -  -  $93,423,856  67 

TREASURY  DEPARTMENT, 

Register's  Office,  December  2,  1822. 

JOSEPH  NOURSE,  Register. 


1822.] 


SECRETARY  OF  THE  TREASURY. 


245 


No.  3. 

ESTIMATE  of  the  funded  debt  of  the    United  States,  1st  October, 
1822,  and  1st  January,  1823^ 

On  the  1st  October,  1822: 

Deferred  stock,  (unredeemed  amount)  -    $1,225,097  04 
Three  per  cent,  stock  -  -     13,296,099  06 

Exchanged  6  per  cent,  stock    -  -      2,668,974  99 


Six  per  cent,  stock  of  1812          • 

Six  per  cent,  stock  of  1813,  (16  millions) 

Six  per  cent,  stock  of  1813,  (7^  millions) 

Six  per  cent,  stock  of  1814 

Six  per  cent,  stock  of  1815 

Treasury  note  6  per  cent,  stock  - 

Treasury  note  7  per  cent,  stock  - 

Five  per    cent,    stock,   subscription    to 

Bank  United  States 
Six  per  cent,  stock  of  1820 
Five  per  cent,  stock  of  1820 
Five  per  cent,  stock  of  1821 


Amount   - 

Amount  as  stated,  1st  January,  1822    - 
Add  three  per  cent,  stock,  issued  since 


Deduct  reimbursement  of  deferred  stock 
Payment  of  the  6  per  cent,  stock  of 
1796      - 


6,187,006  84 

15,521,136  45 

6,836,232  39 

13,011,437  63 

9490,099  10 

1,465,285  47 

8,606,355  27 

7,000,000  00 

2,000,000  00 

999,999  13 

4,735,296  30 


$17,190,171  C9 


75,852,848  58 

-  $93,043,019  67 

-  $93,423,856  67 

143  02 


$300,980  02 
80,000  00 


$93^423,999  69 


380,980  02 
-  $93,043,019  67 


As  above,  1st  October,  1822      -  -         l>iwi 

Estimated  amount  of  payments  in  fourth  quarter,  1822 : 
Reimbursement  of  deferred  stock        -       $265,588  07 
Payment  of  the  6  per  cent,  stock  of 
1820       -  -  -  -         •>•&    -  2,000,000  00 

2,265,588  07 


Estimated  amount  of  the  debt,  1st  January,  1823          -  $90,777,431  60 

NOTE. — The  following  sums,  included  in  the  above  statement;  were  sur- 
rendered on  the  1st  October,  and  exchanged  5  per  cent,  stock  issued  in 
lieu  thereof,  under  the  act  of  the  20th  April,  1822,  viz: 

Six  per  cent,  stock  of  1813       -  .  -         $46,704  77 

Six  per  cent,  stock  of  1814      -  10,000  00 

$56.704  77 

TREA.SUE.Y  DEPARTMENT, 

Register's  Office,  December  2,  1822. 

JOSEPH  NOURSE.  Register. 


246  REPORTS  OF  THE  [1822. 

No.  4. 
EST1MA  TE  of  the  amount  of  Treasury  notes. 

Outstanding,  1st  October,  1822 : 

Total  amount  issued,  (as  per  No.  4,  of  last  report)  $36,680,794 

Cancelled  and  reported  upon  by  the  First  Auditor  36,653,357 

Outstanding  $27,437 

Of  which,  there  appears  to  be  in  small  notes  $2,917 

Notes  bearing  interest  -  24,520 

$27,437 

TREASURY  DEPARTMENT, 

Register's  Office,  December  2,  1822. 

JOSEPH  NOURSE,  Register. 


No.  5. 

STATEMENT  of  stock  issued  under  the  act  of  Congress  entitled  "An 
act  supplementary  to  the  act  for  the  indemnification  of  certain  claim- 
ants of  public  lands  in  the  Mississippi  Territory,  passed  on  the  3d 
March,  1815. 

Amount  of  claims  awarded,  as  per  statement  No.  5  of 

last  report     -  -  $4,282,151 


Whereof,  there  was  paid  in  for  lands, 
per  last  report     -.  -    $2,442,535  39     ' 

Paid  in  since  -  -  -  5,000  00 

-  --  $2,447,535  39 
Payments  at  the  Treasury  to  the  30th 
September,  1821,  per  said  statement       -    $1,734,490  85 

Payments  at  the  Treasury  from  the  1st 
October,  1821,  to  30th  September,  1&22  -  73,388  94 

1,807,879  79 

Balance,  1st  October,  1822,  consisting 
of  certificates  outstanding  $23,949  00 

Awards  not  applied  for  -         .  -  2.786  94^ 

--  J  ---  1       26735 


$4,282,151 


TREASURY  DEPARTMENT, 

Register's  Office,  December  2,  1822. 

JOSEPH  NOURSE,  Register. 


1823.]  SECRETARY  OF  THE  TREASURY.  247 

..io  wMfrj-^ml  3+iirt-  ' 

REPORT  ON  THE  FINANCES. 

DECEMBER.  1823. 

7 


In  obedience  to  the  directions  of  the  '•'  Act  supplementary  to  the  act  to 
establish  the  Treasury  Department,"  the  Secretary  of  the  Treasury  respect- 
fully submits  the  following  report : 

I.    OF  THE  PUBLIC  REVENUE  AND  EXPENDITURE  OF  THE  YEARS  1822 

AND  1823. 

The  nett  revenue  which  accrued  from  duties  on  imports 
and  tonnage,  during  the  year  1822,  amounted  (see  state- 
ment A)  to"  -  $20, 500,775  91 

The  actual  receipts  into  the  Treasury  during  the  year 
1822  amounted  to  b  --  $20,232,427  94 

Viz. 

Customs,  (statement  A)  -  $17,589,761  94 

Public  lands,  exclusive  of  Mississippi 
stock,  (statement  D)      -  r      1,803,581  54 

Dividends  on  stock  in  the  Bank  of  the 
United  States  297,500  00 

Arrears  of  internal  duties  and  direct  tax, 
•and  incidental  receipts,  and  repayments     ,. 
under  act  of  1st  May,  1820,  (statement  E)          541.584  46 

Making,  with  the  balance  in  the  Treasury  on  the  1st 
of  January,  1822,  of  1,681,592  24 

An  aggregate  of  -    $21,914,02018 

The  expenditures,  during  the  year  1822,  amounted 
(statement  F)  to  .-. 

Viz. 

Civil,  diplomatic,  and  miscellaneous   -    $1,967,996  24 

Military  service,  including    fortifica-    . 
tions,  ordnance,  Indian  department,  revo- 
lutionary and  military  pensions,  arming 
the  militia,  and  arrearages  prior  to  the 
1st  January,  1817  -      5,635,188  29 

Naval  service,  including  the  gradual 
increase  of  the  navy      -  -      2,224,458  98 

Public  debt   -  -  -  ~      7,848,94912 


Leaving  a  balance  in  the  Treasury,  on  the  1st  January, 
1823,  of 

The  actual  receipts  into  the  Treasury 
during  tho  first  three  quarters  of  the  year 
1823,  are  estimated  to  have  amounted  to    $16,174,035  26 
Viz. 

Customs      -  -  $15,019,392  74 


REPORTS  OF  THE  [1823. 

•''i^AaSFi  •:' .'   L'rJT-j.i  ••  •.• 

Public  lands,  exclusive  of 

Mississippi  stock,  (G)  -    $657,505  73 

Dividends  on  stock  in  the 
Bank  of  the  United  States  -  350,000  00 

Arrears  of  internal  duties     , 
and  direct  tax,  and  incidental 
receipts,  (statement  H)          -      102,726  15 

Repayments  of  advances 
made  in  the  War  Department 
for  services  or  supplies  prior  to 
]  st  July,  1816,  (statement  H)  44.410  64 

The  actual  receipts  into  the  Treasury  dur- 
ing the  fourth  quarter,  are  estimated  at       -  4,270,000  00 

Making  the  total  estimated  receipts  into  the  Treasury, 
during  the  year  1823  -  $20,444,035  26 

And  with  the  balance  in  the  Treasury,  on  the   1st  of 

January,  1823,  forming  an  aggregate  of   -  -    24,681,462  81 

The  expenditures  during  the  first  three  quarters  of  1823, 
are  estimated  to  have  amounted  to  (I)         $11,422,847  30 
Viz. 

Civil,  diplomatic,  and  mis- 
cellaneous -  -  $1,510,735  14 

Military  service,  including 
fortifications,  ordnance,  Indi- 
an department,  revolutionary 
and  military  pensions,  arming 
the  militia,  and  arrearages 
prior  to  the  1st  January.  1817  4.383,715  62 

Naval  service,  including 
gradual  increase  .  -  -  1,776,989  37 

Public  debt  -   3,751,407  17 


The  expenditures  during  the  fourth  quar- 
ter are  estimated  at  -     3,894.55974 
Viz, 

Civil,  diplomatic,  and  mis- 
cellaneous -  -  $489,704  11 

Military  service,  including 
fortifications,  ordnance,  In- 
dian department,  revolution- 
ary and  military  pensions, 
arming  the  militia,  and  ar- 
rearages prior  to  the  1st  of 
January,  1817  -  899,449  93 

Naval  service,  including  the 
gradual  increase  of  the  navy      726,776  46 
"Public debt  .  1,778,629  24 


Making  the  total  estimated  expenditure  of  the  year  1823     15,317,407  00 

And  leaving  in  the  Treasury,  on  the  1st  of  January,  1824, 
an  estimated  balance  of     -  -  .    $9,364,055  81 


1823.]  SECRETARY  OF  THE  TREASURY. 

After  deducting  from  this  sum  certain  balances  of  appropriations,  amount- 
ing to  $2.,897,036  47,  which  are  necessary  to  effect  the  objects  for  which 
they  were  severally  made,  or  have  been  deducted  from  the  estimates  for  the 
service  of  the  ensuing  year,  a  balance  of  $6,466,969  30  remains;  which, 
with  the  receipts  into  the  Treasury  during  the  year  1824,  constitutes  the 
means  for  defraying  the  current  service  of  that  year. 

II.    OF    THE    PUBLIC  DEBT. 

The  funded  debt,  which  was  contracted  before  the  year  1812,  and  which 
was  unredeemed  on  the  1st  day  of  October,  1822,  amounted  (see  statement 
No.  1)10-^  -$17.189,85260 

And  that  which  was  contracted  subsequently  to  the  1st  of 
January,  1812,  and  was  unredeemed  on  the  1st  October, 
1822,  amounted  (statement  No.  1)  to  :  'rf'  -  75,852,848  58 

Making  the  total  amount  of  funded  debt  unredeemed  on 
the  1st  October,  1822  -  93,042,701  18 

In  the  fourth  quarter  of  that  year,  there  was  paid  the 
sum  of  -  -  -  -  -  '  -  2,265,673  32 

Viz. 

Reimbursement  of  six  per  cent,  deferred 
stock  -     $265,673  32 

Redemption  of  six  per  cent,   stock  of 
1820        :---r     -v0'     ?VV<        -  -    2,000,000  00 


Reducing  the  funded  debt,  on  the  1st  

January,  1823,  (statement  No.  2)  to  -  -  90,777,027  86 

From  that  day  to  the  1st  October  last,  there  was  added 
to  the  debt : 

In  three  per  cent,  stock   -  $132  39 

Treasury  note  six  per  cent,  stock  1,561  87 

Treasury  note  seven  per  cent,  stock  - 135  00 

—  .         1,829  26 


Making  an  aggregate  of  -  90,778,857  12 

During  the  same  period  there  was  paid,  in  reimburse- 
ment of  the  deferred  six  per  cent,  stock  -  -  327,022  88 

Reducing  the  funded  debt,  on  the  1st  October,  1823, 
(statement  No.  3)  to  -  90,451,834  24 

Since  that  day,  there  has  been  added,  in  Treasury  note 
six  per  cent,  stock  -  -  716  75 


Making  an  aggregate  of  -  -  90,452,550  99 

It  is  estimated  that  the  reimbursement  of  deferred  stock, 
in  the  fourth  quarter  of  the  present  year,  will  amount  to  -  274,588  85 

Which  will  reduce  the  funded  debt,  unredeemed  on  the 
1st  January,  1824,  to  -  90,177,962  14 

The  amount  of  Treasury  notes  outstanding  on  the  1st 
October,  1823,  is  estimated  (No.  4)  at  -  26,122  00 

And  the  amount  of  Mississippi  stock  unredeemed  on  that 
day,  (statement  No.  5)  at  -  -  -  21,25887 


250  REPORTS  OF  THE  [1823. 

•\^f 

III.    OF  THE  ESTIMATE  OF  THE  PUBLIC  REVENUE  AND  EXPENDITURE  FOR 

THE  YEAR  1824. 

It  will  be  perceived  that  the  actual  receipts  of  the  year  1823  agree,  sub- 
stantially, with  the  estimate  presented  in  the  last  annual  report.  The  only 
deficiency  is  in  the  proceeds  of  the  public  lands;  and  that  is  understood 
to  have  been  the  consequence  of  an  expectation,  generally  entertained,  that 
the  lands  which  were  relinquished  under  the  act  of  the  2d  of  March,  1821, 
and  which  are  supposed  to  present  the  strongest  inducements  to  purchasers, 
would  be  brought  into  market  early  in  the  ensuing  year.  With  respect  to 
the  customs,  however,  the  anticipations  that  had  been  formed,  both  as  to 
the  circumstances  which  were  calculated  to  have  an  influence  upon  their 
productiveness,  and  as  to  the  results,  have  been  completely  realized.  It  is 
believed,  therefore,  that  data,  founded  upon  the  same  principles  as  those 
which  governed  in  forming  the  estimate  for  the  year  1823,  may  be  satisfac- 
torily presented  as  the  basis  of  an  estimate  for  the  year  1824. 

With  this  view,  the  Secretary  has  the  honor  to  state — 

1st.  That  the  gross  amount  of  duties  on  imports  and  tonnage,  which  ac- 
crued from  the  1st  January  to  the  30th  September  last,  inclusive,  is  esti- 
mated at  $17,800,000;  and  that  of  the  whole  year,  at  $21,000,000.  Of  this 
sum,  that  portion  which  accrued  in  the  first  half  of  the  year  is  about 
$1,000,000  less  than  that  of  the  same  period  in  the  preceding  year;  and 
that  which  accrued  in  the  first  three  quarters  of  the  year  is  estimated  at 
$1,700,000  less  than  that  of  the  corresponding  quarters  of  the  preceding 
year. 

2d.  That  the  debentures  issued  during  the  first  three  quarters  of  the  year 
1823  amounted  to  $3,412,000;  which  exceeds  the  amount  issued  during 
the  corresponding  period  of  the  year  1822  by  $1,500,000 :  and  the  amount 
of  debentures  outstanding  on  the  30th  of  September  last,  and  chargeable 
upon  the  revenue  of  1824.  was  $1,405,000;  which  is  $500,000  more  than 
was,  on  the  same  day  in  1822,  chargeable  upon  the  revenue  of  1823. 

3d.  That  the  value  of  domestic  articles  exported  from  the  United  States, 
in  the  year  ending  on  the  30th  September  last,  amounted  to  $47,155,711; 
being  $2,718,368  less  than  those  exported  in  the  year  preceding:  and  the 
value  of  foreign  articles  exported  in  the  year  ending  on  the  30th  of  Septem- 
ber last  was  $27,530,469 ;  being  $5,244,267  more  than  those  exported  in 
the  preceding  year. 

4th.  That  the  aggregate  value  of  the  imports  into  the  United  States,  du- 
ring the  year  ending  on  the  30th  September  last,  is  estimated  at  $77,486,432 : 
which  is  less,  by  $5,755,109,  than  those  imported  in  the  preceding  year. 

5th.  That  the  amount  of  custom-house  bonds  in  suit,  which  on  the  30th 
September,  1820,  was  $3,130,000,  was,  on  the  same  day  in  the  year  1822, 
$2,795,000;  and  in  the  year  1823,  $2,817,000:  whence  it  appears,  that, 
although  a  reduction  of  $313,000  had  taken  place  during  the  whole  period, 
yet  the  amount  in  suit  on  the  30th  September  last  was  greater,  by  $22,000, 
than  on  the  same  day  of  the  year  preceding. 

Upon  a  consideration  of  all  these  facts,  and  the  conclusions  deducible  from 
them,  the  receipts  from  the  customs  in  the  year  1824  may  be  estimated  at 
816,500,000. 

A  considerable  portion  of  the  lands  relinquished  under  the  act  of  2d 
March,  1821,  will  be  brought  into  market  in  the  ensuing  year ;  but  as  it  is  yet 
uncertain  to  what  extent  this  may  be  deemed  advisable,  and  as  the  sale  of 
these  lands  will  probably  absorb  a  great  portion  of  the  means  of  those  who 


1823.]  SECRETARY  OF  THE  TREASURY.  251 

are  prepared  to  make  investments  in  the  public  lands,  it  is  considered  pru- 
dent not  to  estimate  the  receipts  from  this  source  of  revenue  at  more  than 
1,600,000  dollars,  although  it  is  believed  that  they  will  exceed  that  sum. 

Under  these  circumstances,  the  receipts  of  the  year  1824  may  be  esti- 
mated as  follows : 

Customs  -  -  -  $16,500,000 

Public  lands    '  -      1,600,000 

Bank  dividends    -  350,000 

Incidental  receipts,  including  arrears  of 
internal  duties  and  direct  tax  50,000 

Repayments  of  advances  made  in  the  War 
Department,  for  services  or  supplies  prior  to 
1st  July,  1816  50,000 

Making  together  -  - ",      Lf*          -  $18,550,00000 

To  Avhich  is  to  be  added  the  sum  of     ;  V  6,466,969  30 


Remaining  in  the  Treasury  after  satisfying  all  the  appro- 
priations chargeable  upon  the  means  of  1823 ;  which  makes 
the  entire  means  of  1824  amount  to  25,016,969  30 

The  expenditures  of  the  year  1824  are  estimated  as 
follows : 

Civil,  diplomatic,  and  miscellaneous         $1,814.057  23 

Military  service,  including  fortifications, 
ordnance,  Indian  department,  revolutionary 
and  military  pensions,  arming  the  militia, 
and  arrearages  prior  to  1st  January,  1817  -5,122,268  15 

Naval  service,  including  the  gradual  in- 
crease of  the  navy  -  *u<!  2,973,927  51 

Public  debt         ;•>'»;,     f. .'>r.'-      i;  -''-t         5,314,000  00 


Making  an  aggregate  of   >  15,224,252  89 

Which  being  deducted  from  the  estimated  means  of  1824, 
will  leave  in  the  Treasury  on  the  1st  of  January,  1825,  after 
satisfying  the  current  demands  of  the  year  1824,  a  balance 
estimated  at  -  -  9,792,716  41 

Under  the  existing  laws,  there  is  no  probability  that  any  portion  of  the 
balance  remaining  in  the  Treasury  on  the  1st  January.  1824,  or  of  the  sur- 
plus which  may  accrue  during  that  year,  can  be  applied  to  the  discharge  of  the 
public  debt,  until  the  1st  of  January,  1825  :  yet  it  is  not  deemed  conducive 
to  the  general  prosperity  of  the  nation  that  so  large  an  amount  should  be 
drawn  from  the  hands  of  individuals,  and  sufTered  to  lie  inactive  in  the 
vaults  of  the  banks.  On  the, other  hand,  the  high  rate  of  interest  of  the  great 
amount  of  debt  which  becomes  redeemable  on  the  1st  of  January,  1825, 
renders  it  inexpedient  for  the  Government  to  apply  to  other  objects  any  por- 
tion of  the  means  which  it  may  possess  of  making  so  advantageous  a  reim- 
bursement. It  is  believed,  however,  that  every  inconvenience  may  be  obvi- 
ated, if  authority  be  given  for  the  purchase  of  the  seven  per  cent,  stock, 
amounting  to  8,6 10,000  dollars  during  the  year  1824,  at  such  rates  as  may 
be  consistent  with  the  public  interest.  As  it  is  now  certain  that  the  Govern- 
ment will  possess  ample  means  to  redeem  that  stock  on  the  1st  of  January, 


.    ^ . 

252  REPORTS  OF  THE  [1823. 

1825,  it  is  presumed  that  the  holders  will  be  willing  to  dispose  of  it, 
during  the  interval,  at  a  fair  price ;  and  as  a  gradual  conversion  of  it  into 
money,  at  such  times  and  in  such  portions  as  would  be  most  favorable  to  its 
reinvestment,  would  be  most  advantageous  to  the  moneyed  transactions  of  the 
community,  it  is  presumed  that  it  would  be  most  acceptable  to  the  holders. 

It  is  therefore  respectfully  proposed,  that  the  commissioners  of  the  sink- 
ing fund  be  authorized  to  purchase  the  seven  per  cent.' stock,  during  the 
ensuing  year,  at  the  following  rates  above  the  principal  sum  purchased: 

1st.  For  all  stock  purchased  before  the  1st  of  April  next,  at  a  rate  not 
exceeding  $1  25  on  every  100  dollars,  in  addition  to  the  interest  due  on 
such  stock  on  that  day. 

2d.  For  all  stock  purchased  between  the  1st  of  April  and  1st  of  July 
next,  at  a  rate  not  exceeding  75  cents  on  every  100  dollars,  in  addition  to 
the  interest  due  on  the  last  mentioned  day. 

3d.  For  all  stock  purchased  between  the  1st  of  July  and  1st  of  October 
next,  at  a  rate  not  exceeding,  on  every  100  dollars,  the  amount  of  the  interest 
which  would  have  accrued  on  the  last  mentioned  day. 

4th.  For  all  stock  purchased  between  the  1st  October,  1824,  and  1st  Jan- 
uary, 1825,  the  principal  and  interest  due  on  the  day  of  purchase. 

In  proposing  to  the  consideration  of  Congress  this  application  of  the  sur- 
plus means  of  the  years  1823  and  1824,  the  probable  demands  upon  the 
Government  in  providing  for  the  awards  of  the  commissioners  under  the 
treaty  with  Spain,  of  the  22d  February,  1819,  have  not  been  overlooked. 
It  is  believed,  however,  that  funds  may  be  advantageously  supplied  for  the 
discharge  of  those  claims,  by  the  issue  and  sale,  at  not  less  than  par,  of  five 
per  cent,  stock,  redeemable  in  1832 ;  and  it  is  respectfully  proposed  that  au- 
thority be  given  for  that  purpose. 

Of  the  10,331,000  dollars  of  six  per  cent,  stock,  redeemable  in  1825, 
about  five  millions  will  probably  be  redeemed  in  that  year;  and  there  will 
remain  unredeemed,  after  the  application  of  all  the  means  at  the  disposal  of 
the  commissioners  of  the  sinking  fund,  about  $5,331,000.  This  sum,  it  is 
believed,  may  be  readily  exchanged  for  five  per  cent,  stock,  redeemable  in 
1833 ;  and  it  is  respectfully  suggested  that  provision  be  made  by  law  for  such 
an  exchange  of  so  much  of  the  six  per  cent  stock  as  shall  not  be  redeemed 
during  the  year  1825. 

The  views  which  are  herein  presented  are  founded  upon  the  idea  that  no 
extraordinary  expenditure  is  to  be  incurred.  If,  however,  it  be  deemed  advisa- 
ble to  give  increased  extension  or  activity  to  the  navy,  or  to  aid  in  ob- 
jects of  internal  improvement,  it  is  believed  that  such  additional  means  as 
may  be  required  may  be  obtained  by  a  judicious  revision  of  the  tariff. 
Such  a  measure  was  recommended  in  the  last  annual  report,  with  a  view 
both  to  the  increase  of  the  revenue  and  the  simplification  of  its  collection  ; 
and  further  reflection  and  experience  have  tended  to  strengthen  the  opinion 
then  entertained,  that  its  operation,  without  being  onerous  to  the  community, 
would  be  advantageous  to  the  revenue,  salutary  to  commerce,  and  beneficial 
to  the  manufactures  of  the  country. 

All  which  is  respectfully  submitted. 

WILLIAM  H.  CRAWFORD. 

TREASURY  DEPARTMENT, 

December  31,  1823.    J \ 


1823.] 


SECRETARY  OF  THE  TREASURY. 


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254 


REPORTS  OF  THE 
B. 


[1823. 


A  STA  TEMENT  exhibiting  the  value  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1822, 
(consisting  of  the  difference  between  articles  paying  duty,  imported, 
and  those  entitled  to  drawback,  re-exported ;)  and,  also,  of  the  nett  re- 
venue which  accrued  that  year,  from  duties  on  merchandise,  tonnage, 
passports,  and  clearances. 


MERCHANDISE   PAYING   DUTIES    AD    VALOREM. 

918,557  dollars,  at  7i  per  cent. 
1C,  900,530      do.      at  15      do.      - 
6,825,505     do.      at  20     do.      - 
21,701,040      do.      at  25     do.      - 
2,099,034      do.      at  30     do.      - 

$68,891  77 
2,535,080  40 
1,365,101  00 
5,425,260  00 
629,710  20 

/ 

^10,024,043  37 
10,921,897  84 

48,444,672     do.      at  20.69  per  cent,  average      - 

10,024,043  37 

SPECIFIC    DUTIES. 

1  .  Wines,        2  ,  489  ,  833  gallons,  at  30  .  04  cents  average 
2.  Spirits,        4,567,744      do.     at  40.  47    do.    average 
Molasses,  12,357,372       do.     at    5          da  - 
3.  Teas,          5,  430  ,630  pounds,  at  30.87    do.   average 
Coffee,       14,282,982       do.     atJ5          do.  - 
4.  Sugar,       76,952,438       do.     at1  3.08    do.    average 
5.  Salt             3,  538,  323  bushels  at  20  cents 
6.  All  other  articles 

From  which  deduct  — 
Duties  refunded,  &c.,  after  deducting  therefrom  duties 
on  merchandise,  the  particulars  of  which  were  not 
rendered  by  the  collectors,  and  difference  in  calcu- 
lation - 

Add— 
21  per  cent,  retained  on  drawback         -                        - 
Extra  duty  on  merchandise  imported  in  foreign  ves- 
sels - 
Interest  on  custom-house  bonds 
Storage  received 

Duties  on  merchandise 
Duties  on  tonnage 
Light  money  -                                  - 

Passports  and  clearances 

Deduct  — 
Drawback  on  domestic  refined  sugar   -           - 
domestic  distilled  spirits 

Gross  revenue  - 
Expenses  of  collection  -.-*'..- 

Nett  revenue,  per  statement  A 

747,996  35 
2,040,412  90 
617,868  60 
1,676,247  91 
714,149  10 
2,374,768  24 
707,664  60 
2,042,790  14 

81,804  68 

33,689  42 
20,054  97 
6,470  80 

20,945,941  21 

»     +         -'* 

13,778  33 

20,932,162  88 
142,019  87 

1147794  01 

13,098  67 

21,074,182  75 

127,892  68 
10,144  00 

1,981  68 
3,189  25 

21,212,219  43 
5,170  93 

- 

21,207,048  50 
706,272  59 

20,500,775  91 

1823.1  SECRETARY  OF  THE  TREASURY 

-.  'VXTl   It       T*.  / 

Explanatory  Statements  and  Notes. 


255 


1.  Wines- 
Madeira 
Burgundy,  &c.  - 
Sherry  and  St.  Lucar,  &c. 
Lisbon,  Oporto.  &c.      -         .;• 
Teneriffe,  Fayal,  &c.   -       ;>  - 
Claret,  in  bottles       -  {  J^'J 
All  other                               >'•*>- 

2.  Spirits- 
Grain,  1st  proof 
2d    do.             -       f,4- 
3d    do.                     '1  - 
4th    do. 
5th    do. 
Other,  1st  and  2d  proof        I   •» 
3d    do.          £.- 
4th    do. 
5th    do.              7 
Above  5th    do. 

3.  Teas— 
Bohea    -       '    K  < 
Souchong 
Hyson  skin 
Hyson  and  young  hyson 
Imperial 

Extra  duty  on  teas  imported 
from  other  places  than  China 

•   "*'•' 
4.  Sugar  — 
Brown  -           - 
White,  clayed,  &c.       - 

5.  Salt- 
Imported, 
Exported,         -             bushels 
Bounties  and  allowances,  re- 
duced into  bushels     - 

119,875  gallons,  at  100  cents       ,  - 
7,036       do.          100    do.        *  *» 
39,102        do.           60    do.        '•''-- 
441,6-28        do.           50    do. 
357,619        do.           40    do. 
33,844        do.           30    do. 
1,490,729        do.            15    do. 

SI  19,  875  00 
7,036  00 
23,461  20 
220,814  00 
143,047  60 
10,153  20 
223,609  35 

2,489,833        do. 

747,996  36 

634,572  gallons,    at  42  cents 
61,775       do.           45    do. 
16,331        do.           48    do. 
14,214        do.            52    do. 
5,040        do.           60    do. 
451,889        do.            38    do. 
1,194,294        do.           42    do. 
2,152,057        do.           48    do. 
36,687        do.           57    do. 
885        do.            70    do. 

4,567,744       'do. 

266,520  24 
27,798  75 
7,838  88 
7,391  28 
3,024  00 
171,717  82 
501,603  48 
1,032,987  36 
20,911  59 
619  50 

2,040,412  90 

567,982  pounds,    at  12  cents 
958,601        do.           25    do. 
1,814,306        do.           28    do. 
1,848,495        do.           40    do. 
241,246        do.           50    do. 

68,157  84 
239,650  25 
508,005  68 
739,398  00 
120,623  00 

5,430,630        do. 

1,675,834  77 
413  14 

5,430,630        do. 

1,676,247  91 

70,332,928    pounds,    at  3.  cents 
6,619,510        do,             4    do. 

2,109,987  84 
264,780  40 

76,952,438        do. 

2,  374.76S  24 

bushels  4,345,326,  at  20  cents 
39,302 

767,701 
807,003,  at  20  cents 

869,065  30 
161,400  60 

3,538,323  bushels  - 

707,664  60 

\    '-•'•>             ''.-'-                 / 
...  '                                    '.  .\\            ~^\  *•'  **l  t<*«d*  *»a  ,.->*,  ~h««i  \.'&a~-&r< 

•    .'&&        000  i  ,-j'i-  »>$]•*!>*<'!!  ,.'>A,«d»f>j<}  ,=rrf;«»j 

256  REPORTS  OF  THE 

Explanatory  statements  and  notes — Continued. 


[11825. 


6.  All  other  articles. 

(Quantity. 

Rate  of 
duty. 

Duties. 

V                                           '     . 

Cents. 

Duck,  Russia    - 

pieces 

43.281 

200 

886,562  00 

Ravens   -           -           - 

do.. 

43,356 

125 

54,195  00 

Holland  - 

do. 

1,624 

250 

4,060  00 

Sheeting,  brown,  Russia 

do. 

10,744 

160 

17,190  40 

white,  Russia 

do. 

1,325 

250 

3,312  50 

Beer,  ale,  and  porter,  in  bottles 

gallons 

104,902 

15 

15,735  30 

in  casks                     '  .  • 

do. 

7,114 

10 

711  40 

Oil,  spermaceti 

do. 

1,868 

25. 

467  00 

whale,  and  other  fish        >  •         -     '   :  '• 

da 

2,819 

15 

422  85 

olive,  in  casks 

do. 

19,439 

25 

4,859  75 

Cocoa    -                                .   - 

pounds 

358,297 

2 

7,165  94 

Chocolate 

do. 

1,230 

3 

36  90 

Sugar,  candy    -           -           ... 

dp. 

3,911 

12 

469  32 

loaf        - 

do. 

515 

12 

61  80 

other  refined,  and  lump 

.do. 

342 

10 

34  20 

Fruits  —  almonds           ... 

do. 

371,135 

3 

11,134  05 

currants 

do. 

i    123,736 

3 

3,712  08 

prunes  and  plums 

do. 

123,782 

3 

3,713  46 

figs       

do. 

380,304 

3 

11,409  12 

raisins,  jar  and  muscatel 

do. 

2,592,784 

3 

77,783  52 

other  -           -  • 

do. 

3,106,616 

2 

62,132  32 

Candles,  tallow                       -  . 

do; 

26,127 

3 

783  81 

wax  and  spermaceti  - 

do. 

117 

6 

7  02 

Cheese  -           -                   -    -    , 

do. 

56,789 

9 

5J11  01 

Soap      -           -           - 

do. 

144,355 

3 

4,330  65 

Tallow  -                       -                       - 

do. 

1,894,156 

1 

18,941  56 

Spices  —  mace   -           - 

do. 

769 

100 

769  00 

nutmegs 

dp. 

20,308 

60 

12,184  80 

cloves             - 

do. 

26,775 

25 

6,693  75 

pepper 

do. 

315,033 

8 

25,202  64 

pimento 

do. 

828,243 

6 

49,694  58 

cassia 

do. 

111,615 

6 

6,696  90 

Tobacco,  manufactured,  other  than  snuff,  &c. 

do. 

2,953 

10 

295  30 

Snuff     -                      - 

do. 

3,584 

12 

430  08 

Indigo   -                                   - 

do. 

384,412 

15 

57,661  80 

Cotton  - 

do. 

87,042 

3 

2,611  26 

Gunpowder' 

do. 

123,088 

8 

9,847  04 

Bristles  -                                   - 

do. 

177,485 

3 

5,324  55 

Glue      - 

do. 

28,887 

5 

1,444  35 

Paints  —  ochre,  dry       -           ... 

do. 

1,430,414 

1 

14,304  14 

in  oil     - 

do. 

62,157 

II 

932  35 

white  and  red  lead      -           -           - 

do. 

3,650,563 

3 

109,516  89 

Whiting,  and  Paris  white 

do. 

350,559 

1 

3,505  59 

Lead,  bar,  pig,  and  sheet      ...  ,••  i. 

do. 

3,076,990 

1 

30,769  90 

manufactured  into  shot  ... 

do. 

1,611,971 

2 

32,239  42 

Cordage,  tarred,  and  cables     ... 

do. 

299,541 

3 

8,986  23 

untarred        -           ... 

do. 

262,686 

4 

10,507  4t 

twine                     -  -                       - 

do. 

395,284 

4 

15,811  36 

Copper,  rods  and  bolts  - 
nails  and  spikes 

do. 
do. 

62,546 
28,731 

4 
4 

2,501  84 
1,149  24 

Wire,  iron  and  steel,  not  above  No.  18 

do. 

590,165 

5 

29,508  25 

above  No.  18     r 

do. 

248,671 

9 

22,380  39 

Iron—  tacks,  brads,  &c.,  not  above  16  oz.  per 

1,000  - 

M. 

43,374 

5 

2,168  70 

tacks,  brads,  &c.,  above  16  oz.  per  1,000 

do. 

1,006 

4 

40  24 

nails       ..... 

pounds 

930,517 

4 

37,220  68 

spikes     - 

do. 

147,859 

3 

4,435  77 

anchors 

do. 

127,782 

2 

2,555  64 

1S23.J  SECRETARY  OP  THE  TREASURY. 

Explanatory  statements  and  notes — Continued. 


257 


6.  All  other  articles. 

Quantity. 

Rate  of 
duty. 

Duties. 

Cents. 

Iron—  pig 

cwt. 

27,605 

50 

$13,352  50 

castings    -                       -           - 

do. 

12,984 

75 

9,738  00 

bar,  rolled 

do. 

99,297 

150 

148,945  50 

hammered    - 

do. 

530,  172 

75 

397,629  00 

sheet,  rod.  hoop,  &c.    -    - 

do. 

35,620 

250 

89,050  00 

Steel        -                       -           -           - 

do. 

IS,  403 

100 

18,403  00 

Hemp      -                       - 

do. 

196,117 

150 

294,175  50 

Alum      -                                   - 

do. 

3,150 

200 

6,300  00 

Copperas 

do. 

.    16,308 

100 

16,308  00 

Coal        -           -         V-"          -       ~~- 

bushels 

992,693 

5 

49,634  65 

Fish  —  dried  or  smoked  -                   ._  3.- 
salmon,  pickled    - 

quintals 
barrels 

1,474 
1,509 

100 
200 

1,474  00 
3,018  00 

mackerel,  pickled 

do. 

204 

150 

306  00 

other         - 

do. 

156 

100 

156  00 

Glass  —  bottles,  black  quart 

gross 

16,734 

144 

24,096  96 

window,  not  above  8  by  10 

100  sq.  feet 

1,959 

250 

4,897  50 

10  by  12       - 

do. 

886 

275 

2,436  50 

above  10  by  12 

do. 

2,r54 

325 

8,300  50 

Boots       -       T-S  —       .           -       -ns~ 

pairs 

105 

150 

157  50 

Shoes  and  slippers—  silk 

do. 

3,383 

30 

1,014  90 

leather,  men's,  &c. 

do.    - 

5,977 

25 

1,494  25 

children's 

do. 

1,755 

15 

263  25 

Segars     -'-_-' 

M. 

19,984 

250 

49,960  00 

Playing  cards     -                       - 

packs 

846 

30 

253  §0 

2,043,098  39 

Deduct  exportation  over  importation,  viz 

Cinnamon 

•.     ' 

1,233 

25 

308  25 

2,042,790  14 

TREASURY  DEPARTMENT, 

Register's  Office,  December  19,  1823. 

JOSEPH  NOURSE,  Register. 


VOL.  ii— 17 


f 

I 

5 


258 


REPORTS  OF  THE 


[1823. 


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1823.] 


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5 

REPORTS  OF  THE 


[1823. 


E» 

>S  TA  TEMENT  of  moneys  received  into  the  Treasury,  from  all  sources 
other  than  customs  and  public  lands,  during  the  year  1822. 

From  arrears  of  old  internal  revenue 
direct  tax  of  1798  - 
new  internal  revenue 
new  direct  tax 

dividends  on  stock  in  the  Bank  of  the  United  States  - 
fees  on  letters  patent   - 
postage  of  letters] 
cents  coined  at  the  mint 
fines,  penalties,  and  forfeitures 
vessels,  &c.  condemned  under  the  acts  prohibiting  the 

slave-trade  - 

gunboats  sold,  per  act  of  27th  February,  1815 
interest  on  balances  due  by  banks  to  the  United  States 
moneys  previously  advanced  on  account  of  roads,  un- 
der the  treaty  of  Brownstown , 
Do.  military  pensions 

Do.  third  census    -  '  i- 

Do.  furniture  for  President's  house 

Do.  prize  causes    - 

Do.  old  Spanish  treaty       -        £\>;f: 

Do.  balances  of  advances  made  \n   War 

Department,  repaid  under  3d  section 
of  act  of  1st  May,  1820 

Do.  balances  of  appropriations  for  the  War 

Department,  repaid  under  2d  section 
of  act  of  1st  May,  1820 

Do.  balances  of  appropriations  for  the  Navy 

Department,  repaid  under  2d  section 
of  act  of  1st  May,  1820      •-  '•' 


11 

863  22 

67,544  60 

20,098  34 

297,500  00 

6,000  00 

602  04 

13,054  00 

173  72 

1.507  86 
'381  58 
543  72 

578  21 

2,087  29 

12  84 

1,557  65 

675  00 

350  00 


71,981  82 
84,282  16 

267,169  30 
839,084  46 


TREASURY  DEPARTMENT, 

Register's  Office. 


JOSEPH  NOURSE,  Register, 


'•'•-$  £ 

iV     "*     * 

fe"  £\-i 
III 


.'*' 


SECRETARY  OF  THE  TREASURY. 


261 


F. 

.   .-.  '..,-.  •&  '  -r 

STA  TEMENT  of  the  expenditures  of  the  United  States  for  the  year 

1822. 


CIVIL,    MISCELLANEOUS,    AND    DIPLOMATIC,    VIZI 


Legislature    - 
Executive  Departments 
Officers  of  the  mint    - 
Surveying  department 
Commissioner  of  the  Public  Buildings 
Governments  in  the  Territories  of  the 
United  States    r*3? 
Judiciary 

Annuities  and  grants  - 
Mint  establishment    - 
Unclaimed  merchandise 
Light-house  establishment     - 
Surveys  of  public  lands 
Privateer  pension  fund 
Appropriation  of  prize  money  - 
Trading-houses  with  the  Indians      '  » '* 
Road  from  Cumberland  to  Ohio     "  ^-  y 
Roads  within  the  State  of  Ohio 
Roads  within  the  State  of  Indiana 
Roads  within  the  State  of  Alabama     - 
Marine  hospital  establishment 
Public  buildings  in  Washington 
Florida  claims 

Payment  of  claims  for  property  lost    -  | 
Building  custom-houses 
Payment  of  balances  due  to  officers  of 
old  internal  revenue  and  direct  tax 

Payment  of  balances  due  to  collectors  of 
new  internal  revenue  - 

Prohibition  of  the  slave  trade 
Prisoners  of  war 

Refunding  duties  on  distilled  spirits     - 
Surveys  of  the  coast  of  Florida 
Payment  of  certain  certificates 
Miscellaneous  claims  - 
Printing  the  journal  and  proceedings 
of  the  convention  which  formed  the  con- 
stitution of  the  United  States 

Diplomatic  department 

Contingent  expenses  of  foreign  inter- 
course - 

Relief  and  protection  of  American  sea- 
men 

Treaty  of  Ghent 


$455,356  60 
449,465  85 
9,600  00 
11,044  46 
2.553  08 

12,124  00 

217,987  59 


2,007  13 

17,150  00 

857  79 

145,951  76 

115,922  83 

1,221  62 

634  20 

9,570  60 

3,904  77 

3,257  54 

32,629  46 

800  €0 

44,324  61 

126,859  18 

141  17 

55  00 

1,319  26 

3,234  82 

499  69 

25,395  42 

1,889  87 

95  62 

3,150  00 

2,109  22 

101,461  03 


542  56 

86,014  78 
23,648  88 

13,660  40 
14,742  24 


1,158.131  58 


•a 

;A 


644.985  15 


262 


REPORTS  OF  THE 


[1823, 


Treaty  with  Spain    - 

Treaties  with  Mediterranean  powers  - 


$25,770  21 
1,043  00 


—        $164.879  51 


MILITARY    DEPARTMENT,    VIZ  : 

Pay  of  the  army         -            -  -       1,078,742  7  9 

Subsistence    -  235,442  47 

Forage  14,347  1& 

Clothing  172,937  60 

Medical  and  hospital  department  14,909  83- 

Contingent  expenses    -  6r028  38 

Ordnance   department  263,553  78 

Fortifications  110,795  83 
Repairs  and  contingencies  of  fortifications       3,956  52 

Fort  Delaware  15,000  00 

Fort  Monroe  -  39,640  94 

Fort  Washington  18,766  70 

Fort  Calhoun  30,000  00 

The  Rigoiete  77,450  00> 

Barracks  at  Baton  Rouge  8,108  16 
Materials  for  a  fort  opposite  to  Fort  St. 

Philip  30,000  00 

Quartermaster's  department    -  387,422  69 

Military  Academy,  West  Point  9,589  42 

Brigade  of  militia       -  11,58001 

Surveys  of  ports  and  harbors  3  50 

Medals  for  officers  of  the  army  4,830  00 

New  roof  for  barracks  at  Carlisle  -              3,500  00 

Arrearages     -  114,245  09 

Maps,  plans,  &c.  for  War  Office  140  22 

Completing  road  through  Georgia  -                 321  01 
Militia  courts-martial,  viz : 

Col.  Wood,                  president  762  84 

Thomas  a  Miller,  do.            1,494  65 

T.  More  and  D.  Fore,  do.              60&  59 

Gen.  Steddiford,  do,          17,839  24 

Balance  due  to  the  State  of  Maryland  527  00 

Preservation  of  arms  -.  3,298  00 

Army  supplies  1,244  67 

Expenses  of  arsenals   -  '-'.           1,30781 

Repairs  of  arsenals     -            -  324  77 

Repairing  arms  -              5,791  05 

Preservation  of  ammunition    -  ;.  _,-,,.,          3,20342 

Arming  and  equipping  rnilitia  -  .  ^        386,687  78 

Armories  199,000  00 

Relief  of  Gen.  James  Wilkinson  2,926  59 

Joshua  Newsom,  and  others  647  80 

Elias  Parks              -  2,284  00 

John  Anderson  '  -':••          1,300  00 

William  Gvvynn      -  r;r.                 47  50 

William  E.  Meek    -  1,279  87 

Cornelius  Huson      -  -                250  00 

William  Henderson  -  -             2,765  00 


1823.] 


SECRETARY  OF  THE  TREASURY. 


263 


Relief  of  James  Peirce     -  $430  00 

Greenbury  H.  Murphy  1,490  30 

William  Dooly  305  80 

Planters' Bank  of  New  Orleans    -  8,495  70 

Matthew  McNair  1,776  25 

Samuel  Walker  266  64 

Officers,  &c.   in    the    Seminole  .-Alf 

campaign  90  00 

Revolutionary  pensions  -       1,642,590  94 

Military  and  half-pay  pensions  3.05,608  46 

Indian  department  (contingencies)  156,492  33 

Civilization  of  Indians     -  3,127  96 

Treaties  with  the  Creeks  and  Cherokees  -  25,010  43 

Treaties  with  the  Creeks  -  13,331  27 

Pay  of  Indian  agents        -  7,375  00 

Pay  of  Indian  sub-agents  3,866  66 

Presents  to  Indians            -  5,085  59 

Annuities  to  Indians,  per  act  6th  May,  1796  14,505  54 

Annuities  to  Indians,  per  act  25th  Feb.  1799  15,322  19 

Annuities  to  Indians,  per  £ct  3d  March.  1805  1,000  00 

Annuities  to  Indians.per  act  21st  April,  1806  31,167  17 

Annuities  to  Indians,  per  act  3d  March,  1807  661  11 

Annuities  to  Indians,  per  act  10th  Feb.,  1808  10,000  00 

Annuities  to  Indians,  per  act  1st  May,  1810  4,200  00 

Annuities  to  Indians,  per  act  3d  March.  1811  2,235  07 

Annuities  to  Indians.per  act  26th  April71816     -  50  00 

Annuities  to  Indians, per  act  3d  March,  1817  38,716  44 

Annuities  to  Indians,  per  act  3d  March,1819  117,050  00 

Annuities  to  Indians,  per  act  15th  May,  1820  6,000  00 

Annuities  to  Indians,  per  act  3d  March,  1821  29,454  01 

Annuities  to  Indians,  per  act  8th  Jan.,  1821  60.760  47 

Annuities  to  Indians,  per  act  7th  May,  1822  15,100  00 

Annuities  to  Indians,  per  act  7th  May,  1822  18,107  10 

5.824.573  11 

From  which  deduct  the  following  repayments,  viz : 

Expenses  of  recruiting  -  $11,93225 

Balances  due  to  certain  States    104,887  54 

Bounties  and  premiums          -      20,700  32 

Mobile  Point  -  -      10,556  84 

Gratuities      -  '  -      15,450  80 

Cannon,  shot,  shells,  &c.  378  95 

Powder  magazine  at  Frank- 
ford,  Pennsylvania  -  17  50 

Survey  of  the  Ohio  and  Mis- 
sissippi rivers  -  975  60 

Survey  of  the  watercourses, 
Mississippi  1;059  21 

Boundary  line  between  the 
United  States  and  the  Creeks  -  865  38 

Boundary  line  of  Indian  ces- 
sions -  -  15,000  00 

Claims  asrainst  the  Osages      -        3,582  50 

O  O  ' 


; 


if, 


264 


REPORTS  OF  THE 


[1823. 


Treaty  with  the  Indians  in 
Mississippi         -        •-'- 
Relief  of  T.  C.  Withers 
Relief  of  J.  Harding 


$3,610  93 

187  00 
180  00 
$189,384  82 


NAVAL  DEPARTMENT,  VIZ  : 

Pay  of  the  navy     -  -      771,30038 

Provisions-                         -  -      200,523  46 

Medicines  -  -        17.241  30 

Repairs  of  vessels  -  .  -      294,384  86 

Ordnance  -  3,953  14 

Freight  and  contingent  expenses  -          '  .'     187,603  29 

Navy  yards  34,578  90 

Superintendents.  &c.  26,132  48 

Laborers,  &c.  J          9,781  36 

Gradual  increase    -  -      556,323  88 

Suppression  of  piracy  12,415  00 
Pay  and  subsistence  of  the  marine  corps    -        87,929  53 

Clothing  of  the  marine  corps  '.'       31,288  02 

Fuel  for  the  marine  corps  -  6,084  98 
Quartermaster's  stores,  and  contingencies  of 

the  marine  corps  20.256  60 

2,259,796  18 
From  which  deduct  the  following  repayments,  viz: 

Purchase  of  timber     -             -  11,45082 

Repairs  of  vessels  damaged  in 

action    -  984  00 

Shot,  shells,  and  military  stores  4,035  95 

Repairs  of  the  Constellation   -  450  00 

Seventy-fours  and  frigates    f'^  •  4  00 

Survey  of  the  coast  of  North 

Carolina  430  38 

Widows  and  orphans  of  per- 
sons on  board  of  the  Epervier   -  7,481  70 

Military  stores,  marine  corps  -  10,500  35 


$5,635,i  88  29 


35,337  20 


2.224,458  98 


PUBLIC    DEBT,  VIZ  : 

Interest,  &c.  of  domestic  debt  -  5,739,760  62 

Redemption  of  Louisiana  stock      -  5,294  12 

Reimbursement  of  Mississippi  stock  23,388  94 

Certain  parts  of  domestic  debt  228  44 

Redemption  of  six  per  cent,  stock  of  1796  -  80,000  00 
Redemption  of  funded  6  per  ct.  stock  of  1820  2,000,000  00 
Principal  and  interest  of  Treasury  notes  '*!-•"  277  00 

—  7,848,949  12 

. 

$17,676,592  63 

TREASURY  DEPARTMENT,  Register's  Office. 

JOSEPH  NOURSE,  Register. 


L883.J 


SECRETARY  OF  THE  TREASURY. 


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1823.] 


SECRETARY  OF  THE  TREASURY. 
H. 


267 


STATEMENT  of  moneys  received  into  the  Treasury,  from  all  sources 
other  than  customs  and  public  lands,  from  1st  January  to  30/A  r 
tember,  1823. 


From  arrears  of  old  internal  revenue  -  ><*-s 

direct  tax  of  1798 

new  internal  revenue  'tn&~\ 

new  direct  tax 

dividend  on  stock  in  the  Bank  of  the  United  States    - 
fees  on  letters  patent 
cents  coined  at  the  mint 
fines,  penalties,  and  forfeitures 
moneys  received  under  the  act  to  abolish  the  United 

States  trading  establishments         --^xio 
postage  of  letters 

returned  passage  money  of  American  seamen          ^V 
surplus  emoluments  of  officers  of  the  customs 
balances  of  advances  made  in  the  War  Department, 
repaid  under  3d  section  of  the  act  of  1st  of  May, 
1820 
moneys  previously  advanced  on  account  of  the  fourth 

census 
moneys  advanced  on  account  of  military  pensions 


$73  96 

108  00 

26,632  42 

8,581  81 

350,000  00 

3,510  00 

5,280  00 

10-00 

32,500  00 

110  69 

20  00 

20,891  59 


44,410  64 

3,178  84 

1,828  84 

$497,136  79 


TREASURY  DEPARTMENT, 

Registers  Office,  December,  1823. 

JOSEPH  NOURSE,  Register. 


1-R31 


*S 

,;<r 


268 


REPORTS  OF  THE 


[1823 


I. 

STATEMENT  of  the  expenditures  of  the.  United  States,  from  the  1st 
of  January  to  the  30th  September,  1823. 

CIVIL,    MISCELLANEOUS,  AND  DIPLOMATIC,  VIZ: 


Legislature 

Executive  department 

Officers  of  the  mint 

Commissioner  of  the  Public  Buildings 

Surveying  department 

Governments  in  the  Territories  of  the  United 

States 
Judiciary 

Annuities  and  grants 

Mint  establishment 

Unclaimed  merchandise 

Light-house  establishment 

Surveys  of  public  lands 

Boundary  lines  between  Missouri  and  Arkansas 

Land  claims  in  Florida  Territory 

Adjustment  of  land  claims  in  Michigan  Terri- 
tory 

Road  from  Cumberland  to  Ohio 

Repairing  road  from  Cumberland  to  Ohio 

Roads  within  the  State  of  Indiana    .  *  r.:- 

Marine  hospital  establishment 

Public  buildings  in  Washington 

Apartments  in  the  City  Hall  for  the  circuit  court 
of  the  United  States 

Monument  over  the  tomb  of  Elbridge  Gerry, 
late  Vice  President  of  the  United  States 

Rebuilding  public  wharf  and  repairing  public 
stores  at  Staten  Island 

Purchase  of  the  6th  volume  of  the  Laws  of  the 
United  States 

Payment  of  certain  certificates 

Payment  of  balances  to  collectors  of  new  inter- 
nal revenue 

Payment  of  balances  to  officers  of  old  internal 
revenue  and  direct  tax 

Prohibition  of  the  slave  trade 

Payment  of  claims  for  property  lost 

Additional  Commercial  Digest 

Miscellaneous  expenses 

Roads  and  canals  in  the  State  of  Missouri 


$257,221  42 

364,125  39 

7,200  00 

1,125  00 

'      9,566  66 

17,539  38 
143.188  83 

1,800  00 

10,139  12 

334  59 

116,043  86 

119,635  98 

2,536  00 

2,497  14 

500  00 

5,289  48 

3,000  00 

17,857  84 

30,606  66 

82,200  00 

10,000  00 

1,000  00 

13,499  00 

2,200  00 
18  59 

203  72 

2,027  67 

2,682  08 

100  00 

1,000  00 

60,331  91 

4,729  14 


$799,966  68 


490,232  78 


1823.] 


SECRETARY  OF  THE  TREASURY. 


269 


Diplomatic  department 
Contingent  expenses  of  foreign  intercourse 
Relief  and  protection  of  American  seamen 
Treaty  of  Ghent  (4th,  6th,  and  7th  articles) 
Treaty  with  Spain  -  - 

Missions  to  the  independent  nations  on  the 

American  continent 
Treaty  of  Ghent  (1st  article) 
Treaties  with  Mediterranean  powers 


$95,505  56 

21,862  10 

7,807  07-    fciaJ. 

10,269  00 

18,559  85 


63,270  00 
2,072  22 
1,189  88 


$220.535  68 


MILITARY    DEPARTB1ENT,  VIZ  : 


Pay  of  the  army 

Subsistence   .  %  »> 

Forage     -          WQ     %1r 

Clothing 

Medical  and  hospital  department 

Contingencies  ty*  0 

Ordnance 

Quartermaster's  department 

Fortifications  (repairs  and  contingencies  of) 

Fort  Monroe  -f  «. 

Fort  Calhoim  'o>  §  Sir- 
Fort  Washington 

Fort  Delaware      - 

Fort  at  Mobile  Point 

Military  Academy,  West  Point 

Brigade  of  militia  !?j*.li 

Medals  for  officers 

Arrearages 

Balances  due  to  certain  States 

Preservation  of  arms 

Repairing  arms 

Preservation  of  ammunition 

Army  supplies  cS-£ 

Repairs  of  arsenals  {**%! 

Arming  and  equipping  militia 

Gratuities 

Armories 

Expenses  of  recruiting 

Militia  court-martial,  New  York 

Militia  court-martial,  Pennsylvania        ^?3G 

Relief  of  James  Morrison 

Relief  of  Eleanor  Lawrence 

Relief  of  Mahlon  Ford    - 

Relief  of  Colonel  Lawrence  &  others 

Relief  of  officers,  &c.  of  the  Seminole  cam- 
paign 

Barracks  at  Baton  Rouge  -  •; 

Purchase  of  woollens       ... 

Materials  for  a  fort  on  the  right  bank  of 
the  Mississippi 


$736,790  09 
208,937  44 
35,817  05 
96,357  43 
14,680  12 
12,305  95 
24,967  83 
186.896  47 
22,672  01 
74^56  49 
78,343  59 
24,971  93 
31.500  00 
56,050  00 
8,559  38 
794  56 
2,400  00 
47,026  61 
6,841  50 
42  24 
418  95 
1,374  87 
2.231  20 
155  23 
177,054  71 
4,210  05 
222,541  77 
7,037  42 
2,487  74 
152  80 
17,335  03 
1,070  00 
306  66 
70  12 


K-mi  A 


iwiA 
mni 


39,202  32 
17,418  18 
52,659  05 

15,675  79 


270 


REPORTS  OF  THE 


[1823. 


Road  from  Plattsburg  to  Sackett's  Harbor  $2,150  00 

Ransom  of  American  captives  1,763  90 

The  Rigolets    -                                                  -  20,475  00 

Arsenals                                                               -  21,061  08 

National  armory  on  the  western  waters  1,500  00 

Maps,  plans,  &c.  for  War  Office                        -  10  00 

Materials  for  a  fort  opposite  Fort  St.  Philip  697  20 
Revolutionary  pensions                                      -  1,449,466  45 

Invalid  and  half-pay  pensions,      -                      -  329,779  95 

Contingencies  of  Indian  department    -            -  56,304  89 

Civilization  of  Indians  9,031  17 

Pay  of  Indian  agents  -                                       -  17,259  19 

Pay  of  sub-agents  8,505  29 

Presents  to  Indians      -  8,782  17 

Treaty  with  the  Creeks                                      -  18,37993 

Treaty  with  the  Choctaws       -  600  00 

Saginaw  treaty  2,000  00 

Treaty  of  Chicago     -  1,050  00 

Purchase  of  Creek  and  Cherokee  reservations  34,500  00 

Annuities  to  Indians,  per  act  of  6th  May,  1796  9,000  00 

Annuities  to  Indians,  per  act  of  25th  Feb.  1799  19,262  93 

Annuities  to  Indians,  per  act  of  3d  March,  1 805  1,000  00 

Annuities  to  Indians,  per  act  of  21st  April.  1806  15,925  00 

Annuities  to  Indians,  per  act  of  3d  March,  1807  300  00 

Annuities  to  Indians,  per  act  of  19th  Feb.  1808  5,700  00 

Annuities  to  Indians,  per  act  of  1st  May,  1810  2,450  00 

Annuities  to  Indians,  per  act  of  3d  March,  1811  1,500  00 

Annuities  to  Indians,  per  act  of  26th  April,  1 816  150  00 

Annuities  to  Indians,  per  act  of  3d  March,  1817  26,236  62 

Annuities  to  Indians,  per  act  of  3d  March,  1819  70,950  00 

Annuities  to  Indians,  per  act  of  1 5th  May,  1820  3,000  00 

Annuities  to  Indians,  per  act  of  7th  May,  1822  14,150  00 

Annuities  to  Indians,  per  act  of  3d  March,  1823  5,000  00 


From  which  deduct  the  following  repayments  : 
Fortifications     -  -      $3,572  26 

Bounties  and  premiums  -        2,985  47 


4,390,273  35 


6,557  73 


NAVAL    DEPARTMENT,  VIZ  : 


Pay  of  the  navy 

Provisions 

Medicines 

Repairs  of  vessels 

Ordnance  and  ordnance  stores 

Freight  and  contingent  expenses 

Navy  yards,  &c. 

Superintendents,  &c.  ,- 


582,899  89 

146,975  09 
16,778  72 

298,035  53 
4,830  66 

109,377  31 
64.102  26 
28,817  19 


1,383,715  62 


1823.] 


SECRETARY  OF  THE  TREASURY, 


271 


Laborers,  &c. 
Gradual  increase 
Suppression  of  piracy 
Survey  of  the  coast  of  North  Carolina 
Survey  of  the  coast  of  Florida      -i    :ttvi»!**1 
Prohibition  of  the  slave  trade 
Inclined  plane  docks,  &c. 
Houses  for  ships  in  ordinary 
Pay  and  subsistence  of  the  marine  corps  - 
Clothing  for  the  marine  corps 
Fuel  for  the  marine  corps 
Military  stores,  marine  corps 
Quartermasters  stores,  and  contingencies 
marine  corps    - 


From  which  deduct  the  following  repay- 
ments : 

Purchase  of  timber  -      $100  00 

Purchase  of  vessels  from  8  to 

16  guns      -  *H*   1,532  03 

Captors  of  Algerine  vessels     -    14,970  25 


$14,933  62 

239,030  40 

101,977  95 

402  00 

1,337  50 

5,538  76 

15,132  07 

1,520  60 

117,708  49 

24,194  25 

3,123  32 

3,885  25 

12,990  79 


1,793,591  65 


16,602  28 


$1,776,989  37 


PUBLIC  DEBT,  VIZ  : 

Interest  and   reimbursement  of  domestic 

debt      - 

Certain  parts  of  domestic  debt     £J*jt> 
Reimbursement  of  Mississippi  stock 
Reimbursement  of  Treasury  notes  (war- 
rant dated  in  1820)     ?«iu 


3.745,405  13 
504  97 

5,477  07 


20  00 


3,751,407  17 


$11,422,847  30 


TREASURY  DEPARTMENT, 

Register's  Office, 

, 


JOSEPH  NOURSE,  Register. 


. 

\  .      .      '  X 


272  REPORTS  OF  THE  [1823. 

No.  1. 
STATEMENT  of  the  debt  of  the  United  States,  1st  October,  1822. 

Deferred  six  per  cent,  stock,  (unredeemed 

amount)  -    $1,224,778  55 

Three  per  cent,  stock      -  -     13,296,099  06 

Exchanged  six  per  cent,  stock    -  -      2,668.974  99 

$17,189,852  60 

Six  per  cent,  stock  of  1812  -      6,187,006  84 

Six  per  cent,  stock  of  1813  (16  millions)  15',521,136  45 
Six  per  cent,  stock  of  1813  (7J  millions)  6,836,232  39 
Six  per  cent,  stock  of  1814  -  13,011,437  63 

Six  per  cent,  stock  of  1815  -      9,490,099  10 

Treasury  note  six  per  cent,  stock  1,465.285  47 

Treasury  note  seven  per  cent.     -  -      8,606.355  27 

Five  per  cent,    stock,    (subscription   to 

Bank  United  States  7,000,000  00 

Six  per  cent,  stock  of  1820  -      2,000,000  00 

Five  per  cent,  stock  of  1820  999,999  13 

Five  per  cent,  stock  of  1821  •  - . :   4,735,296  30 

75,852,848  58 

$93,042,701  IS 

The  estimated  amount,  per  No.  3,  of  the  Secretary's  report 
of  last  year,  was  .-  $93,043,019  67 

From  which  deduct  this  sum,  then  short  estimated,  as 
reimbursement  of  the  deferred  six  per  cent,  stock  ;  4«v,  318  49 


Making,  as  above 

In  the  fourth  quarter  of  1822,  the  following  sums  were 
paid  on  account  of  the  principal  of  the  public  debt,  viz  : 
In  the  reimbursement  of  the  deferred  stock     $265.673  32 
In  payment  of  the  six  per  cent,  stock  of 

1820    -  -  -     2,000,000  00 

2,265,673  32 

Leaving  the  amount  of  the  debt  on  1st  January,  1823,  as 
per  the  following  statement  No.  2,  at     -  -  $90,777,027  86 

TREASURY  DEPARTMENT, 

Register's  Office,  December,  1823. 

JOSEPH  NOURSE,  Register. 


1823.]  SECRETARY  OF  THE  TREASURY.  273 

No.  2. 
STA  TEMENT  of  the  debt  of  the  United  States,  January  i,  1823. 

Deferred  six  per  cent,  stock,  (unredeemed 

amount)          ,  ;-  -    $959,105  23 

Three  per  cent,  stock  - 13,296,099  06 

Exchanged  six  per  cent,  stock       - .  -   2,668,974  99 

$16,924,179  28 

Six  per  cent,  stock  of  1812  -    6,187,006  84 

Six  per  cent,  stock  of  1813,  (16  millions)  - 15,497,818  63 
Six  per  cent,  stock  of  1813,  (7£  millions)  -  -6,812,845  44 
Six  per  cent,  stock  of  1814  ^  - 13,001,437  63 

Six  per  cent,  stock  of  1815  -    9,490,099  10 

Treasury  note  six  per  cent,  stock  -  -    1,465,285  47 

Treasury  note  seven  per  cent,  stock  -    8,606,355  27 

Five  per  cent,  stock,  (subscription  to  Bank 

United  States)    -  -  -    7,000,000  00 

Five  per  cent,  stock  of  1820  -      999,999  13 

Five  per  cent,  stock  of  1821  -   4,735,296  30 

Exchanged  five  per  cent,  stock,  issued  in 

lieu  of  the  same  amount  of  six  per  cent. 

stock,  under  the  act  of  20th  April,  1822          56,704  77 

73,852.848  58 

$90,777,027  86 


TREASURY  DEPARTMENT, 

Register's  Office,  December,  1823. 

JOSEPH  NOURSE,  Register. 


bs« 


v  x 

7  :•  :,}  yvrrim-r'.'jl  .tst.  -t* 

VOL.  n.—  18 


REPORTS  OF  THE  [1823. 


No.  3. 

ESTIMATE  of  the  debt  of  the  United  States,  October  1,  1823,  and 

January  1,  1824. 


On  the  1st  October,  1823 : 
Deferred  six  per  cent,  stock,  (unredeemed 

amount  -  -    $632.082  35 

Three  per  cent,  stock  - 13,296,231  45 

Exchanged  six  per  cent,  stock  -   2,668,974  99 

$16,597,288  79 

Six  per  cent,  stock  of  1812  -    6,187,006  84 

Six  per  cent,  stock  of  1813  (16  millions)  - 15,497,818  63 
Six  per  cent,. stock  of  1813  (7£  millions)  -  6,812,845  44 
Six  per  cent,  stock  of  1814  - 13,001,437  63 

Six  per  cent,  stock  of  1815  -    9,490,099  10 

Treasury  note  six  per  cent,  stock  -  1,466.847  34 

Treasury  note  seven  per  cent,  stock  -    8,606,490  27 

Five  per  cent,  stock,  (subscription  to  Bank 

United  States)     -  -    7.000,000  00 

Five  per  cent,  stock  of  1820  -      999,999  13 

Five  per  cent,  stock  of  1821  4,735,296  30 

Exchanged  five  per  cent,  stock  of  1822     -        56,704  77 

-—     73,854.545  45 

Amount  1st  October,  1823  -  -  -  $90,451,834  24 


Amount  per  statement  No.  2,  1st  January,  1823  -  $90,777,027  86 

Add  three  per  cent,  stock,  issued  since  $132  39 

Treasury  nole  six  per  cent,  issued  since       1.561  87 
Treasury  note  seven  perct.,  issued  since          135  00 

1,829  26 


90,778,857  12 
Deduct  reimbursement  of  the  deferred  stock  in  the  1st,  2d, 

and  3d  quarters  of  1823  327,022  88 

Amount  of  the  debt  on  the  1st  October,  1823,  as  above    -     90,451,834  24 
Add  Treasury  note  stock  issued  since       -  -  716  75 


90,452,550  99 

Deduct  estimated  amount  of  reimbursement  on  deferred 
stock  in  the  fourth  quarter  of  1823  -  -         274,588  85 


Estimated  amount  of  the  debt,  1st  January,  1824  -    90,177,962  14 

TREASURY  DEPARTMENT, 

Register's  Office,  December,  1823. 

JOSEPH  NOURSE,  Register. 


1823.]  SECRETARY.  OF  THE  TREASURY.  275 


ESTIMATED  amount  of  Treasury  notes  outstanding  on  the  1st  Oc- 

tober, 1823. 

Total  amount  issued  (as  per  No.  4  of  last  report)  -  $36,680,794 

£  Cancelled  and  reported  on  by  the  First  Auditor,  $36,653,357 
'  Funded  at  the  Treasury  from  the  1st  of  Jan- 
uary to  the  30th  September,  1823  1,315 

--       36,654,672 


1      ',  ;  i  •  i'a  f.  '4$&.> 
Outstanding 


Consisting  of  small  Treasury  notes      *nr»  1^1  2,782 

notes  bearing  interest  23,340 

$26  122 

>.;Ji<  <3tf   J  ~ 

TREASURY  DEPARTMENT, 

Register's  Office.  December,  1823. 

JOSEPH  NOURSE,  Register. 

.  •.  .  <.-**<. \  9ify  to  ;fa<&fl  ft'fl  ciiar*)]*!  no  ajKfTTuvffl  .. 


•- 
No.  5. 

STATEMENT  of  the  stock  issued  under  the  act  of  Congress  entitled 
"  An  act  supplementary  to  the  act  for  the  indemnification  of  certain 
claimants  of  public  lands  in  the  Mississippi  Territory"  passed  on 
the  3d  March,  1815. 

Amount  of  claims  awarded,  per  statement  No.  5  of  last  year,  $4,282,151  12^ 


Whereof  there  has  been  paid  in  for  lands,  per  said  report     $2,447,635  39 

Payments  at  the  Treasury,  to  the  30th  Sep- 
tember, 1822,  per  ditto     '  -  $1,807,879  79 

Do.  from  1st  October,  1822,  to  the  30th  Sep- 
tember, 1823         -  5,477  07 

1,813,356  86 

Balance  1st  October,  1823.  consisting  of  cer- 
tificates outstanding  18,471  93 

Awards  not  applied  for  -         2,786  94£  n 

21,258 


$4,282,151  12A 
t  its  '     — 

TREASURY  DEPARTMENT, 

Register's  Office,  December,  1823. 

JOSEPH  NOURSE,  Register. 


276  REPORTS  OF  THE  [1824. 

REPORT  ON  THE  FINANCES. 

DECEMBER,  1824. 


In  obedience  to  the  directions  of  the  "  Act  supplementary  to  the  act  to 
establish  the  Treasury  Department,"  the  Secretary  of  the  Treasury  respect- 
fully submits  the  following  report. 

I.  OF  THE  PUBLIC  REVENUE  AND  EXPENDITURES  FOR  THE  YEARS  1823 

AND  1824. 

The  nett  revenue  wh:ch  accrued  from  duties  on  imports  and  tonnage  dur- 
ing the  year  1823  amounted  (see  statement  A)  to  -  $17,008,570  80 

The  actual  receipts  into  the  Treasury  during  the  year 
1823  amounted  to  -   $20,540,666  26 

Viz. 

Customs  (statement  A)  -  $19,088,433  44 

Public  lands  (statement  D)       -  916.523  10 

Dividends  on  stock  in  the  Bank  of  the 
United  States  (statement  E)  350,000  00 

Arrears  of  internal  duties  and  direct  tax, 
and  incidental  receipts  -  131,951  69 

Repayments  of  advances  made  in  the 
War  Department  for  services  or  supplies 
prior  to  1st  July-,  1816  -  53,758  03 


Making,  with  the  balance  in  the   Treasury  on  the  1st 
January,  1823,  of  -      4,237,427  55 

An  aggregate  of    -  -    24,778.093  81 

The  actual  expenditures  during  the  year  1823,  amounted 
(see  statement  F)  to  : .  -.    15.314,171  00 

Viz. 

Civil,  diplomatic,  and  miscellaneous      -  $2.022,093  99 

Military  service,  including  fortifications, 
ordnance,  Indian  department,  revolutiona- 
ry and  military  pensions,  arming  the  mili- 
tia, and  arrearages  prior  to  1st  January, 
1817  -  -  5,258,294  77 

Naval  service,  including  the  gradual  in- 
crease of  the  navy  -  2,503,765  83 

Public  debt      -  -     5,530,016  41 


Leaving   a  balance  in  the  Treasury  on  1st  January, 

1824,  of  -  -       9,463,922  81 

The  actual  receipts  into  the  Treasury  during  the  first 
three  quarters  of  the  year  1824  are  estimated  to  have 
amounted  to  •  •-"  "-  $19,630.89396 

"         /  i  . 


1S24.] 


SECRETARY  OF  THE  TREASURY. 


277 


Viz. 

Customs 


-  $13,372,268  80 


Public  lands  (statement 
G)  768,805  10 

Dividends  on  stock  in  the 
Bank  of  the  United  States  -  350,000  00 

Arrears  of  internal  duties 
and  direct  tax,  and  incidental 
receipts  (statement  H)  97,321  37 

Repayments  of  advances 
made  in  the. War  Depart- 
ment, for  services  or  supplies 
prior 'to  1st  July,  1816  42,498  69 

Loan  under  act  of  24th 
May,  1824,  for  paying  the 
awards  under  the  Florida 
treaty  Hf-  5,000,000  00 

And  the  actual  receipts  into  the  Treasury 
during  the  fourth  quarter  of  the  year,  includ- 
ing the  moiety  of  the  loan  of  five  millions, 
authorized  by  the  act  of  26th  May,  1824,  for 
paying  the  6  per  cent,  stock  of  1812,  are  esti- 


mated at 


$7,350,000  CO 


Making  the  total  estimated  receipts  into  the  Treasury 


during  the  year  1824 


-  $26,980,893  96 


And,  with  the  balance  in  the  Treasury  on  the  1st  Janu- 


ary, 1824,  forming  an  aggregate  of 

The  expenditures  during  the  first  three 
quarters  of  the  year  1824  are  estimated  to 
have  amounted  (statement  I)  to  $21.563,702  73 

Yiz. 

Civil,  diplomatic,  and  mis- 
coJaneous  -  -  $1.792,456  00 

Military  service,  includ- 
ing fortifications,  ordnance, 
Indian  department,  revolu- 
tionary and  military  pen- 
sions, arming  the  militia, 
and  arrearages  prior  to  1st 
January,  1817  ui«*  "  4,548,374  49 

Naval  service,  including 
the  gradual  increase  of  the 
navy  -  2,172,671  34 

Awards  under  the  Flori- 
da treaty  -  -  -  4,775,671  99 

Public  debt  -      8,274,528  91 


-  36,444,816  77 


And  the  expenditures  during  the  fourth 
quarter  are  estimated  at  -  10,374;445  13 


278  REPORTS  OF  T&E  [1824. 

ViV 

t  V 16. 

Civil,  diplomatic,  and  mis- 
cellaneous -  -  ,$580,870  11 

Military  service,  includ- 
ing fortifications,  ordnance, 
Indian  department,  revolu- 
tionary and  military  pen- 
sions, arming  the  militia, 
and  arrearages  prior  to  1st 
January,  1817  765,346  35 

Naval  service,  including 
the  gradual  increase  of  the 
navy  734,343  82 

Public  debt  -     8,293,884  85 


Making  the  total  estimated  expenditure  of  the  year  1824,  $31,938,147  86 


And  leaving  in  the  Treasury  on  the  1st  January,  1825, 
an  estimated  balance  of     -  -   $4,506,668  90 

It  is  to  be  observed,  however,  that  this  balance  is  not  to  be  considered  as 
subject  to  appropriations  ;  as  there  is  rbout  an  equal  amount  of  unsatisfied 
appropriations,  which,  though  not  called  for  in  the  year  1824.  are  necessary 
for  the  objects  for  which  they  were  severally  made,  and  which  are.  there- 
fore, an  existing  charge  upon  the  means  of  the  Treasury. 

II.    OP  THE  PUBLIC  DEBT. 

The  funded  debt  which  was  contracted  before  the  year  1812,  and  which 
was  unredeemed  on  the  1st  October,  1823,  amounted  (statement  No.  1) 
to  -  $16.597,318  58 

And  that  which  was  contracted  subsequently  to  the  1st 
January,  1812,  and  was  unredeemed  on  the  1st  October, 
1823,  amounted  (statement  No.  2)  to  -  73,854,545  45 


Making  the  total  amount  of  funded  debt  unredeemed  on 
the  1st  October,  1823  -  .90,451.864  03 

In  the  fourth  quarter  of  that  year,  there  was  added,  in 
Treasury  note  6  per  cent,  stock  716  75 

Making  an  aggregate  of.  90,452,580  78 

And  there  was  paid,  in  the  reimbursement  of  deferred  6 
per  cent,  stock  -  -  -,'  .  ,;,->  •  -'  -  274,56588 


Reducing  the  funded  debt  on  the  1st  January,  1824, 
(statement  No.  2)  to  90,1  7&.014  90 

From  that  day  to  the  1st  October  last,  there  was  added 
in  41  per  cent,  stock,  under  the  act  of  May,  1824  *•'  -.  5,000.000  00 

Making  an  aggregate  of  -    95,178,014  90 

During  the  same  period  there  was  paid 
the  residue  of  the  deferred  6  per  cent,  stock    $357,546  26 

And  in  purehasing'the  7  per  cent,  stock     4,123,397  10  "*  ?  * 


Making  together  -  -      4;480,943  36 


1824.]  SECRETARY  OF  THE  TREASURY.  279 

And  reducing  the  funded  debt  on  the  1st  October,  1824, 
(statement  No.  X)  to  -$90,697,071  54 

In  the  fourth  quarter  of  the  year,  it  is  estimated  there 
will  be  added,  in  4^  per  cent,  stockj  under  the  act  of  2Glh 
May,  1824  -.-,-  2,500,00000 

Making  an  aggregate  of-  -     93,197,07154 

And  during  the  same  period,  it  is  esti- 
mated there  will  be  paid,  for  the  redemp- 
tion of  the  residue  of  the  7  per  cent,  stock  $4,483,093  17 

And  of  the  exchanged  six  percent,  stock    2,668,974  99 

Making  together   -    <  -  -       7,152,06816 


Which  will  reduce  the  funded  debt  unredeemed  on  the 
1st  January,  1825,  (including  $7,000,000  five  per  cent. 
stock,  subscription  to  the  Bank  of  the  United  States,  for 
which  the  stock  of  the  bank  held  by  the  Government  is  con- 
sidered an  equivalent,)  to  -  -  $86,045,003  38 

The  amount  of  Treasury  notes  outstanding  on  the  1st 
October,  1824,  is  estimated  (statement  No.  4)  at  -  -  $19.756  00 


And  the  amount  of  Mississippi  stock  unredeemed  on  that 
day,  including  awards  not  applied  for,  (statement  No.  5,) 
at  $14,016  53 

By  the  preceding  exhibition  of  the  fiscal  operations  of  the  year,  it  will  be 
perceived  that,  if  the  expectations  formed  respecting  the  fourth  quarter 
should  be  realized,  the  receipts  will  have  exceeded  the  estimate  presented  at 
the  last  session  of  Congress  by  about  800,000  dollars.  The  only  failure  has 
been  in  the  proceeds  of  the  public  lands;  and  that  has  been  the  result  of  a 
disappointment  in  regard  to  the  relinquished  lands  ;  great  portions  of  -which 
were  supposed  to  offer  strong  inducements  to  purchasers,  in  their  fertility 
and  situation,  and  other  circumstances.  But  not  only  has  the  quantity  sold 
been  less  than  was  anticipated,  but,  owing  it  is  believed  in  a  great  measure 
to  combinations  of  capitalists,  by  which  actual  settlers  were  deterred  from 
competition,  the  price  has  not,  with  few  exceptions,  exceeded  the  minimum 
price  fixed  by  law.  It  is  to  be  observed,  however,  that  the  actual  receipts 
from  that  source  of  revenue,  during  the  present  year,  will  exceed  those  of  the 
preceding  year;  and  it  is  estimated  that  those  for  the  ensuing  year  will  not 
be  less. 

The  gross  amount  of  duties  on  imports  and  tonnage,  which  accrued  from 
the  1st  January  to  the  30th  September  last,  inclusive,  is  estimated  at 
19,000,000  dollars;  and  that  of  the  whole  year  at  22,500,000  dollars.  Of 
this  sum,  that  portion  which  accrued  in  the  first  half  of  the  year,  exceeds 
by  about  630,000  dollars,  and  that  in  the  three  quarters  by  about  1,200,000 
dollars,  the  portions  which  accrued  in  the  corresponding  quarters  of  the  pre- 
ceding year. 

The  debentures  issued  during  the  first  three' quarters  of  the  present  year 
amounted  to  $2,952,000,  which  is  less  by  $460,000  than  the  amount 
issued  during  the  corresponding  period  of  the  preceding  year ;  and  the 


280  KEPORTS  OF  THE  [1824. 

amount  of  debentures  outstanding  on  the  30th  September  last,  and  charge- 
able upon  the  revenue  of  1825,  was  1,004,000  dollars,  which  is  less,  by 
401,000  dollars,  than  was,  on  the  same  day  in  1823.  chargeable  upon  the 
revenue  of  1824. 

The  amount  of  bonds  in  suit  on  the  30th  September  last  was  2,909,000 
dollars,  which  is  92,000  dollars  more  than  was  in  suit  on  the  same  day  of 
the  preceding  year. 

Deducting  from  the  whole  amount  of  duties  outstanding  on  bonds  and 
otherwise,  on  the  30th  September  last,  the  debentures  actually  chargeable 
upon  them,  and  the  bonds  in  suit,  it  is  estimated  that  the  sum  payable  after 
the  expiration  of  the  present  year  will  be  about  12.200,000  dollars.  This 
amount,  however,  is  subject  to  debentures  which  may  still  be  issued;  but  as 
an  allowance  has  already  been  made  for  those  which  are  now  chargeable 
upon  it,  no  considerable  deduction  on  that  account  is  to  be  expected.  A  por- 
tion of  the  amount,  also,  is  not  payable  until  1826;  but  the  residue,  together 
with  so  much  of  the  duties  accruing  in  the  fourth  quarter  of  the  present, 
and  in  the  whole  of  the  next  year,  as  may  be  received  during  that  year,  will, 
after  deducting  the  expenses  of  collection,  constitute  the  receipts  from  the 
customs  during  the  year  1825. 

The  productiveness  of  the  customs,  however,  depends  upon  the  state  of 
the  foreign  commerce  of  the  nation.  It  is  estimated  that,  in  the  year  ending 
on  the  30th  September  last,  the  value  of  domestic  articles  exported  was 
$49,684,710;  which  exceeded  by  $2,529,302  the  amounts  exported  in  the 
preceding  year:  and  that  the  value  of  foreign  articles  exported  was  25.248,782 
dollars ;  which  was  less  by  $2,294.840  than  the  amount  exported  in  the  pre- 
ceding year.  The  value  of  imports  during  the  same  period  is  estimated 
at  $78,516,183;  which  exceeds  the  imports  of  the  preceding  year  by 
$936,916. 

For  three  years  past,  the  average  annual  value  of  imports  has  been 
79,778,997  dollars;  that  of  foreign  articles  exported,  25,026,201  dollars:  and 
that  of  domestic  articles  exported,  48,904.732  dollars.  The  little  fluctuation 
which  has  taken  place  in  these  years,  and  the  improvement  in  the  last  year, 
may  be  regarded  as  indications  that  the  commerce  of  the  country  is  tending 
to  a  regular  and  sound  state.  If  no  extraordinary  events  should  occur  to 
interrupt  it,  it  is  reasonable  to  infer  that  there  will  be  no  material  or  unfavor- 
able change  in  the  ensuing  year. 

For  the  two  years  ending  on  the  3 1st  December,  1823,  the  average  annual 
gross  amount  of  duties  on  imports  was  $23,227,835.  This  sum,  upon  the 
annual  average  value  of  the  whole  importations  for  the  three  years  ending 
on  the  30th  September,  1824,  was  29.12  per  cent.;  and  upon  the  average 
amount  of  importations,  after  deducting  the  exports  of  foreign  articles,  it  was 
42.42  per  cent.  For  the  same  two  years  the  average  annual  nett  amount 
of  duties,  including  tonnage,  &c.  was  $18,758,931;  and,  for  the  reasons  al- 
ready stated,  it  may  be  presumed  that,  independent  of  any  influence  which 
the  new  tariff  may  have  upon  the  revenue,  the  amount  which  will  be  receiv- 
ed into  the  Treasury  from  customs,  during  the  year  1825,  will  be  about  equal 
to  that  sum. 

The  operation  of  the  new  tariff  upon  the  revenue  cannot  now  be  correctly 
estimated.  On  one  important  branch  of  imports — those  from  beyond  the 
Cape  of  Good  Hope- — its  provisions  will  not  take  effect  until  1st  January 
next,  As  it  is  only  since  the  1st  July  last  that  it  has  been  in  operation  in 
regard  to  ether  importations,  and  as  the  collectors  are  allowed  by  Jaw  three 


1824.]  SECRETARY  OF  THE  TREASURY.  281 

months  for  rendering  their  accounts,  the  addition  caused  by  the  new  tariff 
cannot,  even  for  that  portion  of  the  imports,  and  for  one  quarter  of  the 
year,  be  staled  with  perfect  accuracy.  It  is  believed,  however,  that  the  in- 
vestigation which  has  been  made  with  a  view  to  that  object  affords  data 
for  estimating  its  effects  with  sufficient  exactness  for  the  present  purpose. 
It  has  been  found  that,  upon  the  whole  importations,  (estimating  their 
value  at  the  rates  adopted  in  forming  the  statistical  report,)  in  the  three 
quarters  of  the  year  ending  on  the  30th  of  June,  1824,  the  gross  amount  of 
duties  was  27.45  per  cent,;  and  that,  if  the  rates  of  the  present  tariff  had 
been  applied  to  the  same  importations,  the  duties  would  have  amounted  to 
30.30  per  cent.;  which  is  equal  to  an  increase,  upon  the  amount  of  duties, 
of  10.39  per  cent.  (K.)  It  also  appears  that,  in  eight  of  the  principal  ports 
of  the  United  States,  the  rate  of  duties  upon  the  whole  amount  of  importa- 
tions, during  the  third  quarter  of  the  year  1823,  was  28.36  per  cent.,  and 
during  the  corresponding  quarter  of  1824  it  was  30.98  per  cent.  (State- 
ment L.)  But  it  is  to  be  observed  that,  in  the  third  quarter  of  1824,  the 
importations  from  beyond  the  Cape  of  Good  Hope  were  not  subjected  to  the 
increased  rates  of  the  new  tariff.  These,  it  is  estimated,  would  have  made 
the  rate  of  duties  in  that  quarter  31.40  per  cent.,  which  is  equal  to  an  in- 
crease of  the  amount  of  duties  of  7.57  per  cent.  The  new  tariff  may,  per- 
haps, have  some  effict  upon  the  importation  of  those  articles  which  pay 
high  rates  of  duty,  and  for  which  articles  of  a  lower  rate  may  be  substi- 
tufed.  But  as  the  value  of  the  imports  depends  more  upon  the  ability  of  the 
importing  country  to  pay,  than  upon  the  amount  of  duty  levied  upon  the 
articles  imported,  it  is  not  probable  that,  under  the  present  circumstances 
of  the  commerce  of  the  United  States,  there  will  be  any  diminution  in  the 
aggregate.  Upon  the  whole,  therefore,  it  is  believed  that  the  revenue  de- 
rived from  imports  will  be  increased  by  the  operation  of  the  new  tariff,  in 
a  ratio  nearly  equal  to  that  in  which  it  is  estimated  to  have  been  increased 
during  the  third  quarter  of  the  present  year,  in  the  ports  above  mentioned, 
or  about  7^  per  cent.  This  increase,  however,  will  produce  less  augment- 
ation in  the  actual  receipts  into  the  Treasury  during  the  year  1825  than 
the  subsequent  years. 

With  these  views  of  the  subject,  the  receipts  into  the  Treasury  during 
the  year  1825  are  estimated  as  follows:' 
Customs  -     $20,000,000  00 

Lands  1,000,000  00 

Bank  dividends  350,000  00 

Miscellaneous  and  incidental   ..-.  •         -  150,00000 


Making  together  21,500,000  00 

And  the  residue  of  the  loan  authorized 
by  the  act  of  the  26th  May  last  2,450,000  00 


Forming  an  aggregate  of       ,£J  -  $23.950,000  00 

The  expenditures  of  the  year  are  estimated  as  follows: 
Civil,  diplomatic,  and  miscellaneous       -      $1,685,026  76 
Military  service,  including  fortifications, 
ordnance,  Indian  department,  revolution- 
ary and  military  pensions,  arming  the  mi- 
litia, and  arrearages  prior  to  1st  January, 
1817  -        5,013,283  60 


282  REPORTS  OF  THE  [1824. 

Naval  service,  including  the  gradual  in- 
crease of  the  navy  -  $3,044,78931 

Public  debt,  including  a  payment  of 
$7,654.570  93  of  principal  11,962,063  97 

Making  together  $21,705,163  64 

Which  will  leave  in  the  Treasury,  on  the  1st  of  January, 
1826,  after  satisfying  all  the  demands  of  the  year  1825,  a 
surplus  estimated  at  -  $2,244,836  36 

On  the  1st  January,  1826,  a  large  amount  of  debt  incurred  by  the  late 
war,  viz:  $19,000,000  of  the  6  per  cent,  stock  of  the  year  1813,  will  be 
redeemable.  As  it  is  not  probable  that  the  surplus  means  of  the  year  1826 
will  more  than  equal  the  amount  of  the  sinking  fund  for  that  year,  only 
$7,000,000  of  that  stock  can  be  discharged  out  of  the  ordinary  revenue  of 
the  year.  On  the  1st  January,  1827,  the  six  per  cent,  of  1814,  (another  por- 
tion of  the  war  debt,  amounting  to  $13,000.000,)  will  become  redeemable ; 
and  in  that  year,  also,  it  is  probable  that  .not  more  than  $7,000,000  of  the 
principal  can  be  discharged.  There  will  then  remain,  in  those  two  years 
$18,000,000,  which  cannot  be  paid  out  of  the  revenue  of  those  years.  In 
1828,  the  amount  of  the  principal  redeemable  will  probably  not  exceed  the 
means  of  the  Treasury.  In  the  years  1829  and  1830,  no  part  of  the  public 
debt  is  redeemable ;  and  in  1831.  less  than  $19,000.  Policy  would  seem 
to  suggest,  with  a  view  both  to  the  convenience  of  the  Government  and  the 
advantage  of  the  community,  that  the  excess  of  debt,  which  cannot  be 
discharged  in  1826  and  1827,  should  be  thrown,  in  equal  portions,  upon 
these  years,  in  which  nothing  is  payable.  For  the  present,  however,  it 
may  be  sufficient  to  confine  such  an  arrangement  to  the  excess  of  the  year 
1826.  From  the  state  of  the  money  market,  and  the  high  credit  of  the 
Government,  nov doubt  is  entertained  that  the  $12,000,000  required  to  pro- 
vide for  the  excess  of  debt  on  the  1st  of  January,  1826,  may  be  borrowed 
at  five  per  cent.,  reimbursable  in  1829  and  1830  ;  and,  if  such  an  arrange- 
is  approved,  it  is  respectfully  proposed  that  authority  be  given  by  law  for 
that  purpose. 

The  same  object  might,  perhaps,  be  accomplished  by  an  exchange  of  the 
stock  redeemable  on  the  1st  January,  1826,  for  a  five  per  cent,  stock  re- 
deemable in  1829  and  1830.  But  it  is  believed  that  better  terms  may  be 
obtained  by  a  loan.  A  proposal  for  a  loan  invites  competition  from  all  the 
moneyed  capitalists,  including  the  Bank  of  the  United  States ;  whereas  an 
exchange  of  stock  confines  the  demand  for  the  new  stock  to  the  holders  of 
the  old  stock,  who  constitute  not  only  a  small  portion  of  the  capitalists,  but 
a  portion  interested  in  preventing  the  accomplishment  of  the  exchange. 
Moreover,  the  experience  of  the  Government,  during  the  last  two  years, 
justifies  the  preference  for  a  loan.  In  1822,  a  law  was  passed  authorizing 
an  exchange  of  $26.000,000  of  the  seven  per  cent,  and  of  the  six  per  cents, 
of  the  years  1812-'i3-'14  and  '15,  for  a  five  per  cent,  stock,  redeemable  in 
the  years  1830-'31-'32  and  '33;  and  only  $56,704  77  were  exchanged :  and, 
under  the  act  of  the  last  session,  authorizing  an  exchange  of  $15,000,000 
of  the  six  per  cent,  of  1813,  only  $3,308.307  45  were  exchanged. 

Should  the  suggestion  herein  offered  be  adopted  for  disposing  of  the 
excess  of  debt  redeemable  in  1826  arid  1827,  the  amount  of  public  debt 
redeemable  in  each  year  will  be  as  follows : 


1824.]  SECRETARY  OF  THE  TREASURY.  283 

In  1825         ^-':-  $7,654,570  93  of  6  percent. 

1826  7,002.356  62        do. 

1827  7,001,437  63        do. 

1828  9.490,099  10        do. 

1829  6,000,000  00  proposed  to  be  at  5  per  cent. 

1830  6,000,000  00        the  same. 

1831  6,018,90159        the  same. 

\  of  which  $1,018,900  72  are  at 

1S32  6,018.900  72    I      5  per  cent,  and  $5.000,000  at 

(      4^  per  cent. 

1QOo  C^TOHK-  01     ^    all    at    4^   per    cent,   except 

6,673,050  31    j        ^8^  ^  ftt  g  per  cer/ 

1834  1,654,153  73  at  4i  per  cent. 

1835  4,735,296  30  at  5~per  cent. 

This  includes  all  the  public  debt  of  the  United  States,  except  $7,000,000 
of  5  per  cent,  stock,  subscribed  to  the  capital  of  the  Bank  of  the  United 
States,  and  §13,296,231  45  of  3  per  cents,  both  of  which  are  payable  at 
the  pleasure  of  the  Government.  As,  under  the  foregoing  view  of  the 
de!  t.  all  that  will  be  redeemable  after  the  year  1828.  will  be  at  an  interest 
of  5  per  cent.,  or  less;  and  as  the  5  per  cent,  stock  subscribed  to  the  bank 
is  reimbursable  in  such  portions  as  the  Government  may  please,  any  sur- 
pluses which  may  remain  in  1829,  and  subsequent  years,  after  discharging 
the  debt  redeemable,  and  proposed  to  be  made  redeemable  in  those  years, 
may  be  applied  to  the  payment  of  that  stock.  Or,  if  it  be  deemed  advisable 
to  reserve  any  such  surpluses  for  other  objects,  there  is  no  doubt  that  a  sum 
sufficient  to  pay  off  that  stock  maybe  obtained  at4|  per  cent,  or  even  at 
a  lower  rate  of  interest,  reimbursable  in  1834,  in  which  year  it  will  be  per- 
ceived only  u  small  sum  is  redeemable. 

According  to  this  exhibition  of  the  subject,  reckoning  the  principal  and 
interest  o! 'the  public  debt,  until  its  extinction,  at  about  $111,000,000,  inde- 
pendent of  the  stock  subscribed  to  the  bank,  which  may  always  be  consid- 
ered &.s  offset  by  the  Government  shares  in  the  bank,  it  will  be  perceived 
that,  by  allowing  $10.000,000  annually,  with  an  additional  $1,000,000  in 
the  first  year,  the  whole  public  debt  of  the  United  States  will  be  extinguish- 
ed by  the  end  of  the  year  1835. 

In  speaking  of  the  public  debt,  it  may  be  proper  to  notice  the  reduction 
that  has  been  effected  during  the  last  eight  years,  both  in  the  amount  of  prin- 
cipal and  rate  of  interest.  On  the  1st  January,  1817.  the  whole  debt  of  the 
United  States  was  $123,491,965  16,  of  which  $115,257,805  48  was 
funded,  bearing  an  average  interest  of  5.56^  per  cent,  per  annum.  On  the 
1st  of  January  next,  the  whole  debt  will  be  $86,045,003  18,  bearing  an 
average  interest  of  5.23J,  which  shows  a  reduction  of  $37,446,961  98  of 
principal,  and  of  33^  in  the  average  rate  of  interest. 

It  is  also  deemed  proper  to  state,  that  the  loan  of  $5,000.000  for  the  pay- 
ment of  awards  under  the  Florida  treaty,  and  the  loan  of  $5,000.000  for 
paying  the  six  per  cent,  stocks  of  1812,  (both  of  which  were  authorized  at 
the  last  session  of  Congress,  at  4^  per  cent.,)  have  been  taken  by  the  Bank 
of  the  United  States  at  par.  The  means  of  discharging  the  awards  under 
the  Florida  treaty  were  required  so  soon  after  the  authority  was  given  to 
make  the  loan,  as  not  to  leave  time  sufficient  for  receiving  proposals  from  a 
distance ;  and  the  offer  of  the  bank  for  the  whole  loan  at  par  was  accepted. 
For  the  subsequent  loan,  various  proposals  were  received,  amounting  in  the 
whole,  independently  of  that  of  the  bank,  to  $2,554,585  37,  at  rates  vary- 
ing between  par  and  4|  per  cent,  premium,  and  forming  an  average  pre- 


234  REPORTS  OF  THE  [182-1. 

mium  of  97^  per  cent,  on  the  whole  amount  offered,  as  appears  by  state- 
ment M,  herewith  presented. 

The  proposal  of  the  bank  was  for  the  whole  sum,  at  par.  Although  the 
individual  offers  are  apparently  more  favorable  than  that  of  the  bank ; 
yet,  taking  into  consideration  that  the  Government  is  the  proprietor  of  one- 
fifth  of  the  capital  of  the  bank,  and  that  a  portion  of  the  means  of  the  bank, 
equal  to  the  amount  of  the  loan,  would  otherwise  have  been  unemployed, 
the  offer  of  the  bank,  at  par,  was  decidedly  the  most  advantageous  for  the 
Government;  being,  as  is  explained  in  statement  N,  equal  to  un  individual 
offer  at  4f  per  cent,  premium. 

That,  during  the  progress  of  the  redemption  of  the  public  debt,  a  consider- 
able amount  may  be  applied,  l>y  a  judicious  management  of  the  public  reve- 
nue, to  other  than  the  ordinary  objects  of  expenditure,  is  apparent,  as  well 
from  a  retrospect  of  what  has  been  done  in  the  last  eight  years,  as  by  a  com- 
parison between  the  probable  receipts  and  expenditures  in  subsequent  years. 

For  the  eight  years  commencing  on  the  1st  January,  1817,  the  total  means 
of  the  Treasury,  including  a  balance  on  hand  on  that  day,  of  $22,033,599  19, 
and  the  sum  of  $16,336,747  3-4,  since  derived  from  loans,  may  be  esti- 
mated at  -  $210.275,899  11 

And  the  total  expenditure  at  -  205,769,230  20 

Of  this  amount  nearly  one-half  will  have  been  applied  to  the  payment  of 
the  principal  and  interest  of  the, public  debt,  viz:  -  $101,365,900  67 

To  the  payment  of  claims  under  the  Florida  treaty      -        4,891,368  56 

To  the  pensioners  of  the  revolution     -  9,400,00000 

To  the  erection  of  fortifications  4,200,000  00 

To  the  increase  of  the  navy     -  6,000,00000 

And  to  the  payment  of  demands  aris- 
ing out  of  the  late  war,  not  less  than  -        4,500,000  00 

Leaving  for  all  other  objects  of  expenditure,  including  the  civil  list,  inter- 
course with  foreign  nations,  army  and  navy,  pensions,  arming  the  militia, 
building  of  light-houses,  extinction  of  Indian  titles,  and  surveying  of  public- 
lands,  <fec.  &c.,  $75,400,000  ;  which  sum,  divided  among  the  eight  years, 
js  about  $9,425,000  per  annum. 

It  will  be  perceived  that,  excluding  the  loans,  the  annual  average  receipts 
in  those  years  may  be  estimated  at  $21,700,000;  and.  upon  the  data  al- 
ready shown,  the  annual  revenue,  in  subsequent  years,  may  be  estimated  at 
$21,500,000.  Should  no  important  change  be  made  in  the  existing  national 
establishments,  the  ordinary  annual  expenditures,  exclusive  of  what  may 
be  required  for  the  erection  of  fortifications  and  the  increase  of  the  navy, 
may  be  estimated  at  about  $18,500,000. 

Thus,  after  providing  for  the  annual  demands  for  the  payment  of  the  prin- 
cipal and  interest  of  the  public  debt,  and  for  all  the  ordinary  expenses  of  the 
Government,  there  will  remain,  for  the  next  eleven  years,  an  annual  surplus 
of  about  $3,000,000,  which,  after  the  extinction  of  the  debt  in  the  year  1835, 
will  receive  an  annual  addition  of  the  $10,000,000  now  appropriated  to  the 
public  debt ;  which  surpluses  may  be  applied  to  such  objects  conducive  to  the 
common  defence  and  general  welfare  of  the  nation  as  may  be  within  the 
constitutional  powers  of  Congress,  and  as  they,  in  their  wisdom,  may  deem 
proper.  All  which  is  respectfully  submitted. 

WM.  H.  CRAWFORD. 

TREASURY  DEPARTMENT,  December  31,  1824. 


1824.] 


SECRETARY  OF  THE  TREASURY. 


285 


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286 


REPORTS  OF  THE 
B. 


[1824. 


A  STATEMENT  exhibiting  the  value  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1823. 
(consisting  of  the  difference  between  articles  paying  duty,  imported,  arid 
those  entitled  to  drawback,  re-exported;)  and,  also,  oj  the  nett  revenue 
which  accrued,  that  year,  from  duties  on  merchandise,  tonnage,  pass- 
ports, and  clearances. 


MERCHANDISE  PAYING  DUTIES  AD  VALOREM. 

$931,271     at  7i  per  cent.        -           - 
13,933,703       15        do. 
6,120.369      20        do. 
15,467,941      25        do.                         .... 

1,645,610      30        do.              -                                   -           - 

$69,845  32 
2,090,055  45 
1,2^4,053  80 
3,866,9d5  25 
493,683  00 

$7,744,622  82 
9,764,792  05 

38,093,794      20.3     do.     average 

7,744,622  82 

SPECIFIC  DUTIES. 

1.     Wines,         1  ,730,105  gallons,  average  22.8  cents 
2.     Spirits,         3,702,152      do.          do.      44.7    do. 
Molasses,  13,284,451      do.          do.        5.0    do. 
3.     Teas,            6,796,364  pounds,      do.      30.9    do. 
Coffee,        18,603,330      do.          do.        5.0    do. 
4.    Sugar,        43,309,475      do.          do.        3.2    do. 
5.    Salt,             4,449,740  bushels,  at           20.      do. 
6.    All  other  articles 

394,416  25 
1,655,326  43 
664,222  55 
2,105,956  63 
930,166  50 
1,311,004  79 
889,948  00 
1,813,750  90 

From  which  deduct  duties  refunded,  after  deducting  therefrom  duties  on  mer- 
chandise, the  particulars  of  which  could  not  be  ascertained,  and  difference 
of  calculation    -                                               -           -  ' 

Add  2i  per  c.ent.  retained  on  drawback                                      -       126,35915 
Extra  duty  on  merchandise  imported  in  foreign  vessels    -        25,915  42 
Discriminating  duty  on  French  vessels      -                                 7,  183  58 
Interest  on  bonds     -                                                           -        20,86518 
Storage  received      -                                                                      3,714  86 

17,509,414  87 
57,011  09 

17,452,403  78 
184,038  19 

Duties  on  merchandise  - 
Duties  on  tonnage    - 
Light  money         '  .-  •  •  • 
Passports  and  clearances     - 

Deduct  drawback  on  domestic  refined  sugar  exported  - 
Drawback  on  domestic  distilled  .spirits  exported 

Gross  revenue     -           J                                        -    -  •          • 
Expenses  of  col  ec.  ion                -          «        '  •       .    *• 

Nett  revenue,  per  statement  A    -        "••••'.  ••V  '       - 

71,857  94 
17,038  16 
12,576  00 

17,636,441  97 
101,472  10 

2,281  68 
3,517  60 

17,737,914  07 
5,799  28 

.  -     r^.s 

17,732,114  79 
723,543  99 

17,008,570  80 

' 

'',           -  -          »   •'"          [-'.  -       •    f   •                                            <S~   '     "                                 "•"""•      i         •£•  '"'"      *^      "      *?'                  •*" 

1824] 


SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes. 


1.  Wines—  Madeira 
.  Burgundy 
Sherry  and  St.  Lucar  -          .  - 
Lisbon,  Oporto,  &c.     •*  i- 
Teneriffe,  Fayal,  &c. 
Claret,  in  bottles 
All  other                    —  ( 

2.  Spirits—  Grain           -  1st  proof         i>- 
2d    do. 
3d    do.        o/i&s 
4th  do. 
5th  do. 
Other,  1st  and  3d    do. 
3d    do.        :>"- 
4th  do. 
5th  do. 
Above  5th  do. 

3.  Teas—  Bohea':'-* 
Souchong 
Hyson  skin 
Hyson  and  young  hyson, 
Imperial                                  '•*  - 

Deduct  "exported  Souchong  •••'•>?>  - 

Add  extra  duty  on  teas  imported 
from  other  places  than  China 

4.  Sugar  —  Brown           -;-.»- 
White  clayed    -           -,    • 

5.  Salt  —  Imported 
Exported,                bushels  47,486 
Bounties  and  allowances 
*  tf       reduced  into  bushels,  at 
20  cents         *•  -           -938,223 

68,207  gallons,  at 
4,058      do. 
9,252      do. 
35,471      do. 
185,111      do. 
70,795      do. 
1,357,211      do. 

100  cents 
100  do. 
60  do. 
50  do. 
40  do. 
30  do. 
15  do. 

42  do. 
45  do. 
48  do. 
52  do. 
60  do. 
38  do. 
42  do. 
48  do. 
57  do. 
70  do. 

12  cents 
.25   do. 
28   do. 
40   do. 
50    do. 

56   do. 

3   do. 
4   do. 

20  cents 
20   do. 

$68,207  00 
4,058  00 
5,551  20 
17,735  50 
74,044  40 
21,238  50 
203,581  65 

1,730,105 

394,416  25 

196,138      do. 
32,928      do. 
40,230      do. 
15,955      do. 
548      do. 
431,876      do. 
1,112,062      do. 
1,870,470      do. 
1,315      do. 
630      do. 

82,377  96 
14,817  60 
19,310  40 
8,296  60 
SJ8  80 
164,112  88 
467*066  04 
897,825  60 
749  55 
441  00 

3,702,152 

1,655,326  43 

585,864  pounds,  at 
1,593,114      do. 
1  ,967,866      do. 
2,384,142     do. 
265,525      do. 

70,303  68 
398,278  50 
551,002  48 
953,656  80 
132,762  50 

6,796,511 
256      do. 

2,106,003  96 
8704 

6,796,255 

2,105,916  92 
39  71 

6,796,255 

2,105,956  63 

42,137,421      do. 
1,172,054      do. 

1,264,122  63 
46,882  16 

43,309,475 

1,311,004  79 

5,435,449  bushels,  at 
985,709      do. 

1,087,089  80 
197,141  80 

4,449,740 

889,94800 

*  ^  ^ 

•  .'  •  '•  ^ff*^:'  baa  iteh—  T^a-1'  "  • 

.  ,• 

-  .->'J 


288  REPORTS  OF  THE 

Explanatory  Statements  and  Notes — Continued. 


[1824- 


6.  All  other  articles,  viz  : 

duantit}'. 

Rate 
of 
duty. 

Duties. 

Cents. 

Duck—  Russia 

pieces 

28,582 

200 

$57,164  CO 

Ravens     - 

do. 

31,387 

125 

39/233  75 

Holland    - 

do. 

1,533 

250 

3,8o2  50 

Sheeting  —  brown  Russia 

do. 

3,729 

160 

5.966  40 

white  Russia 

do. 

541 

250 

1,'352  50 

Beer,  ale,  and  porter,  in  bottles   - 

gallons 

99,733 

15 

14,959  95 

in  casks     - 

do. 

12,196 

10 

1,219  60 

Oil  —  spermaceti 

do. 

24,948 

25 

6,237  00 

whale  and  other  fish 

do. 

1,115 

15 

167  25 

olive,  in  casks 

do. 

5,651 

25 

1,412  75 

Cocoa        -                                   - 

pounds 

787,586 

2 

15,751  72 

Chocolate                         -                       - 

do. 

2,086 

3 

62  58 

Sugar  —  candy 
loaf 

do. 
do. 

1,157 

840 

12 
12 

138  84 
100  80 

other  refined  and  lump  - 

do. 

574 

10 

57  40 

Fruits  —  almonds 

do. 

393,044 

3 

11,791  3-2 

currants                          *     ,       -          ,- 

do. 

152,476 

3 

4,574  28 

prunes  and  plums 

do. 

156,839 

3 

4,705  17 

figs 

do. 

485,908 

3 

14,577  24 

raisins,  in  jars,  and  Muscatel    - 

do. 

1,290,225 

3 

38,706  75 

other 

do. 

1,256,947 

2 

25,138  94 

Candles  —  wax  or  spermaceti 

do. 

2,502 

6 

150  12 

C  heese 

do. 

66,122 

9 

5,950  98 

Soap 

do. 

281,044 

3 

8,431  32 

Tallow     - 

do. 

_ 

1 

Spices  —  mace 

do. 

3,399 

100 

3,399  00 

nutmegs 

do. 

34,865 

60 

20,919  00 

cinnamon 

do. 

11,834 

25 

2,958  50 

cloves     -                        .>'„'.« 

do. 

93,936 

25 

23,  4M  00 

pepper    - 

do. 

1,629,330 

8 

130,346  40 

pimento  - 

do. 

507,773 

6 

30,466  38 

cassia      -                                           ,    - 

do. 

'277,555 

6 

16,653  30 

Tobacco,  manufactured,  other  than  snuff  and 

segars 

do, 

7,085 

10 

708  50 

Snuff        -                                    -  '         - 

do. 

250 

12 

30  00 

Indigo       -                                   ... 

do. 

321,748 

15 

48,262  20 

Cotton       -        ,,.f           -           -.'.-• 

do. 

138,116 

3 

4,143  48 

Gunpowder 

do. 

27,126 

8 

2,170  08 

Bristles     - 

do. 

98,158 

3 

2,944  74 

Glue         -                       -    '       - 

do. 

95,323 

5 

4,766  15 

Paints  —  ochre,  dry 

do. 

1,503,320 

1 

15,033  20 

in  oil 

do. 

18,823 

u 

282  34 

white  and  red  lead         .'.»•« 

do. 

3,514,412 

3 

105,432  36 

Lead  —  pig,  bar,  and  sheet 

do. 

930,055 

1 

9,300  55 

manufactured  into  shot    - 

do. 

814,501 

2 

16,290  02 

Cordage  —  tarred,  and  cables 

do. 

94,123 

3 

2,823  69 

untarred          ... 

do. 

283,361 

4 

11,334  44 

twine                           - 

do. 

361,567 

4 

14,462  68 

Copper  —  rods  and  bolts   -                      .           '. 

do. 

27,286 

4 

1,091  44 

nails  and  spikes            ... 

do. 

10,649 

4 

425  96 

Wire  —  iron  and  steel,  not  above  No.  18 

do. 

450,562 

5 

22,528  10 

above  No.  18       - 

do. 

244,050 

9 

21,964  50 

Iron  —  tacks,  brads,  &c.,  not  above  16  oz. 

M. 

23.204 

5 

1,160  20 

above  16  oz. 

do. 

625 

4 

25  00 

Nails        -           -           -           -       ,    - 

pounds 

499,537 

4 

19.P81  48 

Spikes       ..... 

do. 

54,969 

3 

1,649  07 

Anchors    ....                       fc 

do. 

133,444 

2 

2,668  88 

Iron—  pig                         - 

cwt. 

49,845 

£0 

24,922  50 

castings 

do. 

18,676 

75 

14.C07  00 

JS24.]  SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


6.  All  other  articles. 

Quantity. 

Rate  of; 
duty. 

Duties. 

Cents. 

Iron,  bar,  rolled                                        .-;  -  -    cwt. 

73,369 

150 

$110,053  50 

hammered  -                               ~  -        do. 

692,437 

75 

519,327  75 

sheet,  rod,  and  hoop      -                        -        do. 

35,837 

250 

89,592  50 

Steel   ---                                   -        do. 

18,570 

100 

18,570  00 

Hemp                                                             -        do. 

65,826 

150 

98,739  00 

Alum  -                       -                                   -        do. 

1,130 

200 

2,260  00 

Copperas        -  -    •<  '   -  •         -                      -       do. 

12,838 

100 

12,838  00 

Coal    -        ,  «  „                   -           -           -    bushels 

719,021 

5 

35,951  05 

Fish,  dried  or  smoked            -           -            -  quintals 
salmon,  pickled             -                       -     barrels 

2,057 
2,645 

100 
200 

2,057  00 
5,290  00 

mackerel,  pickled        •                       -    ,    do. 

97 

150 

145  50 

other,  pickled   -           -   -                    -        do. 

288 

100 

288  00 

Glass,  bottles,  black  quart      -                       -      gross 

11,761 

144 

16,935  84 

window,  not  above   8  by  10   -           -  100  sq.ft. 

2,516 

250    !           6,290  00 

10  by  12    -           -        do. 

1,174 

275 

3,228  50 

above        10  by  12   -           -        do. 

3.599 

325 

11,696  75 

Boots  -                                                           -      pairs 

112 

150 

168  00 

Shoes  and  slippers,  silk         -           -           -        do. 

1,641 

30 

492  30 

leather,  men's,  &c.         -        do. 

2,939 

25 

734  75 

children's      -"---     do. 

15 

Segars                                     -       .  ;  -of  •       -        M. 

14,619 

250 

36,547  50 

Playing  cards                                                 -     packs 

841 

30 

252  30 

Paints  —  whiting,  and  Paris  white     -  •   •       •     pounds 

507,821 

•   ty~';T~.-   I 

1 

5,078  21 

, 

I 

1,814,854  75 

Deduct  excess  of  exportation  over  importation,  viz  : 
Candles,  tallow     *—  —  "-—       -    at    3  cents,  34.302 

81,029  06 

i-l  I; 

g,         <S 

Tallow      -                                   -    at    1  cent,     5,304 

53  04 

Shoes,  children's  -           -           -    at  15  cents,       145 

21  75 

1    103  Hfl 

-*             '           -or  -£'7    !  ^ 

'•»  '$ 

1  ,  1W     Of 

1,813,750  90 

TREASURY  DEPARTMENT, 

Register's  Office,  January  1,  1825. 

JOSEPH  NOURSE,  Register. 


VOL.  n.— 19 


290 


REPORTS  OF  THE 


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REPORTS  OF  THE 
E. 


STATEMENT  of  moneys  received  into  ike  Treasury,  from  all  sources 

other  than  customs  and  public  lands,  during  the  year  1823. 

From  arrears  of  old  internal  revenue  $73  96 

direct  tax  of  1798   -  108  00 

new  internal  revenue                                    -  34,168  21 

new  direct  tax                                             -  10,229  71 

dividends  on  stock  in  the  Bank  of  the  United  States  -  350.000  €0 

fees  on  'Betters  patent  -  4,740  00 

postage  of  letters  110  69 

cents  coined  in  the  mint  of  the  United  States  -  12,750  GO1 

fines,  penaltits,  and  forfeitures  10  00 

returned  passage  money  of  American  seamen  30  00 

amount  received  Mnder  the  act  to  abolish  the  United 

States  trading  e^ablishments  37,547  95 

surplus  emoluments  »f  officers  of  the  customs  -  -  22,492  84 
moneys  previously  advmeed  on  account  of  the  fourth 

census  -  3,178  84 
moneys  previously  advar/^ed  on  account  of  military 

pensions  -  1,828  84 
moneys  previously  advanced  on  account  of  prisoners 

of  war  -  4.683  65 
balances  of  advances  made  to  tae  War  Department, 

repaid  under  the  3d  section  of  die  act  of  the  1st  of 

May,  1820                                                               -  53.758  03: 

$535.709  72 

TREASURY  DEPARTMENT, 

Register's  Office,  December  16,  1824. 

JOSEPH  NOfcRSE,  Register. 


1,058,911  65 


1824]  SECRETARY  OF  THE  TREASURY. 

F. 


STATEMENT  of  the  expenditures  of  the    United  States  for  the 

year  1823. 

CIVIL,    MISCELLANEOUS,    AND    DIPLOMATIC,    VIZ : 

Legislature  $339,057  22 

Executive  departments  473,668  91 

Officers  of  the  mint  9,600  00 

Surveying  department   -  15,216  66                    yaT 

Commissioner  of  the  Public  Buildings    -  1,500  00 

Governments  in  the  Territories  of  the 

United  States  -            -  29,518  75 

Judiciary  190,350  11 

Annuities  and  grants  .«.v  2.328  14 

Mint  establishment  14,139  12 

Unclaimed  merchandise  334  59 

Light-house  establishment                      -  207,610  23 

Surveys  of  public  lands  135.996  98 

Boundary  lines  between  Missouri  and 

Arkansas  2,00000 

Land  claims  in  Florida  Territory  8,292  95 

Adjustment  of  land  claims  in  Michigan 

Territory  500  00 

Road  from  Cumberland  to  Ohio  5,289  48 

Repairing  road  from  Cumberland  to  Ohio  8,000  00 

Roads  within  the  State  of  Indiana  17,857  84 

Roads  and  canals  within  the  State  of  Mis- 
souri -  4,729  14 

Marine  hospital  establishment    -  44,761  13 

Public  buildings  in  Washington  116,200  00 

Apartments  in  the  City  Hall  for  the  Cir- 
cuit Court  of  the  United  States 

Monument  over  the  tomb   of  Elbridge 

Gerry  1,000  00 

Payment  of  claims  for  property  lost  100  00 

Payment  of  balances  due  to  officers  of  old 

internal  revenue,  <fcc.  2,027  67 

Payment  of  balances  due  to  collectors  of 

new  internal  revenue  203  72 

Prohibition  of  the  slave  trade    -  2,682  08 

Encouragement  of  learning  within  the 

State  of  Illinois  5,955  82 

Payment  of  certain  certificates     -  331  34 

Purchase  of  the  sixth  volume  of  the  Laws 

of  the  United  States    -  2,200  00 

Rebuilding  the  public  wharf,  and  repair-  # 

ing  public  stores  at  Staten  island  13,499  00 

Additional  Commercial  Digest    -            •  <*•  1,000  00 

Miscellaneous  expenses  -            -  64,024  55 

671,063  78 


294 


REPORTS  OF  THE 

$101,328  56 
30,584  37 
69,520  00 


[1824.. 


Diplomatic  department 

Contingent  expenses  of  foreign  inter- 
course 

Missions  to  the  independent  nations  on 
American  continent 

Relief  and  protection  of  American  sea- 
men 25,984  28" 

Treaty  with  Spain      -  20,272  93 

Prize  causes    -  12,000  Ott 

Treaty  of  Ghent,  (4th,  6th,  and  7th  ar- 
ticles) -  -  13,394  00 

Treaty  of  Ghent,  (first  article)  10,014  20 

Treaties  with  Mediterranean  powers  -  9,020  22 


MILITARY    DEPARTMENT,    VIZ: 

Pay  of  the  army  -  -  -  952,944  51 
Subsistence  -  271,712  56 
Forage  -  35,624  71 
Clothing  126,833  41 
Medical  and  hospital  department  18,175  19 
Contingent  expenses  -  16,337  11 
Ordnance  32,872  06 
Quartermaster's  department  -  262,707  83 
Repairs  and  contingencies  of  fortifica- 
tions -  .  28,123  31 
Fort  Monroe  -  102,142  89 
Fort  Calhoun  -  -  78,343  59 
Fort  Washington  32,971  93 
Fort  Delaware  -  46,500  00 
Fort  on  Mobile  Point  -  81,997  18 
Fort  on  the  right  bank  of  the  Mississippi  15,675  79 
Fort  opposite  Fort  St.  Philip  -  23,697  20 
Military  Academy  at  West  Point  11,187  62 
Brigade  of  militia  794  56 
Medals  for  officers  -  2,700  00 
Arrearages  44,854  83 
Balances  due  to  certain  States  -  6,84150 
Preservation  of  arms  -  v.-r  4224 
Repairing  arms  -  -  -  418  95 
Preservation  of  ammunition  1,796  58 
Army  supplies  -  4,495  33 
Repairs  of  arsenals  -  175  23 
Arming;  and  equipping  the  militia  207,956  24 
Gratuities  3.050  77 
Armories  344,541  77 
National  armories  on  the  western  waters  3,500  00 
Expenses  of  recruiting  -  .  9.086  99 
Militia  courts- martial,  New  York  -  2^487  74 
Militia  courts-martial,  Pennsylvania  -  152  80 


$292,118  56 
2,022,093  99 


•i* 


'i'i 


1824.] 


SECRETARY  OF  THE  TREASURY. 


Barracks  at  Baton  Rouge  - 

Purchase  of  woollens  for  1823 

Road  from  Plattsburg  to  Sa^kett's  Harbor 

Ransom  of  American  captives 

The  Rigolets 

Arsenals 

Maps,  plans,  &c.,  for  War  Office     - 

Revolutionary*  pensions 

Invalid  and  half-pay  pensions 

Contingencies  of  Indian  department 

Civilization  of  Indians 

Pay  of  Indian  agents 

Pay  of  sub-agents   - 

Presents  to  Indians  r. 

Treaty  with  the  Creeks 

Treaty  with  the  Choctaws  - 

Saginaw  treaty 

Treaty  of  Chicago  - 

Purchase  of  Creek  and  Cherokee  reserva- 
tions -  *•'•- 

Annuities  to  Indians 

Reservation  of  Indian  lands 

Purchase  of  lands  in  Tuscarawas  county, 
Ohio 

Bounties  and  premiums 

Fortifications 

Repairs  of  Fort  Jackson 

Cannon,  powder,  shot  and  shells 

Expenses  at  arsenals 

Relief  of  sundry  individuals 

Relief  of  officers,  £c.  of  Seminole  cam- 
paign 


$29,178  77 

75,000  00 

2,150  00 

2.536  90 

94,527  82 

30,861  08 

10  00 

1,449,097  04 

331,491  48 

74,884  28 

13.765  67 

23,560  60 

11.475  29 

11,578  27 

23,053  37 

502  58 

2,000  00 

1,050  00 

34,500  00 

183,074  88 

9,000  00 

1,000  00 

3,094  04 

4,281  00 

3,856 

369 

4 


30 
63 
19 


From  which  deduct  the  following  repayment : 
Expenses  of  holding  treaties  with  Indians, 
per  act  of  20th  April,  1818 


39,255  81 
41,056  47 
5,266,957  89 


8,663  12 


-$5,258,294 


NAVAL    DEPARTMENT,  VIZ  : 


Pay  of  the  navy      - 
Provisions  - 
Repairs  of  vessels   - 
Navy  yards,  &c. 
Medicines    - 
Contingent 

Ordnance  and  ordnance  stores 
Superintendents,  <fcc. 
Laborers  and  fuel  for  engine 
Gradual  increase    - 
Suppression  of  piracy 
Prohibition  of  the  slave  trade 


904,654  43 

217,260  20 

399,174  85 

82,324  73 

26,161  98 

158,108  51 

7,666  61 

40,201  75 

21,851  00 

307,729  34 

104,476  93 

8,498  75 


REPORTS  OF  THE 


[1824. 


Inclined  plane  docks,  &c.    - 

Ship  houses 

Survey  of  the  coast  of  Florida 

Survey  of  the  coast  of  North  Carolina 

Pay  and  subsistence  of  the  marine  corps 

Clothing  of  marine  corps 

Fuel  for  marine  corps 

Military  stores,  marine  corps 

Contingencies,  marine  corps 


From  which  deduct  the  following  repay- 
ments : 

Purchase  of  timber       -            -  $  100  00 

Purchase  of  vessels  from  8  to  16 

guns                                        -  1,532  03 

Captors  of  Algerine  vessels        -  14,970  25 

Officers  and  crew  of  the  Hornet  250  83 


$24,700  06 

4,914  11 

1,337  50 

402  00 

154,353  30 

27,878  15 

4,134  32 

7,937  80 

16,852  62 

2.520.618  94 


16,853  11 


-$2,503,765  83 


PUBLIC    DEBT,  VIZ  : 


Interest  and  reimbursement  of  domestic  debt 
Certain  parts  of  domestic  debt 
Reimbursement  of  Mississippi  stock 


5,524,034  37 

504  97 

5,477  07 


5,530,016  41 


$15.314,171  00 


TREASURY  DEPARTMENT, 

Register's  Office^  December  16,  1824. 

JOSEPH  NOURSE,  Register. 


SECRETARY  OF  THE  TREASURY. 


297 


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SECRETARY  OF  THE  TREASURY. 
H. 


299 


STA  TEMENT  of  moneys  received  into  the  Treasury  from  all  sources 
other  than  customs  and  public  lands^  from  the  1st  of  January  to  the 
'  September,  1824. 

$5,203  50 
28,053  94 
998  46 
350,000  00 
4,770  00 
5,550  00 
10  00 
31,490  56 

17,860  00 


From  arrears  of  old  direct  tax  of  1798    - 

new  internal  revenue  ?  V-^ 
new  direct  tax     - 

dividends  on  stock  in  the  Bank  of  the  United  States 
fees  on  letters  patent 
cents  coined  at  the  mint 

returned  passage  money  of  an  American  seaman    - 
surplus  emoluments  of  officers  of  the  customs 
money  received  under  the  act  to  abolish  the  United 

States  trading  establishments 
balances  of  advances  made  to  War  Department,  re- 
paid under  the  3d  section  of  the  act  of  1st  May, 

1820       .;-.T, 

moneys  previously  advanced  on  account  of  prison- 
ers of  war 

moneys  previously  advanced  on  account  of  military 
pensions  -  ^ 


loan  of  five  millions,  at  4£  per  cent.,  to  provide  for 
the  awards  under  the  treaty  with  Spain  - 


42,498  69 

2,984  91 

400  00 

489,820  06 

5,000,000  00 

$5,489,820  06 


TREASURY  DEPARTMENT, 

Register's  Office,  December  16,  1824. 

JOSEPH  NOURSE,  Register. 


300 


VfCv  •  *V    -  *" 

STA  TEMENT  of  the  expenditures  of  the   United  States,  from  the 
1st  of  January  to  the  3Qth  September.  1824. 

CIVIL,  MISCELLANEOUS,  AND  DIPLOMATIC. 


Legislature 

Executive  departments  - 

Officers  of  the  mint 

Commissioner  of  the  Public  Buildings    - 

Surveying  department     - 

Governments  in  the   Territories  of  the 

United  States 
Judiciary 

Annuities  and  grants 
Mint  establishment 

Payment  of  demands  for  unclaimed  mer- 
chandise 

Light-house  establishment 
Surveys  of  public  lands 
Boundary  lines    between   Missouri   and 

Arkansas 

Land  claims  in  Florida  Territory 
Registers  and  receivers  of  land  offices     - 
Repairing  road  from  Cumberland  to  Ohio 
Roads  within  the  Indian  territory,  from 

Nashville  to  New  Orleans 
Roads  within  the  State  of  Indiana 
Roads  within  the  State  of  Alabama 
Roads  and  canals  within  the  State  of  Mis- 

souri  - 

Payment  to  Ohio  of  the  nett  proceeds  of 
lands  sold  under  the  3d  section  of  the 
act  of  28th  February,  1823    - 
Marine  hospital  establishment     - 
Public  buildings  in  Washington 
Payment  of  certain  certificates    - 
Payment  of  balances  to  collectors  of  new 

internal  revenue 

Payment  of  balances  to  officers  of  old  in- 
ternal revenue  and  direct  tax 
Accommodation  of  the  President's  house- 
hold   - 

Miscellaneous  expenses  - 
Payment  of  claims  for  property  lost 
Land  claims  in  St.  Helena  land  district  - 


$515,388  39 

358,226  46 

6,910  00 

1,125  00 

13,520  56 

22.457  79 
160,236  88 

1,653  02 
21,469  76 

784  27 

110,397  82 

87,630  00 

1,000  00 

10,297  46 

706  00 

17,000  00 

7,920  00 
11,462  73 
32,969  01 

3,282  79 


10,206  41 

35,445  84 

87,800  76 

331  10 

353  73 

530  26 

839  24 

106,51)9  22 

20  00 

937  50 


$1,077,865  08 


1824.] 


SECRETARY  OF  THE  TREASURY. 


Diplomatic  department      -                         -  $56,023  95 

Contingent  expenses  of  foreign  intercourse  15,664  83 
Missions  to  the  independent  nations  on  the 

American  continent  28,669  72 

Relief  and  protection  of  American  seamen  23,457  36 

Treaty  of  Ghent,  (4th,  6th,  and  7th  articles)  10,01 1  44 

Treaty  of  Ghent,  (1st  article)  10,699  10 

Treaty  with  Spain  15,517  60 

Claims  on  Spain                                       "-^  4,775,671  99 

Treaties  with  Mediterranean  powers  5,000  00 

MILITARY  DEPARTMENT,  VIZ  : 


Pay  of  the  army 
Subsistence  rr'-; 

Forage 
Clothing  - 

Medical  and  hospital  department  - 
Contingencies 
Ordnance 

Quartermaster's  department 
Fortifications 

Repairs  and  contingencies  of  fortifications 
Fort  Monroe 
Fort  Calhoun 
Fort  Washington 
Fort  Delaware 
Fort  on  Mobile  Point 
Fort  at  the  Rigolets 
Fort  Jackson,  at  Plaquemine  Turn 
Fort  at  Brenton's  Point 
Fort  at  New  Utretcht  Point 
Repairs  of  Plymouth  beach 
Harbor  of  Presque  Isle 
Improving  the  Ohio  and  Mississippi  rivers 
Surveys,  &c.  of  roads  and  canals 
Relief  of  officers,  &c.  of  Seminole  cam- 
paign 

Military  Academy,  West  Point    .  - 
Medals  for  officers 
Arrearages  -^ 

Balances  due  to  certain  States 
Bounties  and  premiums    - 
Gratuities 

Expenses  of  recruiting    - 
Armories 
Arsenals 

Arming  and  equipping  the  militia 
National  armory,  western  waters  - 
Purchase  of  Gridley's  farm 
Purchase  of  woollens  for  1825 
Ransom  of  American  captives 


819.361  57 

202,794  14 

32.985  44 

151^073  46 

20,170  56 

10,173  46 

31,584  97 

227,353  30 

227  70 

7,956  65 

72,077  35 

57,102  09 

9,275  14 

11,500  00 

84,630  99 

92,000  00 

54,824  17 

28,500  00 

5,000  00 

10,000  00 

1,000  00 

2,736  84 

16,379  00 


10,355  27 
9,892  31 
2,215  00 
23,157  46 
5,510  27 
21,332  95 
12,176  72 
6.235  70 
294,357  38 
1,800  00 
142,289  81 
3,117  00 
10,000  00 
-  <        12,000  00 
652  75 


$ 4,940,71 5  99 


302 


REPORTS  OF  THE 


[1824. 


Maps,  plans,  &c.  for  War  Office    - 

Road  from  Plattsburg  to  Sackett's  Harbor 

Road  from  Ohio  to  Detroit 

Road  from  Pensacola  to  St.  Augustine 

Relief  of  sundry  individuals 

Invalid  and  half-pay  pensions 

Revolutionary  pensions 

Purchase  and  reservation  of  Indian  lands 

in  Georgia 

Purchase  of  duapaw  lands 
Treaty  with  the  Choctaws 
Treaty  with  the  Creeks     - 
Treaty  with  the  Florida  Indians  - 
Military  escort  to  Florida  Indians 
Civilization  of  Indians 
Pay  of  Indian  agents 
Pay  of  sub-agents 
Presents 

Contingencies,  Indian  department, 
Indian  annuities 


From  which  deduct  the  following  re- 
payment : 
Expenses  of  holding  treaties  with  Indians, 

per  act  of  20th  April,  1818        $599  67 
Fort  opposite  Fort  St.  Philip  168  00 


$652  75 

1,350  00 

125  00 

15,000  00 

133,600  78 

230,442  93 

1,266,531  23 

4,000  00 

7,000  00 

480  00 

23,000  00 

23,657  50 

3,500  00 

10,011  49 

24,799  24 

10,868  33 

15,249  95 

98,353  70 

176,825  00 

4,549,142  16 


767  67 


NAVAL    DEPARTMENT,  VIZ  : 

Pay  of  the  navy  $153,309  12 

Provisions                         -  -;      227,951  88 

Medicines  -  33,179  66 

Repairs  of  vessels  303,608  01 

Ordnance  and  ordnance  stores  -  20,017  48 

Navy  yards,  &c.  54,528  41 

Pay  of  the  navy  afloat      -  -       544,908  33 

Pay  of  the  navy  shore  stations     -  -        169,221  06 

Contingent  expenses,  prior  to  1824  100,533  57 

Contingent  expenses  for  1824  -         87,826  99 

Contingent  expenses,  not  enumerated  -  44  45 

Gradual  increase  -  -       225,544  58 

Inclined  plane  docks,  &c.  -  7,712  53 

Ship-houses  -  31,386  60 

Suppression  of  piracy       -  14,036  12 

Prohibition  of  the  slave  trade  -  -         12,535  03 

Survey  of  the  coast  of  Florida  -  855  67 

Survey  of  Charleston  harbor  -  2,962  37 

Superintendents,  artificers,  &c.  -  -          3,182  10 

Laborers,  and  fuel  for  engine  -  -          7,432  97 


1,548,374  49 


1824.1 


SECRETARY  OF  THE  TREASURY. 


303 


Rewarding  officers  and  crews  of  two  gigs, 

under  command  of  Lieutenant  Gregory  $3,000  00 

Captors  of  Algerine  vessels  56  59 

Relief  of  sundry  individuals  1,619  26 

Pay  and  subsistence  of  marine  corps  129,904  66 

Clothing  for  the  marine  corps      -  19,592  42 

Military  stores  for  the  marine  corps  3,051  25 

Fuel  for  the  marine  corps  3,775  93 

Contingent  for  the  marine  corps  -  5,288  41 

Medicines  for  the  marine  corps    -  450  29 

Barracks  for  the  marine  corps       -  5,631  81 

2,173,147  55 

From  which  deduct  the  following  repay- 
ments : 

Rewarding  the  officers  and  crew  of  the  Con- 
stitution -  $66  63 

Building  barges    -  -    409  58 


476  21 


$2,172,671  34 


PUBLIC  DEBT,  VIZ  : 

Interest,  &c.,  domestic  debt  -  4,101,284  94      *  r 

Redemption  of  seven  per  cent,  stock  -  4,170,623  97 

Reimbursement  of  Mississippi  stock  2,600  00 

Principal  and  interest  of  Treasury  notes      -  20  00 

8.274,528  91 

$21,563,702  73 

TREASURY  DEPARTMENT, 

Register's  Office,  December  16,  1824. 

JOSEPH  NOURSE,  Register, 


304 


REPORTS  OF  THE 


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VOL.  ii.— 20 


306 


REPORTS  OF  THE 
M. 


[1824. 


SUMMARY  STATEMENT  of  proposals  made  by  the  Bank  of  the 
United  States  and  others  for  the  loan  of  five  millions  of  dollar :s,  author- 
ized by  the  act  of  the  26th  of  May,  1824. 

By  the  bank  (upon  the  condition  of  receiving  the  entire 


loan)  at  par 

By  individuals— 

At  par 

At  -|  per  cent,  advance 


At  1 

do. 

At  lTf, 

do. 

At  H 

do. 

At  1£ 

do. 

At  15- 

do. 

At  1  1 

do. 

At  2 

do. 

At  21 

do. 

At  3 

do. 

At  4 

do. 

At  4/r 

do. 

$5,000,000  00 


1,004,000  00 
50.000  00 
60.000  00 

1,OOOJOOO  00 
10,000  00 
10,000  00 
10,000  00 
10,000  00 
50,000  00 
28,586  37 
30.000  00 
10JOOO  00 
200,000  00 


2.472,586  37 
At  such  premium  as  may  be  fixed  upon  for  the  entire  loan, 

not  to  exceed  5  per  cent. 
In  stock,  on  as  favorable  terms  as  the  loan  is  taken,  not 

exceeding  2  p*r  cent,  advance  30,000  00 

At  par,  or,  if  the  v*hole  loan  is  made  at  an  advance,  at  such 

an  advance  at  w^ich  it  may  be  effected  32,000  00 


20,000  00 


Making  an  average  prtminm  of  97^  cents  per  cent,  on     -    $2,554,586  37 


1824:]' 


SECRETARY  OF  THE  TREASURY. 


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309 


REPORTS  OF  THE 

No.  1. 


[1824., 


STATEMENT  of  the^ebt  of  the  United  States,  October  1,  1823. 


\  " 
Deferred  six  per  cent,  stock,.  unredeemed\mount  - 
Three  per  cent,  stock 
Exchanged  six  per  cent,  stock 

Six  per  cent,  stock  of  1812    -                               \  - 
Do.           do.        1813  (1G  millions)               \. 
Do.           do.        1813  (7t  millions)      - 
Do.            do.        1814    - 
Do.           do.        1815    - 
Treasury  note  six  per  cent,  stock 
Do.             seven  per  cent,  stock  - 
Five  per  cent,  stock  subscription  to  Bank  United  Slates 
Do.             of  1820 
Do.             of  1821 
Exchanged  five  per  cent,  of  1822 

•''."'•'       "  '"'         *     '      r' 

$632,112  14 
13,21)6,231  45 
2,668,974  99 

816,597,318  5b 
73,854,545  43> 

6,187,006  84 
15,497,818  63 
6,812,845  44 
13,001,437  63 
9,490,099  10 
1,466,847  34 
8,606,490  27 
7,000,000  00 
999,999  13 
4,735,296  30 
56,704  77 

\ 
'    '    \    "•* 

90,451,864  03 

TREASURY  DEPARTMENT, 

Register's  Office.  December  23,  1824. 

JOSEPH  NOURSE,  Register, 


No.  2. 
STATEMENT  of  the  debt  of  the  United  Slates,  Januaty  1,  1824. 


Deferred  six  per  cent,  stock,  unredeemed  amo.unt   - 
Three  per  cent,  stock 
Exchanged  six  per  cent,  stock 

Six  per  cent,  stock  of  1812    - 
Do.           do.        1813  (16  millions) 
Do.           do.        1813  (7*  millions)      -     . 
Do.          ,do.        1814    - 
Do.           do.        1815    - 
Treasury  note  six  per  cent,  stock 
Do.            seven  per  cent,  stock  -     ;      -                       - 
Five  per  cent,  stock  subscription  to  Bank  United  Stales     -, 
Do.             of  1820                          -      ,     - 
Do.              of  1821                      .   ,-  .    .     - 
Exchanged  five  per  cent,  of  1822 

/ 

$357,546  26 
13,296,231  45 
2,668,974-99 

$16,3^752-  70 
73,855,262  20 

6,187,006  84 
15,497,818  63 
6,812,845  44 
13,001,437  63 
9,490,099  10 
1,467,564  09 
8,606,490  27 
7,000,000  00 
999,999  13 
4,735,296  30 
56,704  77 

90,178,014  90 

TREASURY  DEPARTMENT, 

Register's  Office,  December  23,  1824. 

JOSEPH  NOURSE,  Register. 


1824.]  SECRETARY  OF  THE  TREASURY,  309 

No.  3. 
STA  TEMEXT  of  the  debt  of  the  United  States,  1st  October,  1824. 

Three  per  cent,  stock  -  $13,296,231  45 

Exchanged  six  per  cent,  stock   -  2,668,974  99 

$15,965,206  44 

Six  per  cent,  stock  of  1812  -       6,187,006  84 

Six  per  cent,  stock  of  1813  (16  millions)  "15,497,818  63 
Six  per  cent,  stock  of  1813  (7£  millions)  *6,812,845  44 
Six  per  cent,  stock  of  1814  -  13,001,437  63 

Six  per  cent,  stock  of  1815         -  -       9,490,099  10 

Treasury  note  six  per  cent,  stock  ]  ,467.564  09 

Treasury  note  seven  per  cent,  stock  4,483,093  17 

Five  per  cent,  stock,  (subscription  to  the 

Bank  of  the  United  States)      -  7.000,000  00 

Five  per  cent,  stock  of  1 820  '  -  .-1  :  •  •  --T  *  999,999  13 
Five  per  cent,  stock  of  1821  -  4.735,296  30 

Exchanged  five  per  cent,  stock  of  1822  -  56,704  77 

Four  and  one-half  per  cent,  stock,  per  act 

of  the  24th  May,  1824  5,000,000  00 

74,731,865  10 


Amount  -       $90,697,071  54 

TREASURY  DEPARTMENT, 

Register's  Office,  December  23,  1824. 

JOSEPH  NOURSE,  Register. 

*  There  has  been  issued,  since  the  1st  of  October  last,  tinder  the  act  of  the  26th  May,  1824, 
certificates  of  four  and  one-half  per  cent,  stock,  in  exchange  for  an  equal  amount  of  the  sis 
per  cent,  stocks  of  1813,  subscribed  prior  to  that  day,  the  sum  of  $3,303.307  45, 


NOTE. 

••nf:r'J>.';>.  ;  ->ri  ad; ;{'.'  ,-•    .b  -t^yi  bn>; 

The  amount  of  the  debt  on  the  1st  October,  1823,  per  estimate  (No.  3) 
which  accompanied  the  Secretary's  report  of  the' 3 1st  December,  1823, 
was  stated  at  -  -  $90,451,834  24 

The  reimbursement  of  the  deferred  stock,  to  that  day,  in- 
clusive, was  over-estimated        -'  1^-^         -  29  79 


Amount  of  the  debt  on  the  1st  October.  1823,  per  statement 

No.  1,  herewith  -  $90,451,864  03 

Add  Treasury  note  six  per  cent,  stock,  issued  in  the  fourth 

quarter  of  1823  716  75 

$90,452,580  78 

Deduct  reimbursement  of  deferred  stock  on  the  31st  De- 
cember, 1823    -  '•*•:'-         274,565  88 


310  REPORTS  OF  THE  [182-1. 

Amount  of  the  debt  on  the  1st  January,  1824.  per  statement 

No.  2,  herewith  -  890.178.014  90 

Add  four  and  one-half  per  cent,  stock,  issued  under  the  act 
of  the  24th  May,  1834  5,000,000  00 

895,178.014  90 
Deduct,  reimbursement  of  deferred  stock 

during  the  first  three  quarters  of  1824-       $357,546  26 
And  the  seven  per  cent,  stock  purchased 
under  the  act  of  22d  January,  1S24    -      4,123.397  10 

4,480,943  36 


Amount  of  the  debt  on  the  1st  October.  1S24,  as  above 

stated  -  '  -  $90,697,071  54 

Add  estimated  amount  of  four  and  one-half  per  cent,  stock 
proposed  to  be  issued  during  the  fourth  quarter  of  the 
present  year,  under  the  act  of  the  26th  May,  1824  -  2,500,000  00 

$93,197,071  54 

Deduct  payments  to  be  made  during  the  same  period;  viz  : 
For  the  redemption  of  .the  exchanged  six 

per  cent,  stock  $2,668.974  99 

Residue  of  the  seven  per  cent,  stock        -       4.483.093  17 

7,152,068  16 

Which  will  reduce  the  debt  on  the  1st  January,  1825,  to  -  $86,045.003.38 


ESTIMA  TED  amount  of-  Treasury  notes  outstanding  on  the  1st  Octo- 
ber, 182/1. 

Total  amount  issued,  as  per  No.  4,  of  last  report  -  $36,680.794  00* 

Cancelled  and  reported  on  by  the  First  Auditor  -     36,661,038  00 


Outstanding     *,,  ?_ 

Consisting  of  small  Treasury  notes,  j}^ 
Notes  bear  in  2;  interest     - 


$19,756  00 


sbb  ar?J 


$19,756  00 


TREASURY  DEPARTMENT, 

Register's  Office,  December  23,  1S24. 

JOSEPH  NOURSE,  Register. 

j 

-sG  Ja'Ifc  i>rft  iiu  ;pote  IJOT:  •.«)•:>!>  tu  •  <-  M^roH 


1824.]  SECRETARY  OF  THE  TREASURY.  3il 

-  r     '*- 

No.  5. 

"  ' 

>S'21  TEMENT  of  the  slock  issued  -under  the  act  of  Congress  entitled 
u  An  act   supplementary  to  the  act  for  the  indemnification  of  certain 
claimants  of  public  lands  in  the  Mississippi  Territory"  passed  on  the 
3d  of  March,  IS  15. 
Amount  of  claims  awarded,  per  statement  No;  5.  of  last 

report  ;>ia       .-  $4,262,151  12£ 

Whereof  there  was  paid  in  for  lands,  per  said  report     -   $2,447,535  39 
Payments  at  the  Treasury  to  .the  30th 
September,  1S23    ,  .  -  $1,813,356  86 

Payments  from  1st  October.  1823,  to  1st 
December,  1824    -  7,242  34 

'-     1,820,599  20 

Balance  1st  December,  1824,  consisting  of — 

Certificates  outstanding      \'~  ';l  13,971  93 

Awards  not  applied  for  44  60-J 

14,016  534 

$4,282,151  12J- 


TREASURY  DEPARTMENT,  " 

Regist&'s  Office,  December  23,  1824. 

JOSEPH  NOURSE,  Register, 


312  REPORTS  OF  THE  [1825. 

REPORT  ON  THE  FINANCES. 

DECEMBER,  1825. 


In  obedience  to  the  directions  of  the  act  supplementary  to  the  act  enti- 
tled "An  act  to  establish  the  Treasury  Department."  passed  on  the  10th 
of  May,  1800,  the  Secretary  of  the  Treasury  has  the  honor  to  submit  to 
Congress  the  following  report. 

I.  •OF    THE    PUBLIC    REVENUE    AND    EXPENDITURE    OF    THE    YEARS    1824 

AND    1825. 

There  being  no  direct  taxes  of  any  kind,  duties  of  excise,  or  other  inter- 
nal duties,  in  operation  under  the  authority  of  the  United  States,  the  public 
revenue,  by  their  existing  laws,  arises  almost  entirely  from  duties  upon  for- 
eign merchandise  imported,  and  upon  tonnage,  and  from  the  sale  of  the 
public  lands.  There  are  other  branches  from  which  small  and  occasional 
receipts  are  derived:  as  dividends  on  bank  stock,  the  .post  office,  arrearages 
of  taxes  due  under  former  laws,  and  other  incidental  payments  ;  the  aggre- 
gate of  which,  whether  from  temporary  or  permanent  sources,  is  inconsider- 
able, as  will  appear  by  statements  annexed  to  this  report,  where  all  are  reca- 
pitulated. The  receipts  from  the  post  office,  indeed,  have  of  late  years 
exceeded  a  million  of  dollars  annually  :  but  this  sum,  exhausted  for  the  most 
part  in  defraying  the  expenses  of  that  extensive  and  useful  establishment, 
performs  in  this  manner  the  highest  purposes  of  revenue,  by  contributing  to 
the  intercourse,  the  trade,  and  the  prosperity  of  the  country. 

The  nett  revenue  which  accrued  from  duties  on  imports  and  tonnage, 
during  the  year  1S24,  amounted  (see  statement  A)  to  $20;385,430  42 

The  actual  receipts  into  the  Treasury  from  all  sources,  during  the  year 
1824,  amounted  (including  the  loan  of  five  millions  at  4^  per  cent,  interest, 
to  discharge  Florida  claims)  to  -  "-  $24,381.212  79 

Viz. 

Customs  (statement  A)  -  $J  7,878.325  71 

Public  lands  (statement  D)  984^418  15 

Dividends  on  stock  in  the  Bank  of  the 
United  States,  arrears  of  internal  duties 
and  direct  taxes,  and  incidental  receipts 
(statement  E)  -  -  472,987  04 

Repayments  of  advances  made  in  the 
War  Department  for  services  and  supplies 
prior  to  the  1st  of  July,  1816  -  45,481  89 

Loan  made  under  the  act  of  the  24th  of 
May,  1824,  "  to  provide  for  the  awards 
of  the  commissioners  under  the  treaty 
with  Spain"  -  5,000,000  00 


Makins",  with  the  balance  in  the  Treasury  on  the  1st  of 
January,  1824,  of  -      9,463,92281 


An  aggregate  of  -  $33,845,135  60 


1S25.]  SECRETARY  OF  THE  TREASURY.  313 

The  regular  and  permanent  expenditures  of  the  United 
States  divide  themselves  into  two  principal  branches — first, 
the  sums  authorized  by  law  for  defraying  the  whole  expenses 
of  the  Government,  domestic  and  foreign,  civil,  military,  and 
naval ;  second,  those  provided  for  the  payment  of  the  interest 
and  principal  of  the  public  debt. 

The  actual  expenditures  of  the  nation,  on  all  accounts, 
during  the  year  1824,  amounted  (statement  F)  to  -  $31,898,538  47 

Viz. 

Civil,  diplomatic,  and  miscellaneous  -  $7.155,308  81  ,  - 
Military  service,  including  fortifications, 
ordnance,  Indian  department,  revolution- 
ary and  military  -pensions,  arming  the 
militia,  and  arrearages  prior  to  the  1st  of 
January,  1817  -  5,270,254  34 

Naval  service,  including  the  gradual  in- 
crease of  the  navy  -    2,904.581  56 
Public  debt  -  16,568^393  76 


Leaving  a  balance  in  the  Treasury,  on  the  1st  of  January, 
1825.  of  -    $1,946,597  13 

The  difference  between  this  balance  and  that  stated  in  the  last  annual 
report  from  the  Treasury  is  reconciled  by  the  facts — that  the  balance,  last 
year,  was  given  as  an  estimated  balance,  subject  to  correction  by  actual 
settlement  afterwards;  and  that  it  included  the  moiety  of  the  loan  of  five 
millions,  under  the  act  of  May  26,  1824,  which  was  not  paid  into  the 
Treasury  until  after  the  1st  of  January. 

The  actual  receipts  into  the  Treasury,  during  the  first  three  quarters  of 
the  year  1825,  are  estimated  to  have  amounted  to  -  $21,681,444  56 

Viz. 

Customs  -  -fl5,196,397  00 

Public  lands,  (statement  G)  976,902  67 

Dividends  on  stock  in  the  Bank  of  the 

United  States  367,500  00' 

Arrears  of  internal  duties  and  direct  taxes, 

and  incidental  receipts,  (statement  H)  -  98,886  29 

Repayments  of  advances  made  in  the  War 

Department,  for   services  or    supplies 

prior  to  1st  of  July,  1816  -      ,      41,758  60 

Loan  under  the  act  of  May  26,  1824  .  ;>-J£    5.000,000  00 


And  the  actual  receipts  into  the  Treasury,  during  the  fourth 

quarter  of  the  year,  are  estimated  at       -  , ..-^\!    5,100,00000 


Making  the  total  estimated  receipts  into  the  Treasury, 

during  the  year  1825  -  26,781,444  56 

And,  with  the  balance  in  the  Treasury  on  the  31st  Decem- 
ber, 1824,  of  -  .  -  -  :  ,*.;  1,946,59713 


An  aggregate  of    -  -    28,728,041  69 


314  REPORTS  OF  THE  [1825 

The  expenditures,  during  the  first  three 
quarters  of  the  year  1825,  are  estimated 
to  have  amounted  (statement  I)  to  $20.190,979  91 

Viz. 

Civil,  diplomatic,  and  mis- 
cellaneous -  $2.098,525  16 

Military  service,  including 
fortifications,  ordnance, 
Indian  department,  revo- 
lutionary and  military 
pensions,  arming  the  mi- 
litia, and  arrearages  prior 
to  the  1st  January.  1817  4,890,310  59 

Naval  service,  including 
the  gradual  increase  of 
the  navy  -  -  2,127,156  37 

Public  debt  -  11,074,987  79 


And  the  expenditures,  during  the  fourth 
quarter,  are  estimated  at' 
Viz. 

Civil,  diplomatic,  and  mis- 
cellaneous -  $445,000  00 

Military  service,  including 
fortifications,  ordnance, 
Indian  department,  revo- 
lutionary and  military 
pensions,  arming  the  mi- 
litia, and  arrearages  prior 
to  the  1st  January,  1817  '960,000  00 

Naval    service,    including 
the  gradual  increase  of' 
the  navy  820.000  00 

Public  debt  -  -     1.028',000  CO 


Making  the  total  estimated  expenditure  of  the  year  1825    $23.443.979  91 

And  leaving  in  the  Treasury,  on  the  1st  of  January,  1826, 

an  estimated  balance  of  -    $5.234,061  78 

<   '('\'(  f  •    :  ^i     V  ~- 

Should  the  expectations  formed  respecting  the  receipts  in  the  fourth 
quarter  be  realized,  the  amount  of  receipts  for  the  whole  year  will  have 
exceeded  the  estimate  presented  by  the  Treasury  at  the  last  session  of 
Congress,  by  about  $500,000. 

Il  is  to  be  remarked  that,  of  the  above  estimated  balance  of  $5.284,061  78. 
the  sum  of  $3,500,000  is  not  subject  to  appropriation,  being  the  estimated 
amount  that  will  remain,  on  the  31st  of  December  next,  unsatisfied,  of  appro- 
priations heretofore  made.  These  appropriations;  being  necessary  for  the 
objects  for  which  they  were  severally  made,  are  still  an  existing  charge 
upon  the  means  of  the  Treasury.  Of  the  residuary  balance  of  $1,784,061  78, 
it  is  proper  distinctly  to  state  that  about  one  million  cannot  be  counted  upon 
in  any  estimate  of  effective  funds  for  the  public  service.  It  is  niade  up  of 


;'1S25.]  SECRETARY  OF  THE  TREASURY.  315 

debts  due  from  various  hanks,  whose. notes  were  received  by  the  Government 
during  the  suspension  of  specie  payments,  or  which  were  heretofore  used  as 
banks  of  deposite:  debts  of -which  the  recovery  must,  in  regard  to  a  large 
part,  be  doubtful,  and  in  any  case  slow.  It  may  be  proper  to  add,  that  the 
permanent  deposiles.  generally  made  in  the  State  banks,  have  recently  been 
withdrawn, or  put  in  train  to  be  so  ;  the  public  exigencies  which  rendered  it 
necessary  to  make  them,  in  common  with  those  on  which'  the  losses  above 
mentioned  are  likely  to  occur,  no  longer  existing.  Such  portions  of  the  de- 
posites  as  may  still  remain  in  any  of  These  institutions  will  be  further  with- 
drawn, as  circumstances  may  render  just  and  expedient,  until  these  opera- 
tions are  closed  ;  nor  will  they  be  renewed  where  it  may  be  avoidable. 

It  may  be  proper,  also,  to  state  that  directions  have  lately  been  issued  to 
all  the  receivers  and  collectors  of  the  public  revenue  not  to  receive,  in  any 
payments  made  to  them,  bank  notes  of  any  of  the  State  banks,  of  less  amount 
than  five  dollars.  In  discountenancing  a  species  of  paper  circulation  deem- 
ed to  be  objectionable,  reference  was  had  to  the  authority  and  example  of 
Congress  upon  this  point,  as  seen,  in  the  prohibition  to  the  Bank  of  the 
United  States,  and  to  the  banks  existing  in  the  District  of  Columbia,  against 
issuing  notes  of  a  lower  denomination.  To  guard  against  all  inconvenience 
to  individuals  from  the  adoption  of  this  measure  by  the  Treasury,  especially 
in  the  districts  where  the  public  lands  are  sold,  an  adequate  previous  notice 
was  directed  to  precede  its  enforcement. 

II.    OF    THE    PUBLIC    DEBT. 

The  total  amount  of  funded  debt  due  on  the  1st  of  Oc- 
tober, 1825,  (statement  No.  3.)  was  -  $80,985;537  72 

Of  the  above  amount,  the  only  portion  remaining  unpaid 
of  the  revolutionary  debt,  is  the  three  per  cents.,  amounting 
to  $13;296.231  45.  This  sum  and  the  subscription  of  seven 
millions  in  the  Bank  of  United  States,  at  five  per  cent,  (the 
United  States  holding  an  equal  amount  in  the  shares  of  that 
institution)  are  redeemable  at  tlie  pleasure  of  the  Govern- 
ment ;  making  together  -  -  -  $20.296,231  45 

The  residue  of  the  public  debt,  contracted  subsequently  to  the  1st  of 
January,  1812,  and  amounting  to  $60.689,306  27,  exists  in  the  following 
portions,  and  is  redeemable  at  the  following  periods,  viz  : 

In  1826.  being  the  residue  unpaid  of  loans  made  in  1813  $16,270,797  24' 
In  1827,  beincr  the  residue  unpaid  of  loans  made  in  1814     13.096.542  90 
In  1828,  being  the  residue  unpaid  of  loans  made  in  1815       9^490,099  10 
The  stock  of  the  foregoing  portions  of  the  debt,  is  all  at 
6  per  cent. 

I'i  1829.  stock  at  4i  per  cent.,  being  the  moiety  of  6  per 
cent,  stock  of  1813.  exchanged  under" the  act  of  Confess 
of  March  3d.  1825'  792.569  44 

In  1830,  stock  at  4£  per  cent ,  being  the  other  moiety 
exchanged  as  last  above  stated  792,569  44 

In  1831,  stock  at  5  per  cent.  This  is  one-third  of  the 
sum  of  $56,704  77,  issued  in  exchange  for  the  6  per  cents 
of  1813,  1814,  and  1815,  subscribed'under  the  act  of  the 
20th  of  April,  1822  18.901  59 

In  1832,  stock  at  5  per  c^nt..  being  one  other  third  part 
of  the  sum  subscribed,  as  last  above'stated  -  -  18.901  59 


316  REPORTS  OF  THE  [1825. 


.  In  1832,  stock  at  4^-  per  cent.,  borrowed  of  the  Bank  of 
the  United  States,  one  half  to  pay  the  Florida  claims,  the 
other  half  to  pay  off  the  6  per  cents  of  181 2.  under  the  act 
of  Congress  of  May  26,  1824  -  --  -  $10,000,000  00 

In  1832,  stock  at  5  per  cent.,  under  the  act  of  Congress 
of  May  15,  1820  999,999  13 

In  1833,  stock  at  5  per  cent.,  being  the  remaining  third 
subscribed  under  the  act  of  April  20,  1822  18,901  59 

In  1833,  stock  at  4-^-  per  cent.,  being  one  moiety  of  the 
amount  subscribed  in  exchange  for  6  per  cent,  stock  of 
1813,  under  the  act  of  May  26,  1824  -  2,227,363  97 

In  1834,  stock  at  4|  per  cent.,  being  the  other  moiety 
subscribed  as  last  above  stated  -  -  2,227,363  98 

In  1835,  stock  at  5  per  cent.,  being  the  amount  issued 
under  the  act  of  Congress  of  Marched,  1821  -  -  4,735,296  30 

Total  redeemable  at  the  periods  specified  -     60,689,306  27 

Total  redeemable  at  the  pleasure  of  the  Government     -     20,296  231  45 

Total  amount  of  funded  debt  on  the  1st  day  of  October,     . 
1825  -  -  -  -  -     80,985,537  72 


The  amount  of  Treasury  notes  outstanding  on  the  1st  "of  October,  1825, 
is  estimated  (No.  4)  at  $16,600. 

And  the  amount  of  Mississippi  stock  unredeemed  on  that  day,  includ- 
ing awards  not  applied  for,  (No.  5,)  at  $7,850  17. 

The  foregoing  recapitulation  exhibits  the  precise  amount  of  the  public 
debt  now  due,  as  well  as  the  different  periods  at  which,  by  the  terms  of  the 
several  loans  under  which  it  was  contracted,  the  United  States  are  at  liberty 
to  pay  it  off.  Of  the  sum  of  $11,074,987  79,  mentioned,  under  the  head  of 
expenditures  for  1825,  as  having  been  paid  off  in  that  year,  $7,727,052  19 
were  on  account  of  principal  of  the  debt,  and  the  remainder  on  account  of 
interest  during  the  first  three  quarters  of  the  year.  Nearly  the  whole  of  the 
principal  thus  paid  was  outstanding  at  an  interest  of  6  per  cent.  Looking 
to  the  above  recapitulation,  it  appears  that  in  the  years  1826  and  1827,  a 
larger  amountof  debt  becomes  redeemable  than  it  will  fall  within  the  ordinary 
surplus  means  of  the  Government  to  pay  in  the  course  of  those  years,  viz :  a 
sum  exceeding  sixteen  millions  in  the  former,  and  thirteen  millions  in 
the  latter  year.  Both  these  portions  of  the  debt  are  also  at  an  interest  of  six 
per  cent.  In  1828,  the  amount  redeemable  is  at  a  point  which  it  may  be 
hoped  the  stated  means  of  the  Treasury  for  that  year  will  reach  ;  the  ability 
to  pay  off  increasing  as  the  process  of  reduction  advances,  both  by  the  in- 
creasing means  of  the  nation  and  the  annual  liberation  of  interest  on  the 
amount  of  debt  reduced.  But  in  the  year  1829  only  a  very  small  amount 
becomes  redeemable,  viz  :  less  than  one  million,  and  in  the  year  1830  a  sum 
no  larger. 

At  the  period  of  the  last  annual  report  from  the  Treasury,  no  portion  of 
the  debt  became  redeemable  in  either  of  those  years;  and  with  a  view  to  a 
more  equal  diffusion  of  payments,  as  well  as  to  effect  a  saving  in  interest,  it 
was  recommended  that  the  excess  of  debt,  which  could  not  by  the  ordinary 
resources  of  the  Treasury  be  discharged  in  1826  and  1827,  (the  debt  re- 
deemable in  the  former  year  then  standing  at  $19,000,000,)  should  be 
thrown  in  equal  portions  upon  the  years  1829  and  1830.  To  carry  this 


(1825.]  SECRETARY  OF  THE  TREASURY.  317 

recommendation  into  effect,  so  far  as  applied  to  the  year  1826,  a  loan  of 
twelve  millions  was  recommended,  at  5  per  cent. ;  one  half  to  be  redeemable 
in  1829,  the  other  half  in  1830;  the  entire  twelve  millions  being  intended 
to  constitute  a  fund  with  which,  in  conjunction  with  the  annual  surplus 
means  of  the  Treasury,  to  pay  off  the  nineteen  millions  redeemable  in  1826. 
The  principle  of  the  recommendation  was  adopted  by  Congress,  but  not  its 
precise  terms.  An  act  was  passed  on  the  3d  of  March,  1825,  authorizing  an 
exchange  of  stock  to  the  amount  of  twelve  millions  of  dollars,  at  four  and  a 
half  per  cent.,  for  a  stock  of  like  amount  at  six  per  cent.;  the  latter  being  so 
much  of  the  stock  of  1813  as  was  intended  by  the  act  to  be  redeemed.  The 
act  also  authorized  a  loan  to  the  same  amount,  and  at  the  same  rate  of  inter- 
est, to  accomplish  the  same  object;  both  modes  not  to  be  pursued,  if  either 
succeeded.  The  new  stock  of  four  and  a  half  per  cent. ,  whether  proceeding 
from  the  exchange  or  the  loan,  was,  by  the  terms  of  the  act,  to  be  subject 
to  redemption  in  1829  and  1830,  in  equal  portions.  The  proper  measures 
were  taken  to  execute  this  act,  but  have  prevailed  only  to  a  limited  ex- 
tent. The  operation  of  exchange,  which  was  first  resorted  to,  took  effect  to 
the  amount  of  $1.585,138  88;  and.  this  sum,  divided  into  equal  parts,  forms 
the  two  sums  that  now  stand  in  the  general  table  of  the  debt  as  redeemable 
in  the  years  1829  and  1830,  whilst  they  have  also  served  to  diminish,  by  so 
much,  the  six  per  cent,  stock  of  1813.  Proposals  for  a  loan  for  the  residue 
of  the  sum  wanted  were  next  issued;  but  no  offers  were  received. 

The  causes  of  the  failure,  it  may  be  presumed,  were  the  low  rate  of  in- 
terest and  short  periods  of  redemption  held  out  by  the  act,  in  conjunction 
with  an  activity  in  the  commercial  and  manufacturing  operations  of  the 
country,  affording  higher  inducements  to  the  investment  of  capital.  This 
mode  of  dealing  with  the  debt,  whereby,  through  the  instrumentality  of  new 
loans,  stock  at  a  high  interest  is  converted  into  stock  at  a  reduced  interest, 
and  whereby,  also,  the  extinguishment  of  the  principal  is  made  to  fall  in 
payments  as  nearly  equal  as  may  be  throughout  a  given  number  of  years, 
is  evidently  advantageous  to  the  public;  since  it  not  only  lessens  the  national 
expenditure,  on  account  of  its  interest,  but  guards  against  the  possible  accu- 
mulation of  money  in  the  Treasury,  in  years  when  it  might  remain  inactive, 
towards  the  progressive  reduction  of  the  debt.  As  it  is  a  mode  fully  sanc- 
tioned by  Congress  heretofore,  it  is  respectfully  recommended,  on  this  occa- 
sion, that  an  act  be  passed,  at  an  early  day  of  the  session,  giving  authority 
to  borrow  nine  millions  of  dollars,  at  an  interest  not  exceeding  5  per  cent, 
redeemable  in  equal  portions  in  1829  and  1830,  in  order  that  the  Treasury- 
may  be  enabled  to  pay  off,  in  1826,  the  entire  remaining  amount  of  the  6  per 
cent,  stock  of  1813  redeemable  in  that  year.  Nine  million,  with  the  dis- 
posable means  which  the  Treasury  will  probably  have  at  command  in  1826, 
it  is  believed,  will  form  a  sum  commensurate  with  this  object.  Five  per 
cent,  is  named  as  the  maximum  of  interest,  and,  considering  the  short  periods 
of  redemption,  it  is  not  probable  that  the  loan  could  be  obtained  at  a  lower 
rate.  The  contingencies  of  the  money  market  might,  indeed,  produce  more 
favorable  offers :  but  these  are  not  to  be  counted  upon,  with  any  approach  to 
that  certainty  which  should  form  the  basis  of  such  a  financial  operation. 

Should  the  act  in  question  be  passed,  it  is  further  respectfully  recommend- 
ed that,  in  the  event  of  the  loan  being  obtained  under  it,  authority  be  given  to 
issue  to  the  holders  of  the  stock  under  the  3d  of  March  last,  exchanged  stock 
equal  to  the  amount  of  the  subscription  before  stated,  viz:  $1,585,138  88, 
bearing  the  same  rate  of  interest  as  that  which  may  be  issued  under  the  act 


318  REPORTS  OF  THE  [1825. 

proposed.'  The  two  acts  will  have  had  precisely  the  same  object.  The  se- 
cond, should  it  succeed,  will  only  have  consummated  an  operation  which 
will  date  its  inception  from  the  first.  It  is  therefore  considered  that  it 
will  belong  to  a  proper  estimate  of  good  faith  to  place  the  stockholders 
under  both  acts  upon  a  footing  of  equality.  Those  who  were  willing  to  ac- 
cede to  the  terms  of  the  Government  at  an  early  day  in  this  transaction, 
should  not  be  left  in  a  worse  situation  than  those  who  may  have  held  back 
in  the  hope  of  better  offers.  Let  all  be  treated  alike.  It  is  thus  that  the 
Government  will  exalt  itself  before  the  nation.  It  is  thus  that,  substituting 
an  expanded  justice  for  the  mere  letter  of  a  bargain,  it  will  be  likely  to  in- 
vite still  larger  confidence  in  future.  It  is  thus  that  it  will  ultimately  be 
the  gainer,  by  that  connexion  invariably  subsisting  between  the  permanent 
interest  of  every  Government,  and  its  standing  of  unimpeachable  and  spon- 
taneous equity  in  the  eyes  of  the  public  creditor. 

Should  an  act  for  the  loan  of  nine  millions  be  passed,  a  considerable  sur- 
plus of  debt,  at  (3  per  cent.,  will  still  remain  to  be  provided  for,  for  the  ser- 
vice of  1827;  more  than  thirteen  millions  of  the  stock  of  1814  becoming 
redeemable  in  1827,  the  whole  cannot  be  redeemed  in  that  year,  but  with 
the  aid  of  a  loan.  A  loan  of  six  millions  would  be  sufficient,  in  all  proba- 
bility. for  this  purpose,  and  is,  accordingly,  recommended;  the  interest  not 
to  exceed  five  per  cent.,  and  the  amount  to  be  also  subject  to  redemption  in 
1829  and  1830,  in  equal  portions.  The  effect  of  the  two  loans  recommend- 
ed, which  it  would  be  most  desirable  to  authorize  in  distinct  acts,  would,  it 
is  believed,  be  to  enable  the  Government  to~  redeem  the  whole  of  the  six 
per  cent,  stock  of  1813  and  1814,  in  the  course  of  1826  and  1827.  It  would 
also  throw  upon  each  of  the  years  1829  and  1830  an  amount  of  debt  equal 
to  about  eight  millions  and  a  half,  instead  of  less  than  one  million.  "according 
to  the  distribution  as  at  present  existing.  The-  only  remaining  stock  of  six 
per  cent,  would  then  be  that  of  1815.  in  amount  under  nine  millions  and 
a  half,  redeemable  in  1S2S.  Should  no  unforeseen-expenditures  arise,  and  a 
proper  economy  -be  kept  up  in  the  public  administration,  it  may  reasonably 
be  hoped,  as  before  intimated,  that  the  surplus  revenue  at  the  disposal  of  the 
Treasury,  in  1828,  will  be  equal  to  the  reimbursement-of  that  sunn.  After 
1830,  the  whole  amount  of  debt,  on  the  results  herein  assumed,  would  stand 
at  about  forty  millions  ;  full  one-half  of  which  will  he  redeemable  at  the 
pleasure  of  the  Government.  No  portion  of  it  will  be  at  an  interest  exceed- 
ing five  per  cent.,  whilst  the  principal  part  will  £e  at  a  rate  still  lower. 
With  these  views  of  "the  public  debt,  so  encouraging  in  their  bearing  upon 
its  speedy,  certain,  and  regular  extinguishment,  it  is  not  deemed  necessary 
to  recommend,  at  present,  any  other  measure/in  relation  to  it  than  the  two 
loans  described^ 

III.    OF  THE  ESTIMATE  OF  THE  PUBLIC  REVENUE  AND  EXPENDITURE 

' 


The  public  revenue  is  derived  in  an  amount  so  preponderating  from  for- 
eign commerce,  that  the  state  of  the  latter  is  always  to  be  chiefly  looked  to, 
in  every  prospective  view  of  the  national  income.  As  the  internal  business 
of  the  country  has  worn  a  character  of  activity  and  increase  during  the  pre- 
sent year,  so  has  also  its  foreign  trade,  by  that  close  connexion  which  sub- 
sists between  them.  The  exports  for  the  year  ending  on  the  30th  Septem- 
ber last  have  exceeded  ninety-two  millions  of  dollars.  The  imports  have 
exceeded  ninety-one  millions.  Of  the  exports,  upwards  of  sixty-six  millions 
were  of  domestic,  and  the  remainder  of  foreign  productions. 

Of  the  imports,  upwards  of  eighty-six  millions  were  in  American  vessels  •, 


1S25.]  SECRETARY  OF  THE  TREASURY.  319 

of  the  exports,  upwards  of  eighty-one  millions.  Considering  that  the  ves- 
sels of  those  foreign  nations  with  which  the  United  States  have  the  most 
extensive  commercial  intercourse  are  now  placed  upon  a  footing  of  equality, 
as  to  duties  and  charges  of  whatever  kind,  in  onr  ports,  with  the  vessels  of 
the  United  States,  this  heavy  excess  of  American  tonnage  is  a  signal  proof 
of  the  flourishing  state  of  our  navigation.  It  may  serve  to  show  how  the 
efficient  protection  extended  to  it  by  the  early  laws  of  Congress  succeeded 
in  establishing  it  in  a  manner  to  meet  and  overcome  all  competition.  Be- 
fore the  era  of  those  laws,  it  is  known  how  this  great  interest  languished; 
how  little  able  it  proved,  before  the  auxiliary  hand  of  Government  was 
stretched  out,  to  support  itself  against  the  established  superiority  and  over- 
whelming competition  which  it  had  to  face  in  the  world. 

The  foregoing  amount  of  exports  exceeds,  by  about  seventeen  millions  of 
dollars,  the  average  amount  for  the  three  years  preceding.  The  imports 
exceed,  by  about  eleven  millions,  the  same  average.  Whilst,  this  large  ex- 
cess of  exports,  during  the  past  year,  arises  chiefly  from  the  produce  of  the 
soil,  it  is  satisfactory  to  know  that  domestic  manufactures  have  lent  their 
contribution.  Of  the  latter,  there  have  been  exported  to  the  value  of  be- 
tween five  and  six  millions  of  dollars.  This  is  an  excess  of  eight  hundred 
thousand  dollars  over  those  exported  in  1824,  and  of  more  than  two  mil- 
lions of  dollars  over  those  exported  in  1823.  The  progressive  increase  in 
this  branch  of  industry  is  naturally  ascribable  to  the  new  tariff. 

The  effects  of  the  tariff  upon  the  course  of  our  foreign  trade,  in  other  re- 
spects, have,  as  yet.  been  but  very  partially  disclosed.  More,  time  must 
elapse  before  such  a  body  of  successive  facts  can  be  presented  under  it,  as 
may  lay  a  foundation  for  confident  conclusions.  The  law  itself,  by  the 
terms  of  its  enactment,  has  not  yet  come  into  full  operation  in  all  its  parts ; 
rind  the  returns  in  possession  of  the  Treasury  are  not  yet  complete,  even 
ibr  the  short  period  during  which  its  principal  provisions  have  had  any  ef- 
ficacy. One  thing  seems  apparent :  that  its  effect,  up  to  the  present  period, 
has  not  been  to  diminish  the  general  aggregate  of  the  foreign  trade  of  the 
country.  In  estimating  the  value  of  the  importations  for  the  last  year,  it  is 
probable  that  even  an  increase  will  be  found  to  have  taken  place  in  some  ar- 
ticles on  which  the  duties  were  raised  ;  as  in  fabrics  of  cotton,  and  in  seve- 
ral articles  composed  of  iron  :  whilst  in  other  articles  of  this  last  material, 
as  well  as  in  some  articles  composed  of  wool,  a  decrease  will  be  observ- 
able. But  a  fact  challenges  notice,  that  can  scarcely  have  been  without  its 
operation  upon  our  importations  during  the  commercial  year  just  closed  :  It 
is  the  extensive  changes  that  were  announced  in  March  last,  in  the  tariff  oj' 
Great  Britain.  The  trade  of  that  country  exerts  such  an  influence  upon  the 
trade  of  other  countries,  that  any  important  alterations  in  the  former  must 
always  be  likely  to  affect,  to  a  greater  or  less  extent,  the  markets  of  Europe 
and  of  the  commercial  world.  The  larger  admission  into  England,  which 
the  above  changes  authorized,  of  the  commodities  of  other  countries,  hereto- 
fore positively  or  virtually  excluded  for  ages  from  her  ports,  must  have  af- 
fected the  prices  of  a  portion  at  least  of  those  commodities,  by  the  prospect 
of  a  new  vent  thus  suddenly  opened  to  them.  This  is  known  to  have  been 
the  case  in  regard  to  some  commodities,  the  duties  upon  which  were  low- 
ered by  the  British  tariff — which  commodities  are  also  amongst  those  import- 
ed from  Europe  into  the  United  States.  It  is  presumable  that  it  may  have 
been  the  case  in  regard  to  others  less  distinctly  known.  Hence  the  addi- 
tional value  of  foreign  merchandise  imported  into  the  United  States  during 
the  past  year  cannot,  in  all  cases,  be  taken  as  the  true  measure  of  an  addi- 
tional quantity ;  the  laws  of  the  United  States  requiring  the  value  of  for- 


320  REPORTS  OF  THE  [1825. 

eign  articles  to  be  fixed  at  the  port  of  exportation,  and  at  the  time  of  ex- 
portation. These  changes  in  the  British  laws  of  trade,  operating  simulta- 
neously with  the  new  tariff  at  its  commencement,  increase  the  difficulty  of 
ascertaining,  at  this  juncture,  the  exact  effects  of  the  latter,  even  for  a  single 
year,  upon  "the  course  of  the  foreign  trade  of  the  United  States. 

The  importations  for  the  year  being  so  large,  and  the  provisions  of  the 
new  tariff  mainly  attaching  to  them,  a  corresponding  amount  of  revenue 
will  arise  from  this  source  during  the  year.  Accordingly,  the  gross  amount 
of  duties  accruing  upon  imports  and  tonnage,  from  the  1st  of  January  to 
the  30th  of  September  last,  is  estimated  at  twenty-five  million  five  hun- 
dred thousand  dollars.  The  gross  amount  that  will  probably  accrue  for 
the  whole  year,  is  estimated  at  thirty-one  millions.  Should  this  amount 
prove  to  be  correct,  it  will  exceed,  by  six  millions  of  dollars,  the  amount 
which  has  accrued  daring  any  one  year  since  the  excessive  importations 
that  immediately  followed  the  war,  viz:  those  of  1S15  and  1816. 

In  estimating  the  clear  revenue  that  may  be  expected  to  arise  from  the 
duties  of  the  year,  the  amount  of  them  to  be  drawn  back  on  exportations  of 
a  portion  of  the  articles  on  which  they  have  accrued,  the  losses  that  may 
happen,  and  the  expenses  of  collection,  are  all  to  be  taken  into  consideration. 
The  duties  secured  by  bond  during  one  year,  are  chiefly  payable  in  the  year 
that  follows.  A  portion  is  payable  in  the  same  year  ;  but  this  is  generally 
counterbalanced  by  the  portion  that  also  becomes  payable  in  the  next  year, 
on  the  importations  of  that  year.  It  will  be  more  than  counterbalanced  if 
the  importations  prove  greater,  and  will  not  be  met  if  they  prove  less.  De- 
benture certificates  for  payment  of  drawback  being  demandable  at  any 
time  within  a  year  after  the  importation  of  the  articles  intended  to  be  ex- 
ported, the  number  and  amount  of  them  chargeable  upon  the  accruing  du- 
ties of  the  year  can  never  be  accurately  foreknown. 

The  debentures  issued  during  the  first  three  quarters  of  the  present  year 
amounted  to  $4,489,710  29.  This  is  more,  by  $1,537,710  99,  than  those 
issued  during  the  corresponding  period  of  the  preceding  year.  The  amount 
of  those  outstanding  on  .the  30th  of  September  last,  and  chargeable  upon  the 
revenue  of  1826,  was  $1,858.315  64;  which  is  more,  by  $854,313  64,  than 
was  chargeable  on  the  same  day  in  1824  upon  the  revenue  of  1825. 

The  amount  of  duty  bonds  in  suit  on  the  30th  of  September  last  was 
$2,987,347  22,  which  is  $92.791  98  more  than  was  in  suit  on  the  same 
day  in  the  year  preceding. 

Deducing  from  the  foregoing  statements,  the  conclusions  and  probabili- 
ties that  may  at  present  seem  warrantable,  the  receipts  for  1826  are  esti- 
mated as  follows,  viz : 

From  customs  ,0-  -  $24,000,000  00 
public  lands  •  ••  «'••  -  1,000,000  00 
bank  dividends  -  -  385,00000 
miscellaneous  and  incidental  receipts  -  - 115,000  00 

Making  an  aggregate  of  -  $25,500,000  00 

The  expenditures  of  the  year  are  estimated  as  follows : 

Viz. 

Civil,  miscellaneous,  and  diplomatic  -  $2,032,454  66 
Military  service,  including  fortifications, 
ordnance,  Indian  department,  revolution- 
ary and  military  pensions,  arming  the 
militia,  and  arrearages  prior  to  the  1st  of 
January,  1817.  -  5,525,662  55 


1825.]  SECRETARY  OF  THE  TREASURY.  321 

Naval  service,  includinggradual  increase   $3,026,612  81 
Public  debt    -  -  -     10,000,000  00 

Making  together $20,584,730  02 

Which  will  leave  in  the  Treasury  on  the  31st  of  Decem- 
ber, 1S26,  after  satisfying  all  the  demands  of  that  year,  a 
surplus  estimated  at '  -  ,  -  $4,915,269  98 

If  the  remark  be  entitled  to  any  attention,  that  the  recent  alterations  in  the 
British  laws  of  trade  have  affected  the  importations  into  the  United  States 
during  the  existing  year,  by  increasing  their  ad  valorem  amount,  it  ought 
not  to  create  surprise  if  the  value  of  importations  in  1826  should  fall  below 
that  of  1 S25 ;  because,  admitting  that  these  laws  served,  on  their  first  promul- 
gation, to  enhance  the  price  of  Certain  enumerated  commodities  in  the  mar- 
kets of  Europe,  it  is  not  probable  that  this  effect  of  them  will  be  either  ex- 
tensive or  permanent.  One  of  their  main  provisions  is  known  to  consist  in 
a  reduction  of  the  duties  upon  a  list  of  articles  manufactured  in  the  different 
countries  of  Europe,  as  well 'as  in  Britain.  But  the  most  important  articles 
of  this  list  were-  already  so  thoroughly  established  in  the  manufactories  of 
Britain,  as  to  be  beyond  the  reach  of  competition  from  abroad.  Hence  the 
privilege  of  introducing  them  there,  aiid  especially  to  any  large  extent, 
(meaning  for  consumption  in  Britain,  without  here  alluding  to  her  ware- 
housing system,)  must  prove,  in  the  end,  to  be  nominal  rather  than  real. 
Among  t!ie  list  are  seen  fabrics  of  woollen,  of  cotton,  of  linen,  of  hard- 
ware ;  and  the  ne\v  scale  of  duties  is  to  have  added  to  them,  in  every  case, 
the  amount  of  any  internal  excise  duty  previously  existing,  or  which  may 
at  any  time  afterwards  be  imposed  upon  the  same  articles,  when  manufac- 
tured in  England.  The  forecast  of  that  country,  in  all  that  relates  to  the  in- 
terests of  her  manufactures,  justifies  the  belief  that  she  will  not  fail  to  con- 
ciliate the  continued  protection  of  them,  with  whatever  other  abrogations 
she  may  engraft  upon  her  commercial  code,  either  in  relation  to  the  other 
nations  of  the  world,  or  to  her  own  dependencies  in  whatever  part  of  it. 

It  has  been  seen  how  largely  the  exportation  of  our  own  manufactures, 
during  the  past  year,  has  exceeded  the  exportations  of  the  two  years  preced- 
ing, It  may  be  added,  that  in  no  previous  year  since  the  foundation  of  the 
Government  has  the  exportation  of  American  manufactures  reached  an 
amount  at  all  approaching  to  that  of  1825.  This  is  known  from  official 
documents  as  far  back  as  1803,  and  no  doubt  can  be  entertained  of  its  being 
true  for  the  remainder  of  the  period.  This  fact,  in  conjunction  with  the 
increasing  consumption  of  these  manufactures  at  home,  and  not  less  of  their 
improving  quality,  gives  gratifying  assurance  of  the  progress  of  this  most 
important  branch  of  the  national  industry.  It  may  be  considered  as  marking 
the  commencement  of  an  epoch  in  tha  national  resources,  since  an  intimate 
connexion  is  believed  to  exist  between  the  full  encouragement  and  success 
of  domestic  manufactures,  and  the  wealth,  the  power,  and  the  happiness  of 
the  country.  The  United  States  would,  it  is  thought,  overlook  what  is  due 
to  the  essential  interests  of  their  agriculture,  which  can  never  reach  the  full 
point  of  prosperity  but  under  the  constant  and  various  demand  of  the  home 
market ;  of  their  foreign  commerce,  which  can  never  expand  to  its  full  limit 
of  activity,  or  reap  its  full  measure  of  riches,  but  with  the  aids  of  an  active 
home  trade,  and  of  an  export  trade  enhanced  in  its  value  by  being  diversified 
in  its  objects;  of  the  exuberance  of  their  soil,  yielding  the  best  materials  for 
so  many  of  the  fabrics  which  conduce  to  the  wants,  the  comforts,  and  the 
refinements  of  the  social  state ;  of  the  industry,  the  enterprise,  the  frugality, 
VOL.  ii.— 21 


322  REPORTS  OF  THE  [1825, 

of  their  people ;  of  the  unrivalled  equality  of  their  laws,  which,  interdicting 
exclusive  rights  and  monopolies,  invites  the  most  energetic  exertions  of  every 
individual  in  the  field  of  competition ;  and,  finally,  of  the  advantages  flowing 
from  the  absence  of  pecuniary  exactions  by  the  hand  of  Government  upon 
the  internal  products  and  labor  of  the  country — if  they  do  not  vigorously 
uphold  the  manufactures  of  the  country,  now  for  the  first  time  appearing  to 
be  upon  the  eve  of  striking  root.    It  is  a  commencement  that  deserves  every 
seasonable  improvement.     The  territorial  size  and  fertility  of  a  country 
depend  upon  nature  or  upon  accident.     Both  the  one  and  the  other  may 
exist  upon  the  largest  scale ;  but  in  vain,  if  a  provident  Government  do  not 
second  these  gifts ;  whilst  nations  destitute  of  them,  and  struggling  against 
positive  obstacles  of  nature,  are  seen  to  arrive,  through  the  wisdom  of  their 
policy,  at  the  heights  of  prosperity  and  renown.     To  give  perfection  to  the 
industry  of  a  country  rich  in  the  gifts  of  nature,  and  blessed  in  the  benefi- 
cence of  its  Government ;  to  draw  out  its  obvious  resources,  and  seek  constant- 
ly for  new  ones,  ever  ready  to  unfold  themselves  to  diligent  inquiry  urged  on 
by  adequate  motives ;  to  augment  the  number  and  variety  of  occupations  for  its 
inhabitants ;  to  hold  out  to  every  degree  of  labor,  and  to  every  modification 
of  skill, its  appropriate  object  and  inducement:  these  rank  amongst  the  high- 
est ends  of  legislation.     To  organize  the  whole  labor  of  a  country ;  to  entice 
into  the  widest  ranges  its  mechanical  and  intellectual  capabilities,  instead  of 
suffering  them  to  slumber ;  to  call  forth,  wherever  hidden,  latent  ingenuity, 
giving  to  effort  activity,  and  to  emulation  ardor ;  to  create  employment  for 
the  greatest  amount  of  numbers,  by  adapting  it  to  the  diversified  faculties,  pro- 
pensities, and  situations  of  men,  so  that  every  particle  of  ability,  every  shade 
of  genius,  may  corne  into  requisition,  is,  in  other  words,  to  lift  up  the  con- 
dition of  a  country,  to  increase  its  fiscal  energy,  to  multiply  the  means  and 
sources  of  its  opulence,  to  imbue  it  with  the  elements  of  general  as  well  as 
lasting  strength  and  prosperity.     It  is  in  the  destiny  of  nations,  that  the 
highest  points  of  advancement  are  not  to  be  arrived  at,  but  through  the  com- 
plicated yet  harmonious  action  of  these  elements.     That  extensive  and  flour- 
ishing manufactures,  with  the  train  of  useful  arts  allied  to  them,  tend  to 
propel  nations  in  this  onward  course,  is  a  maxim  believed  to  be  enforced  by 
the  best  lights  of  experience,  and  to  be  of  peculiar  application  to  the  United 
States,  under  the  present  circumstances  of  their  interior  and  external  condi- 
tion. By  a  flourishing  state  of  manufactures,  we  shall  see  rising  up  a  new  class 
of  capitalists,  rivalling  in  the  extent  and  usefulness  of  their  operations,  and  in 
the  amount  of  their  gains,  the  wealthiest  of  our  merchants;  spreading,  too, 
by  the  education  and  habits  for  which  their  pursuits  when  largely  conducted 
make  a  call,  useful  knowledge  and  science,  wherever  these  pursuits  concentre. 
By  a  flourishing  state  of  manufactures,  we  shall  see  the  gains  of  the  merchant 
augmented,  even  in  his  trade  of  imports ;  since,  for  every  foreign  fabric  ex- 
cluded from  consumption  by  the  ultimate  use  of  the  rival  fabric  at  home, 
other  fabrics  will  find  their  way  to  us;  consumption  having  no  limits  but  the 
ability  to  buy,  and  this  ability  invariably  increasing  as  home  manufactures 
assume  variety  and  attain  perfection.    It  is  then  that  they  create  and  diffuse 
wealth,  by  what  is  the  only  true  foundation  of  it  in  a  nation — the  universal, 
subdivided,  and  successful  industry  of  the  people.    It  is  then  that  they  make 
a  call  for  an  abundant  circulating  medium,  by  quickening  the  operations  of 
purchase  and  sale.     It  is  then  that  they  attract  the  precious  metals  to  a  coun- 
try, and,  beyond  any  other  power  of  retention,  keep  them  there.     By  nu- 
merous manufactures,  we  shall  see  agriculture,  the  first  pillar  in  the  State, 
stand  firm ;  for  when  they  shall  have  raised  up  new  capitalists,  who  so  sure 
to  maintain  profitable  dealing  with  them  as  the  owner  of  the  soil  ?    For  the 


1S23.J  SECRETARY  OF  THE  TREASURY.  323 

treasures  that  cover  its  surface,  and  that  lie  beneath  it,  he  is  then  sure  to 
find  a  market,  both  regular  and  growing,  whatever  the  political  or  mercan- 
tile vicissitudes  at  a  distance ;  and  as  sure  to  buy  at  cheap  rates  the  fabrics 
that  he  wants — cheapness  being  the  necessary  consequence  of  full  competi- 
tion among  a  powerful  class  of  artisans  at  home.  By  numerous  manufac- 
tures, in  fine,  we  shall  see  reared  up  in  the  State  that  additional  pillar,  which, 
standing  in  the  middle,  is  indispensable  to  the  stability  of  the  other  two;  for 
the  State  must  be  in  a  false  position,  lying  perpetually  at  the  mercy  of  ex- 
trinsic events,  when  reposing  only  upon  foreign  commerce  and  agriculture. 
The  great  intermediate  interest,  strengthening  and  upholding  both  the 
others,  is  manufactures.  When  to  the  complete  establishment  of  these  the  in- 
ternal improvement  of  the  country  shall  have  been  superadded,  the  farmer 
of  the  United  States  cannot  but  perceive  that  the  measure  of  his  prosperity  is 
made  potentially  full.  Discouraging  distances  between  himself  and  his  cus- 
tomers exist  no  longer.  Through  the  wisdom  of  art,  the  obstacles  of  nature 
disappear.  He  sees  combined  with  the  advantages  of  a  country  of  almost 
boundless  extent  and  capacity  of  production,  the  facilities  of  quick  inter- 
course, which  compensate  to  small  countries  the  want  of  these  advantages. 
He  sees  time  anticipated  in  the  effective  augmentation  of  our  numbers;  for, 
as  with  machinery  in  manufactures,  so  with  canals  and  good  highways ; 
they  change  the  relative  weakness  of  a  thin  and  scattered,  into  the  activity 
and  power  of  a  condensed  population  ;  thereby  exemplifying  the  highest  wis- 
dom of  legislation — the  noblest  works  of  government — guided  by  the  intelli- 
gence and  stimulated  by  the  energy  of  freedom. 

In  giving  these  opinions  in  favor  of  domestic  manufactures,  it  is  known 
that  other  opinions  exist  on  this  subject,  claiming  the  support  of  distinguish- 
ed names,  both  at  home  and  abroad.     For  these  opinions,  as  they  have  from 
time  to  time  been  witnessed  in  the  discussions  of  the  legislative  hall  at 
home,  the  utmost  deference  is  felt.       Nevertheless,  it  is  deemed  proper  to 
communicate  with  candor  those  contained  in  this  report,  deliberately  weigh- 
ed as  they  have  been,  and  uttered,  as  they  also  are,  under  the  obligations  of 
official  duty.     In  the  submission  of  plans  for  the  improvement  of  the  public 
revenue,  none  occur  more  likely  to  prove  salutary  than  those  that  look  to 
the  fostering  of  manufactures;  under  the  truth,  that  in  the  multiplied  pro- 
ductions of  nature  and  art.  in  a  country,  the  result  of  industry  and  skill  every- 
where diffused,  lie  the  best  and  only  foundations  of  finance.     When  the 
people  of  a  country  are  universally  and  profitably  employed,  the  aggregate 
of  individual  becomes  the  surest  measure  of  national  prosperity;  and  reve- 
nue for  the  public  occasions  will  always  be  at  hand,  under  whatever  forms 
the  Government  may  deem  it  most  expedient  and  least  burdensome  to  call 
it  forth.     The  facts  of  the  world  are  on  the  side  of  these  opinions;  it  being 
incontestable  that  nations  which  have  reached  the  most  imposing  heights 
of  physical  and  intellectual  power,  are  those  in  which  manufactures  have 
been  the  most  numerous,  and  arrived  at  the  greatest  perfection.     It  is  more 
applicable  to  add,  that  this  perfection,  amongst  the  nations  where  it  has  been 
most  conspicuous,  has  been  achieved  through  the  most  comprehensive  and 
rigorous  protection  afforded  to  this  kind  of  industry — a  protection  perse- 
vered in  throughout  ages,  and  never  given  up  whilst  its  objects  remained 
unaccomplished.     The  speculative  economists  of  Europe  are  in  opposition 
to  the  experience  that  surrounds  them,  and  not  less  frequently  to  each  other 
and  to  themselves,  when  they  would  hold  up  to  any  one  nation  the  asserted 
benefit  of  an  opposite  system.      "France,"  says  one  of  her  most  celebrated 
writers  of  this  class,  (but  who  knows  how  to  reconcile  the  enlightened  ideas 
of  free  trade  with  those  first  duties  that  every  nation  owes  to  itself, )  "is 


324  ivEPOSTS  OP  THE  [1825- 

probably  indebted  for  the  beauty  of  her  silk  and  woollen  manufactures  to 
the  wise  encouragement  of  that  administration  which  advanced  to  the  manu- 
facturers two  thousand  francs  for  every  loom  at  work."     The  same  writer, 
(Say,)  whilst  describing  the  condition  of  some  of  the   provinces  of  that 
country,  and  which,  as  he  says;  wanted  nothing  but  towns  to  bring  them 
into  high  cultivation,  adds,  that  "hopeless,  indeed,  would  be  their  situation, 
were  France  to  adopt  the  system  which  recommends  the  purchase  of  manu- 
factures from  foreign  countries,  with  the  raw  produce  of  domestic  agricul- 
ture,"    France  still  adheres,  in  the  midst  of  her  riches  and  power,  to  the 
practice  on  which  these  sentiments  are  founded.     Nor  is  the  example  of 
Britain,  up  to  this  very  moment,  less  absolute  or  less  instructive.       The 
prohibitions,  the  bounties,  the  high  duties, -the  penalties,  (by  force  of  which, 
throughout  a  long  tract  of  time,  the  manufactures  of  that  country  have 
gained  so  much  excellence,)  never  in  anywise  abated,  until,  by  the  recent 
avowals  of  her  statesmen,  high  in  intelligence  as  authority,  British  fabrics 
were  not  ;  lerely  certain^to  continue  the  supply — immense  as  it  is  known  to 
be — ot'  the  home  demand,  but  to  find  their  way,  in  a  proportion  far  greater 
than  those  from  any  other  country,  into  all  the  markets  of  the  world.     The 
United  States,  with  a  combination  of  natural  and  political  advantages,  -as 
transcendent  in  number  as  degree,  have  before  them  these  and  other  exam- 
ples; the  lights  oi'  co-existent  nations  ;  the  amplest  demonstrations  of  expe- 
rience for  building  up  their  manufactures;  and,  by  that  vigilant  legislative 
assistance,  without  which  they  have 'never  been  known  in  any  country  to 
establish  themselves  in  large  or  durable  pre-eminence.     Nor  has  this  policy 
been  found  to  interfere  with  an  abundant  foreign  commerce  in  the  wealthiest 
and  most  industrious  nations.     It  lias,  on  the  contrary,  carried  its  bounds 
still  further;  since  every  nation,  by  its  habits  and  position,  will  always  com- 
mand superior  facilities  for  excelling  irr  certain  branches,  of  labor  and  art, 
which  it  therefore  chiefly  cherishes,  leaving  to  other  nations  the  opportuni- 
ty of  excelling  in  other  branches,  -or  of  running  the  career  of  beneficial 
rivalry  in  the.  same;  by  which  system  the  artificial  productions  of  the  world 
are  augmented  and  improved,  and  the  fields  of  traffic,  through  the  increas- 
ing desires -and  varying  tastes  of  mankind,  as  opulence  and  civilization 
make  new  advances,  more  and  more  extended  and  enriched.     If  the  nations 
of  Europe,  whose  industry  and  interchanges  move  in  circles  geographically 
proximate  to  each  other,  have  not  yet  adopted  this  policy,  or  have  fallen  back 
in  their  -  prosperity  by  the  fact  of  its  absence;  if  those  nations  that  have 
adopted  it  are  still  seen  to  keep  to  it,  or  have  only  swerved  from  it  after  its 
ends  have  been  attained;'  by  stronger  reasons  should  the  United  States  act 
upon  it.     Their  remoteness  from  all  the  chief  sources  of  supply  of  manu- 
factured articles,  forms  the  additional  motive;  not  to  invoke  that  which 
might  be  drawn  from  the  burdens,  and  even 'exclusions,  still  in  full  existence 
in  other  countries,  against  some  of  their  primary  productions.     That  a  popu- 
lous and  independent  nation,  a  nation  civilized  since  the  moment  of  its  ex- 
istence, and  whose  institutions,  by  their  essential  principle,  tend  to  accele- 
rate it  in  the  career  of  intellectual  and  social,  as  already  they  have  conferred 
upon  it  political  eminence,  should  have  continued  as  long  as  the  United 
States  have  done,  to  derive  from  a  distance,"  to  be  computed  only  by  the 
space  of  oceans,  so  many  of  the  fabrics  which  conduce  to  the  necessary  or 
tasteful  accommodations  of  life,  if  not  without  precedent,  has,  perhaps,  not 
before  existed  in  the  case  of  any  other  nation  upon  the  same  extensive  scale. 
Without  adverting  to  the  contingencies  which  may  diminish  or  cut  off  this 
supply  from  remote  hemispheres,  the  very  deterioration  |to  which  time,  and 
more  frequently  casualty,  expose  no  inconsiderable  portion  of  these  fabrics 


1825.]  SECRETARY  OF  THE  TREASURY.  325 

before  the  natural  and  intended  uses  of  them  can  be  exhausted,  and  where 
the  skill  that  made  is  too  often  alone  competent  to  renovate  or  repair,  be- 
comes, by  so  much,  a  dead  loss  to  the  capital  of  the  importer  or  consumer, 
and  consequently  to  that  of  the  nation.  The  amount  of  it  would  go  far,  it  is 
believed,  towards  forming  a  fund  for  encouraging  the  equally  pertect  fabrica- 
tion at  home  of  most  of  ihe  articles  of  foreign  origin  consigned,  by  the  cause 
alluded  to,  to  premature  inutility  or  destruction.  Besides  the  advantages  of 
manufactures  for  home  use,  the  present  moment  is  deemed  to  be  peculiarly 
auspicious,  (not  to  say  urgent,)  for  fostering  them,  from  the  situation  and  cir- 
cumstances of  the  rest  of  the  world.  An  era  has  arrived,  upon  which  after 
ages  are  to  look  back  as  to  a  point  in  the  commercial  destinies  of  mankind. 
The  colonial  system  is  fast  falling  to  pieces.  Over  immense  regions  it  is  to- 
tally gone  ;  involving  the  certainty  of  changes,  both  in  the  channels  and  the 
objects  of  trade,  as  vast  as  they  will  be  various.  The  family  of  nations  has 
been  extended  ;  new  continents,  new  oceans,  are  opened  to  independent  in- 
tercourse, to  a  just  and  equal  participation  in  the  benefits  of  which  the  United 
States  cannot  but  be  alive.  These  benefits  they  can  scarcely  derive  to  the 
full  and  proper  extent,  but  by  giving  themselves  to  the  large  fabrication  of 
those  works  of  art  for  which  their  climate,  their  productions,  and  the  skill 
and  capital  of  which -their  citizens  are  already  in  possession,  especially  quali- 
fy them.  The  course  of  their  export  trade  for  the  last  two  years,  as  stated 
in  this  report,  is  an  encouraging  omen  of  their  ability  and  aptitude  to  enier 
this  new  and  great  field  of  competition.  Not  to  follow  up  such  beginnings 
by  timely  and  judicious  measures,  might  be  to  let  opportunities  pass,  not  al- 
ways to  be  recalled.  Whilst  nations,  shut  out  by  their  limited  territory 
from  agricultural  products  as  the  basis  of  foreign  trade,  have  yet  pushed  the 
latter  to  its  farthest  limits ;  by' manufactures  alone  as  that  basis,  it  is  the  favor- 
ed lot  of  the  United  States  to  superadd  to  the  extent  and  riches  of  their  soil 
a  state  of  social  advancement,  and  an  amount  of  town  population,  already 
equal  to  the  most  extensive  and  varied  operations  of  manufacturing  industry. 
Not  to  found  establishments  by  which  this  species  of  profitable  industry 
may  take  life,  and  spread  over  the  land,  would,  it  is  believed,  be  to  forget 
alike  what  is  due  to  the  best  interests  of  agriculture  on  the  one  hand,  and  to 
the  further  enlargement  of  our  commercial  power  upon  the  other. 

In  expressing  the  convictions  embraced  in  the  foregoing  remarks,  it  is  not 
intended  to  close  them  by  recommending  any  general  revision  of  the  tariff,  as 
fixed  by  the  act  of  Congress  of  the  22d  oi"  May,  1824.  But  it  is  deemed  proper, 
under  cover  of  them,  respectfully  to  submit  the  expediency  of  effectively  in- 
creasing the  existing  duties  upon  all  manufactures  of  cotton  of  a  fine  quality. 
The  facilities  and  inducements  to  the  fabrication  of  cottons  of  every  de- 
scription in  the  United  States  are  so  great,  that  the  most  beneficial  conse- 
quences may  be  anticipated  from  the  full  establishment  of  this  manufacture 
in  all  its  finer  branches,  in  like  manner  as,  by  the  protection  already  afforded 
to  cotton  fabrics  in  the  coarser  branches,  we  have  seen  these  latter  establish- 
ed with  advantages  so  manifold  and  decided.  And  should  we  establish, 
completely,  the  former  also,  such  is  the  quantity  in  which  we  produce  the 
raw  material  of  this  prominent  manufacture  of  modern  times,  and  (what  is 
still  more  important,)  such  its  quality,  that  there  is  no  cause  for  apprehending 
that  our  immense  exportations  of  it  abroad  will  stop.  On  the  contrary,  it 
may  be  expected  that  they  will  go  on  progressively  increasing. 

Concurrently  with  this  recommendation  for  an  augmentation  of  duties 
on  all  cotton  manufactures  of  fine  quality,  it  is  deemed  advisable  to  submit 


326  REPORTS  OF  THE  [1825. 

also  the  expediency  of  lowering,  to  a  small  extent,  the  duties  at  present 
existing  upon  teas,  upon  coffee,  and  upon  cocoa. 

These  articles,  especially  the  two  former,  are  of  such  large  consumption 
in  the  United  States,  as  to  take  rank  among  the  necessaries  of  life.  They 
go  to  make  up  a  part  of  the  daily  beverage  of  the  poor  as  well  as  the  rich, 
and  should  therefore  not  be  pressed  upon  too  heavily  by  the  hand  of  taxa- 
tion in  any  form  ;  the  less,  as  they  trench  upon  no  rival  production  ai  home. 

Their  more  enlarged  consumption  would  tend  to  increase,  in  corresponding 
proportions,  the  demand  for  sugar  ;  thereby  fostering  a  valuable  production 
of  some  of  our  own  States.  The  more  widely,  also,  the  habit  of  their  use  can 
be  extended,  the  greater,  it  is  believed,  would  be  the  prospect  of  seeinglessened 
the  consumption  of  ardent  spirits,  so  baneful  in  their  effects  upon  the  industry, 
the  health,  and  the  morals  of  the  community.  Under  the^ie  views  alone,  re- 
garding their  connexion  with  the  public  prosperity  and  individual  happiness, 
any  temporary  or  partial  loss  to  the  revenue  that  might  result  from  an  adop- 
tion of  this  last  recommendation,  ought  to  be  considered  as  compensated.  It 
is  not.  however,  certain,  that  such  loss  would  result  from  the  increased  de- 
mand that  might  be  expected  to  grow  up  for  these  articles  by  a  reduction  of 
r.he  present  impositions  upon  them.  As  regards  teas,  it  may  be  added  as  an 
additional  motive  to  the  recommendation,  that,  under  the  present  duties, 
there  is  reason  to  apprehend  some  falling  off,  ultimately,  in  our  China  trade, 
from  the  late  laws  and  regulations  of  Britain  bearing  upon  this  important 
article  of  merchandise. 

The  interests  of  a  valuable  portion  of  our  foreign  trade,  therefore,  and  of  our 
shipping,  appear  to  beat  stake,  in  fixing  the  duties  upon  teas  of  all  kinds  at 
rates  somewhat  lower  than  as  at  present  established. 
All  which  is  respectfully  submitted. 

RICHARD  RUSH. 
TREASURY  DEPARTMENT, 

December  22,  1825. 


1825.] 


SECRETARY  OP  THE  TREASURY. 


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REPORTS  OF  THE 
E. 


[1825. 


STATEMENT  of  the  moneys  received  into  the  Treasury  from  all  other 

sources  than  customs  and  public  lands,  during'  the  year  1824. 

From  dividends  on  stock  in  the  Bank  of  the  United  States        $350.000  00 

arrears  of  old  direct  tax  of  1798       -  $5,203  50 

new  direct  tax      -  998  46 

new  internal  revenue        -  34,663  37 

fees  on  letters  patent  6,270  00 

cents  coined  at  the  mint  15,475  00 
passage  money  of  an  American  seaman 

returned    -  10  00 
surplus  emoluments  of  officers  of  the 

customs     -                                     -  31,490  56 
interest  on  balances  due  by  the  Bank 

of  Elkton  to  the  United  States  2,085  33 
Received  under  the  act  to  abolish  the  United 

States  trading  establishment  22,519  20 
Moneys  previously  advanced  on  account  of 

prisoners  of  war  3,708  62 
Moneys  previously  advanced  on  account  of 

military  pensions  563  00 


Balances  of  advances  made  to  the  War  Department,  repaid 
under  the  3d  section  of  the  act  of  1st  May.  1820 

Loan  of  five  millions  of  dollars  at  four  and  a  half  per  cent., 
to  provide  for  the  awards  under  the  Spanish  treaty 


122,987  04 


5,000.000  00 
$5,518,468  93 


TREASURY  DEPARTMENT, 

Register's  Office^  December  8,  1825. 

JOSEPH  NOURSE,  Register. 


1825.] 


SECRETARY  OF  THE  TREASURY. 
F. 


33l 


$1,336,266  24 


STA  TEMENT  of  the  expenditures  of  the  United  States  for  the  year 

1824. 

CIVIL,  MISCELLANEOUS,  AND  DIPLOMATIC,  VIZ  : 

Legislature  -  $603,738  39 

Executive  department                                   •?  473,370  46 

Officers  of  the  mint  9,310  00 

Surveying  department                                  -  12,272  30 

Commissioner  of  the  Public  Buildings  1,500  00 
Governments  in  the  Territories  of  the  United 

States      ...                         -  26,632  79 

Judiciary    -                                                  -  209,442  30 

Annuities  and  grants  1,953  02 
Mint  establishment                                       '-  29,469  76 
Unclaimed  merchandise      -  769  99 
Light-house  establishment  -                        ~  153,419  96 
Surveys  of  public  lands                                 -  108,891  00 
Registers  and  receivers  of  land  offices  1,20600 
Boundary  lines  between  Missouri  and  Ar- 
kansas    -                                      -  1,000  00 
Land  claims  in  Florida  Territery    -            -  13,564  92 
Land  claims  in  St.  Helena  land  district  1,937  50 
Repairing  the  road  from  Cumberland  to  Ohio  17.000  00 
Roads  within  the  Indian  territory,  from  Nash- 
ville to  New  Orleans  7,920  00 
Roads  within  the  State  of  Indiana   -            -  11,46273 
Roads,  canals,  &c.  within  the  State  of  Alabama  32,969  01 
Roads  and  canals  within  the  State  of  Missouri  3,282  79 
Payment  to  Ohio  of  the  nett  proceeds  of  land 
sold  under  the  3d  section  of  the  act  of  28th 
of  February,  1823                                      -  10,206  41 
Marine  hospital  establishment                       T  34,986  77 
Public  buildings  in  Washington      -  110,370  53 
Accommodation  of  the  President's  household  839  24 
Payment  of  balances  due  to  officers  of  old  in- 
ternal revenue  and  direct  tax       -  657  47 
Payment  of  balances  to  collectors  of  new  in- 
ternal revenue   •  -1 ;  317  50 
Payment  of  certain  certificates  425  73 
Miscellaneous  expenses                    -            -  136,294  41 

Diplomatic  department                                 -  108,898  47 
Missions  to  the  independent  nations  onkthe 

American  continent                                   -  28,669  72 

Contingent  expenses  of  foreign  intercourse  -  20,145  73 

Relief  and  protection  of  American  seamen   -  38,056  96 

Treaty  with  Spain  -                      .    -  15,946  17 

Treaty  of  Ghent,  (6th  and  7th  articles)        -  14,136  44 

Treaty  of  Ghent,  (1st  article)                    .h&?-  12.32778 


678,942  74 


332 


REPORTS  OF  THE 


Treaties  with  Mediterranean  powers  -    $10,550  00 

Claims  on  Spain  -  4,891,368  56 


MILITARY   DEPARTMENT,  VIZ  : 


85,140.099  83 

$7,155,308  81 


Pay  of  the  army      -            -  $1,093,868  08 

Subsistence  -  265,500  81 

Forage  -  34,177  18 

Purchasing  department       -  -  148,738  07 

Medical  and  hospital  department  -            -.  23,674  19 

Contingent  expenses  -  13,695  56 

Ordnance  _-  50,514  09 

Quarter  master's  department  -  293,154  72 

Repairs  and  contingencies  of  fortifications   -  16,282  47 

Fort  Monroe                        -  -  95,629  86 

Fort  Calhoun  -  89,702  09 

Fort  Washington  -  9,275  14 

Fort  Delaware  -  11,500  00 

Fort  at  Mobile  Point                      '  -            -  84,630  99 

Fort  at  the  Rigolets  -  160,000  00 

Fort  Jackson  -  69,059  17 

Fort  at  Erenton's  Point  -  -  39,500  00 

Fort  at  New  Utrecht  Point  -  -  15,510  00 

Repairs  of  Plymouth  beach  -  20,00000 

Harbor  of  Presque  Isle  3,000  00 

Improving  Ohio  and  Mississippi  rivers,  &c.  3,003  S4 

Surveys,  &c.  of  roads  and  canals  -             -  19,34460 

Relief  of  officers,  &c.,  of  Seminole  campaign  11,835  82 

Military  Academy,  West  Point  -  15,438  39 

Medals  for  officers  -  2,215  00 

Arrearages  -  -  17,331  62 

Balances  due  to  certain  States  5,510  27 

Bounties  and  premiums      -  -  26,286  10 

Gratuities    -  -  12,400  04 

Expenses  of  recruiting  8,279  65 

Armories     -  -  386,357  38 

Arsenals      -  2,538  92 

Arming  and  equipping  the  militia  -            -  171,155  43 

National  armory,  western  waters  -  3,11700 

Purchase  of  Gridley's  farm  -  -            -  10,00000 

Purchase  of  woollens  for  1825  -  20,000  00 

Ransom  of  American  captives  767  75 

Maps,  plans,  &c.,  War  Office  547  56 

Road  from  Plattsburg  to  Sackett's  Harbor    -  1,350  00 

Road  from  Ohio  to  Detroit  -  1,337  55 

Road  from  Pensacola  to  St.  Augustine         -  15,000  00 

Relief  of  sundry  individuals  ;*«r"         -  134,74581 

Invalid  and  half-pay  pensions  -  231,726  18 

Revolutionary  pensions  - 1,267,600  41 
Purchase  and  reservation  of  Indian  lands  in 

Georgia  -  ...  26,025  70 


1 825,] 


SECRETARY  OF  THE  TREASURY. 


333 


Purchase  of  Quapaw  lands 

Treaty  with  the  Choctaws 

Treaty  with  the  Creeks 

Treaty  with  the  Florida  Indians    - 

Military  escort,  Florida  Indians 

Civilization  of  Indians 

Pay  of  Indian  agents 

Pay  of  sub-agents  - 

Presents     -  -  - 

Contingencies,  Indian  department  - 

Indian  annuities     - 

Treaties  with  Indians  beyond  the  Mississippi 


From  which  deduct  the  following  repayments: 
Fortifications      -  $4,66730 

Fort  opposite  Fort  St.  Philip     -  ]  68  00 
Cannon,  shot,  shells,  &c.  -  200  00 

Treaties  with  Indians,  act  20th 
April,  1813    -  -  -  599  67 


$7,000  00 

938  37 

23,000  00 

23,657  50 

9,500  00 

13,541  81 

22,874  24 

10,548  32 

14,412  45 

58,743  88 

177,250  31 

3,094  99 

5.275,889  31 


5,634  97 


NAVAL  DEPARTMENT,  VIZ  : 

Pay  of  the  navy  afloat  898,415  50 

Pay  of  the  navy  shore  stations                     -  223.869  24 

Provisions                                                    -  312,404  56 

Medicines  31,698  47 

Repairs  of  vessels  -  404,151  00 

Ordnance  and  ordnance  stores  30,156  44 

Navy  yards,  &c.    -  136,365  01 

Contingent  expenses  prior  to  1824  -             -  102,028  39 

Contingent  expenses  for  1824  149,889  97 

Contingent  expenses  not  enumerated  680  94 

Gradual  increase  •--                                 '/-,;  286,977  45 

Inclined  plane  docks,  &c.  -  11,375  81 

Ship-houses  15,114  63 

Suppression  of  piracy  '    16,401  60 

Prohibition  of  the  slave-trade  14,032  58 

Survey  of  the  coast  of  Florida     '  -  1.412  82 

Survey  of  Charleston  harbor  2,962  37 
Rewarding  officers  and  crews  of  two  gigs, 

under  the  command  of  Lieut.  Gregory  -  3,000  00 

Captors  of  Algerine  vessels  56  59 

Relief  of  sundry  individuals           -  22,30507 

Pay  and  subsistence  of  the  marine  corps    -  199,061  30 

Clothing  for  the  marine  corps  31.334  83 

Military  stores  for  the  marine  corps  3,551  25 

Fuel  for  the  marine  corps  -  4,659  80 

Contingent  expenses  of  the  marine  corps    -  9,000  00 

Medicines  for  the  marine  corps       -  2,369  71 

Barracks  for  the  marine  corps  9,631  81 

2,922,907  14 


85,270,254  34 


334  REPORTS  OF  THE  [1S25. 

From  which  deduct  the  following  repayments : 
Building  barges  -     $409  58 

Superintendent,  artificers,  &c.  11.529  22 
Laborers,  and  fuel  for  engines    6,320  15 
Rewarding  officers  and  crew 
of  frigate  Constitution  66  63 

$18,325  58. 

$2.904,581  56 

PUBLIC  DEBT,  VIZ: 

Interest,  &c.  domestic  debt  -  5,301,104  19 

Kedemption  of  7  per   cent. 

stock  of  1815  :  for  principal  8,598,309  35 
Premium    -  49,302  19 

8,647,611  54 

Kedemption  of  exchanged  6  per  cent,  stock 

of  1812  -  2,612;435  69 

Reimbursement  of  Mississippi  stock  N  7,242  34 

: 16.568.393  76 


31,898,538  47 


TREASURY  DEPARTMENT, 

Register's  Office,  December  8,  1825. 


JOSEPH  NOURSE.  Register. 


SECRETARY  OF  THE  TREASURY. 


335 


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1825.1 


SECRETARY  OF  THE  TREASURY. 


337 


H. 

STATEMENT  of  moneys  received  into  the  Treasury,  from  all  sources 
other  than  customs  and  public  lands,  from  the  1st  January  to  the  30^ 
September,  1825. 

From  dividends  on  stock  in  the  Bank  of  the  United  States       $367;500  00 

balances  of  advances  made  in  War  Department,  re- 
paid under  the  3d  section  of  the  act  of  the  1st  May, 
1820 

arrears  of  new  internal  revenue          -    $22,534  84 
new  direct  tax  2,009  98 

fees  on  letters  patent  -  6,690  00 

cents  coined  at  the  mint  -       12,726  25 

postage  of  letters  469  56 

consular  receipts  under  the  2d  section 

of  the  act  of  the  14th  of  April,  1792        2,292  10 

surplus  emoluments  of  officers  of  the 

customs    ,  -  -       25,496  52 

money  received  under  the  act  to  abolish 
the  United  States  trading  establish- 
ments with  the  Indians  -  9,698  57 

fines,  penalties,  and  forfeitures  3,298  06 

sales  of  public  lots  in  the  city  of  Wash- 
ington 1,572  38 

nett  proceeds  of  vessels  condemned  un- 
der the  acts  prohibiting  the  slave 
trade  -  4,473  57 

trespass  on  Indian  lands          -  48  00 

nett  proceeds  of  vessels,  <fcc.  captured  of 

the  pirates  -  325  13 

moneys  previously  advanced  on  ac- 
count of  the  second  census  71  48 

moneys  previously  advanced  on  ac- 
count of  ascertaining  land  titles  in 
Louisiana  -  500  00 

moneys  previously  advanced  on  ac- 
count of  annuity  to  Christian  Indians 
on  the  river  Thames  1,474  98 

interest  on  balances  due  from  the 
banks  of  Wilmington  and  Brandy- 
wine  to  the  United  States  -  4,937  42 

rent  of  the  naval  hospital  farm,  Chelsea  267  45 


loan  of  five  millions,  at  4i  per  cent., 

per  act  of  26th  May,  1824  - 
i  j  • 

•  tflO&Hu  Wo  lo  ?• 


98,886  29 
5,000,000  00 

$5,508,144  89 


TREASURY  DEPARTMENT, 

Register's  Office,  December  8,  1825. 

JOSEPH  NOURSE,  Register. 
VOL.  ii.— 22 
•     01  &GS*f£ 


338 


REPORTS  OF  THE 


STATEMENT  of  the  expenditures  of  the   United  Slates,  from  the  1st 
of  January  to  the  30/A  September,  1825. 

CIVIL,    MISCELLANEOUS,    AND    DIPLOMATIC. 


Legislature 

Executive  departments 

Officers  of  the  mint 

Commissioner  of  the  Public  Buildings 

Surveying  department 

Governments  in  the  Territories  of  the  United 
States 

Judiciary- 
Annuities  and  grants 

Mint  establishment     - 

Unclaimed  merchandise 

Light-house  establishment 

Surveys  of  public  lands 

Grant  to  General  Lafayette     - 

Registers  and  receivers  of  land  offices 

Western  boundary  line  of  Arkansas  Territory 

Boundary  line  between  Missouri  and  Arkansas 

Preservation  of  the  public  archives  in  Florida 

Land  claims  in  Florida  Territory 

Land  claims  in  St.  Helena  land  district 

Roads  within  the  State  of  Indiana 

Roads  within  the  State  of  Ohio 

Roads,  canals,  &c.,  within  the  State  of  Alabama 

Roads  and  canals  within  the  State  of  Missouri 

Roads  and  canals  within  the  State  of  Mississippi 

Encouragement  of  learning  within  the  State  of 
Illinois 

Repayment  for  lands  erroneously  sold  by  the 
United  States 

Purchase  of  lands  reserved  to  certain  Creek  In- 
dians .  - 

Marine  hospital  establishment 

Public  buildings,  Washington 

Accommodation  of  the  President's  household  - 

Bringing  the  votes  of  President  and  Vice  Presi- 
dent of  the  United  States  - 

Payment  of  claims  for  property  lost.  &c. 

Stock  in  the  Chesapeake  and  Delaware  Canal 
Company  - 

Payment  of  balances  to  officers  of  old  internal 
revenue  and  direct  tax 

Payment  of  balances  to  collectors  of  new  inter- 
nal revenue  ... 

Payment  of  certain  certificates 

Miscellaneous  expenses  -          ' '-; 

Consular  receipts,  under  the  act  of  14th  April, 
1792  .... 


$316.367 
369,767 
7,200 
1,125 
17,551 

27,596 
153,942 


08 
44 
00 

00 
82 

71 
55 


1,300 

14,651 

342 

115,868 

125.456 

200,000 

1,125 

2,000 

1,500 

375 

6,682 

3,250 

10,798 

9,197 

10,753 

1.256 

15,780 

5,702 
1,635 


00 
64 
30 
88 
33 
00 
00 
00 
00 
00 
69 
00 
09 
27 
66 
44 
26 

06 
93 


6,169 
125 

192,500 
2,184 

1,723 

83 
71,670 


00 
64 

45 
01 

84 


2,292  10 


1825.J 


SECRETARY  -OF  THE  TREASURY. 


339 


Diplomatic  department 


-  $127,017  29 


Contingent  expenses  of  foreign  intercourse  -  25,224  95 

Relief  and  protection  of  American  seamen  -  22,567  20 

Treaty  of  Ghent  (6th  and  7th  articles)         -  12,583  13 

Treaty  of  Ghent  (1st  article)  8.000  00 

Treaty  with  Spain  1,12500 

Claims  on  Spain.     -                                       -<>  66,335  02 
Payments  of  claims  under  the  9th  article  of 

treaty  with  Spain                                      ';-;V  16,270  87 

Treaty  with  Mediterranean  powers  3,508  67 

Prize  causes          >-,".;')         -            -         -..,/*•'  2,00000 


MILITARY    ETABLJSHMENTj    VIZ 

Pay  of  the  army 

Subsistence 

Forage 

Clothing 

Purchase  of  woollens,  for  1826 

Medical  and  hospital  department     -  ,y; 

Contingencies 

Ordnance 

Quartermaster's  department 

Repairs  and  contingencies  of  fortifications  - 

Fort  Monroe 

Fort  Calhoun  V- 

Fort  Washington    - 

Fort  Delaware      ;;  •»>-  •*• 

Fort  at  Mobile  Point 

Fort  at  the  Rigolets  - 

Fort  Jackson 

Fort  at  Brenton's  Point 

Fort  at  New  Utrecht  Point  - 

Fort  at  Beaufort      -  ... 

Fort  at  Cape  Fear  - 

Armament  of  new  fortifications 

Plymouth  beach,  repairs  of 

Harbor  of  Presque  Isle 

Improving  Ohio  and  Mississippi  rivers 

Surveys,  &c.,  of  roads  and  canals    - 

Relief  of  officers,  &c.,  of  Seminole  campaign 

Military  Academy,  West  Point 

Arrearages 

Bounties  and  premiums 

Expenses  of  recruiting 

Armories     - 

Arsenals 

Preservation  of  islands  in  Boston  harbor 

Arming  and  equipping  the  militia   - 

Na  ional  armory,  western  waters    - 

Ransom  of  American  captives 

Arsenal  lot  on  the  Schuylkill 


710,379  16 

271.326  69 

28,289  31 

184.737  06 

20,000  00 

20,041  87 

16,714  18 

41,065  27 

233,157  25 

4,155  31 

86,025  58 

57,400  00 

207  35 

36,506  14 

107,008  67 

80,000  00 

80,940  83 

44,134  60 

40,366  76 

400  00 

5,000  00 

100  00 

5,712  00 

10,371  37 

3.722  59 

38.780  21 

2.601  61 

9,066  40 

32,304  47 

13,450  63 

5.275  22 


17,430  72 

lU.iMf  29 
133^24  91 

2,479  SS 

610  00 

8,000  00 


2,098,525  16 


340 


REPORTS  OF  THE 


Interest  due  to  the  State  of  Virginia  -  $178,480  1 1 

Payment  of  claims  for  property  lost,  &c.  -              40  00 

Cannon,  shot,  shells,  &c.     ••  62  20 

Continuation  of  the  Cumberland  road  13,850  00 

Road  from  Ohio  to  Detroit  5,255  00 

Road  from  Cape  Sable  to  Suwanney  2,072  15 

Road  from  Detroit  to  Chicago  3,000  CO 

Road  from  Memphis  to  Little  Rock  1 ,880  00 

Road  from  St.  Augustine  to  Pensacola  809  50 

Road  from  Colerain  to  Tampa  6,000  00 

Road  from  Missouri  to  New  Mexico  -       15,000  00 

Relief  of  sundry  individuals  -     140,144  63 

Revolutionary  pensions       -  - 1,307.251  12 

Compensation  to  citizens  of  Georgia  -       23,000  00 

Claims  against  the  Osages  -            -  2,748  00 

Choctaw  claims       -  -       16,972  50 

Treaty  with  Choctaws  3,748  72 

Expenses  of  Choctaw  treaty  9,723  44 

Treaty  with  the  Sioux,  Chippewas.  &c.  -         6,400  00 

Treaty  with  the  Florida  Indians      -  -       36,425  57 

Military  escort  to  Florida  Indians    -  500  00 
Treaties  with  Indians  beyond  the  Mississippi          3.216  21 

Treaty  with  the  Creeks       -  -     225^853  12 

Civilization  of  Indians  -       11,215  91 

Pay  of  Indian  agents  -      26.254  12 

Pay  of  sub-agents    -  -       12,104  15 

Presents  to  Indians  -       16,963  18 

Contingencies,  Indian  department  -  -       82.006  85 

Annuities  to  Indians  '      '    -            -  -     201.278  98 


From  which  deduct  the  following  repay- 
ments : 

Fortifications  -  -  $14,500  00 

Invalid  and  half-pay  pensions      70,351  70 
Gratuities  205  37 

Purchase  of  Qjiapaw  lands     -          226  09 
Fort  opposite  Fort  St.  Philip  -         487  64 


4,976,081  39 


NAVAL    ESTABLISHMENT. 


Pay  of  the  navy  afloat 

Pay  of  the  shore  stations 

Provisions  - 

Medicines  - 

Repairs  of  vessels  .--«;•< 

Navy  yards,  docks,  and  wharves 

Navy  yard,  Portsmouth  V,  <- 

Navy  yard,  New  York 

Navy  yard,  Philadelphia    - 

Navy  yard,  Washington 

Navy  yard,  Norfolk        > ,- 


85,770  80 


511,913  27 

219,801  93 

274,487  98 

36,583  73 

249,720  71 

21,064  58 

1,145  08 

25,314  03 

7,509  04 

8.809  29 

12,398  44 


$4,890.310  59 


\  -t\   -.      '. 


IS25.] 


SECRETARY  OF  THE  TREASURY. 


341 


Navy  yard,  Charleston 
Contingent  expenses  prior  to  1824 
Contingent  expenses  for  1824 
Contingent  expenses  not  enumerated, 
Contingent  expenses  for  1825 
Contingent  expenses  not  enumerated, 
Gradual  increase  of  the  navy 
Inclined  plane  docks,  &c. 
Ship-houses 
Suppression  of  piracy 
Prohibition  of  the  slave  trade 
Survey  of  the  coast  of  Florida 
Survey  of  Charleston  and  St.  Mary's 
Captors  of  Algerine  vessels 
Relief  of  sundry  individuals 
Building  ten  sloops  of  war 
Pay  and  subsistence  of  marine  corps 
Clothing  for  marine  corps  - 
Medicines  for  marine  corps 
Military  stores  for  marine  corps 
Fuel  for  marine  corps 
Contingent  expenses  of  marine  corps 
Arrearages  of  contingent  expenses 


1824 
1825 


ii«; 


From  which  deduct  the  following  repay- 
ments : 

Ordnance  and  ordnance  stores  $7,524  26 
Repairs  of  sloops  of  war  ;-,  -j^  1,502  97 
Superintendsnts,  artificers,  &c.  4,883  72 
Laborers,  and  fuel  for  engines  2,490  32 
Tools  burnt  at  the  navy  yard, 

Washington  31  06 


$14,111  90 

311  98 

45,108  14 

1,7*57  21 

192,632  94 

713  74 

244,409  02 

3,716  50 

2,674  74 

8,374  90 

8,838 

73 

1,894 
161 
12,917  CO 
78,594  22 
118,492  74 
19,382  76 
1,266  49 
1,313  78 
5,668  58 
7,731  93 
4,683  78 

2,143,588  70 


85 
61 

28 
53 


—        16,432  33 


PUBLIC  DEBT,  VIZ  : 

Interest  on  the  funded  debt 
Redemption  of  7  per  )  principal   2,113  92 
cent;  stock  of  181.5,  \  premium        11  68 


Ufi  WIT— .3TOH 

p  .<>>!  mains**! 


$2.127,156  37 


Redemption  of  exchanged  6  per  cent,  stock 

of  1812 

Redemption  of  Treasury  note  6  per  ct.  stock 
Redemption  of  6  per  cent,  stock  of  1812  - 
Reimbursement  of  Mississippi  stock 
Principal  and  interest  of  Treasury  notes  - 


3,347,923  92 
p£:J   «i!jsc»i''io  g 

2,125  60 

56,539  30 

1,479,374  82 

6.187,006  84 

1,524  02 

/1QQ  00 


oq 


493  29 


11,074,987  79 
$20,190,979  91 


TREASURY  DEPARTMENT, 

Register's  Office,  December  8, 1825. 

JOSEPH  NOURSE,  Register. 


.342 


REPORTS  OF  THE 
No.  1. 


[1825. 


STATEMENT  of  the  debt  of  the   United  States,  1st  October,  1824. 


Three  per  cent,  stock  -  -  -     $13.296,231  45 

Exchanged  six  per  cent,  stock  of  1812         2,668,974  99 


Six  per  cent  stock  of  181 2 
Six  per  cent,  stock  of  1813,  (16  millions) 
Six  per  cent,  stock  of  1813,  (7^  millions) 
Six  per  cent,  stcck  of  1814 
Six  per  cent,  stock  of  1815 
Treasury  note  six  per  cent,  stock 
Treasury  note  seven  per  cent,  stock 
Five  per  cent,  stock,  (subscription  to 

Bank  of  the  United  States)    - 
Five  per  cent,  stock  of  1820    - 
Five  per  cent,  stock  of  1821     - 
Exchanged  five  per  cent,  of  1822 
Four  and  a  half  per  cent,  stock,  (Flori- 
da loan) 


6,187,006  84 

15.497.818  63 

6,812,845  44 

13,096,542  90 

9,490,099  10 

1,479,374  82 

4,477,026  17 

7,000,000  00 

999,999  13 

4,735,296  30 

56,704  77 


$15,965,206  44 


74,832,714  10 

$90,797.920  54 


TREASURY  DEPARTMENT, 

Register's  Office,  December  8,  1825. 

JOSEPH  NOURSE,  Register. 

NOTE. — The  amount  of  the  debt  on  the  1st  of  October,  1824,  as  per 
statement  No.  3,  which  accompanied  the  report  of  the  Secretary  of  the 


Treasury,  of  the  31st  December,  1824,  was 
Add  this  sum,  ascertained  to  have  been  issued 
on  account  of  the  loan  of  $25,000,000,  per 
act  of  the  24th  March,  1814,  more  than  the 
sum  which  has  heretofore  been  stated  as  the 
amount  of  the  said  loan,  and  for  which  the 
commissioners  of  loans  have  not  made  such 
returns  as  to  enable  the  First  Auditor  to  re- 
port thereon  -  -  J 
Also,  for  a  variation  in  the  amounts  of  Treasu- 
ry note  six  per  cent,  and  seven  per  cent, 
stocks,  issued  prior  to  the  forming  the  said 
statement,  but  subsequently  entered  on  the 

Treasury  books       ;S-V          -  -         '7i.f' 

'  •  -ssioa    ?f; -:•••?; 


$90,697,071  54 


)5,105  27 


5,743  73 


._   100.849  00 
$90,797,920  54 


' 


1 825.]  SECRETARY  OF  THE  TREASURY.  343 

No.  2. 
STATEMENT  of  tht  debt  of  the  United  States,  1st  January,  1825. 

Three  per  cent,  stock  -  -  -     $13,296,231  45 

Exchanged  six  per  cent,  stock  of  1812              -              , .  ^  -.  56,539  30 

$13 , 352, 770  75 

Six  per  cent,  stock  of  1812                                -'              •   -%  6,187,00684 

Six  per  cent,  stock  of  1813  (16  millions)          -                   -  12,403,05166 

Six  per  cent,  stock  of  1813  (74  millions)          -  5,452,884  46 

Six  per  cent,  stock  of  1814             -                                ••_'-•  13,096,54290 

Six  per  cent,  stock  of  1815                                -                   -  9,490,099  10 

Treasury  nole  six  per  cent,  stock                    -               »•*?•«"'  1,479,374  83 

Treasury  note  s:ven  per  cent,  stock  2)113  92, 
Five  per  cent,  stock  {subscription  to  Bank  of  the  United 

States)   -                                      -                  -  7,000,000  00 

Five  per  cent,  stock  of  1820       .    -'                                     -  999,99913 

Five  per  cent,  stock  of  1821                               -              v  fa-i  4,735,296  30 

Exchanged  five  per  cent,  stock  of  1822             -                   -  56,704  77 
Four  and  a  half  per  cent,  stock,  per  act  of  the  24th  May, 

1824  (Florida  loan)  -                   -  5,000,00000 
Exchanged  four  and  a  half  per  cent,  stock,  per  act  of  the 

•26th  May,  1824        ...                  -  4,454,72795 

70,357,801  85 

$83,710,572  60 


TREASURY  DEPARTMENT, 

Register's  Office,  December  8,  1825. 

JOSEPH  NOURSE,  Register. 


' 


. 

-..-'*.. 


344  REPORTS  OF  THE  [1825. 

«x 

No.  3. 
STATEMENT  of  the  debt  of  the  United  States,  1st  October,  1825. 

Three  per  cent,  stock     -                  -                  -                  -  -          $13,296,23145 

Six  per  cent,  stock  of  1813  (loan  of  16  millions)  -                   -  *12,422,051  66 

Six  per  cent,  stock  of  1813  (loan  of  7£  millions)  -                   -  t5, 433 ,884  46 

Six  per  cent,  stock  of  1814                 -                                      -  13,096,54-390 

Six  per  cent,  stock  of  1815                                                       -  9,490,09!)  10 

Five  per  cent,  stock  (subscription  to  Bank  United  States)     -  7,000,000  00 

Five  per  cent,  stock  of  1820  999,999  13 

Five, per  cent,  stock  of  1821                                                     -  4,735,296  30 

Exchanged  five  per  cent,  stock  of  1822                                   -  56,70477 

Four  and  a  half  per  cent,  stock,  per  act  of  May  24,  1824, 

(Florida  loan)                                                                        -  5,000,00000 
Exchanged  four  and  a  half  per  cent,  stock,  per  act  of  May 

26,  18<!4     -                                                                            -  4,454,727  95 

Funded  four  and  a  half  per  cent,  stock,  peraci  of  May  24, 1824  5,000,000  00 

—    67,689,306  27 

80,985,537  72 


Amount  of  the  debt  on  the  1st  October,  1824,  per  foregoing   statement  No.  1    90,797,920  54 
Add  exchanged  4J  per  cent,  stock,  issued  under  the  act  of  May  26,  1824,  in 
lieu  of  six  per  cent,  stocks  of  1813  -  -  4,454,727  95 

95,252,648.4!) 

Deduct  stock  paid  off  in  the  fourth  quarter  of  1824,  viz: 
Seven  per  cent,  stock      -  -    $4,474,91225 

And  exchanged  six  per  cent,  stock  of  1812  -      2,612,43569 

7,087,347  94 
And  six  per  cent,  stocks  of  1813,  surrendered  for  exchanged 

4J  per  cent,  stock,  viz: 

Of  the  loan  of  16  millions  -  $3,094,766-  97 

Of  the  loan  of  71  millions  -  1,359,960  98 

4,454,727  95 

11,543,075  89 

Amount  of  the  debt  on  the  1st  January,  1825,  per  statement  No.  2          -  83,710,572  60 

Add  loan  at  4*  per  cent,  per  annum,  per  act  of  26th  May,  1824  5,000,000  00 

88,710,572  60 

Deduct  stock  paid  off  since  1st  January,  1825,  viz: 

In  the  first  quarter  of  1825,  the  residue  of  7  per  cent.  $2,113  92 

In  the  first  quarter  of  1825,  the  residue  of  exchanged  6  per  ct.  56,539  30 

On  the  1st  April,  the  whole  of  the  Treasury  note  6'per  cent.      1,479,374  82 
On  the  1st  October,  the  whole  of  the  6  per  cent,  of  1812         -      6, 187,006  84 

7,725,034  88 

Amount  of  the  debt  on  the  1st  October,  1825,  as  above  stated  JO, 985, 537  72 

TREASURY  DEPARTMENT, 

Register's  Office,  December  8, 1825. 

JOSEPH  NOURSE,  Register. 

*Six  per  cent,  of  1813  ($'16,000,000  loan)       -  ...  12,422,05166 

t  Six  per  cent,  of  1813  ( $7,500,000  loan)  -  5 , 433 , 884  46 

17,855,936  12 

Deduct  amount  subscribed  under  the  act  of  3d  March,  1825,  and  for  which 
4J  per  cent,  stock  is  to  be  issued  on  the  1st  January,  1826  -  1 ,585, 138  88 

Leaves  the  amount  of  6  per  cent,  of  1813,  reimbursable  in  1826          -         $16,270,797  24 


1825.]  SECRETARY  OF  THE  TREASURY.  345 

No.  4. 

ESTIMATED  AMOUNT  of  Treasury  notes  outstanding  on  the  \st 

October,  1824. 

Total  amount  issued  (as  per  statement  No.  4  of  the  last 

report)  -  -  $36,680,794  00 

Cancelled  and  reported  on  by  the  First  Auditor    -  -     36,664,194  00 

Outstanding  $16,600  00 

Consisting  of  small  Treasury  notes  $2,370  00 

Notes  bearing  interest         -          14,230  00 

$16,600  00 

TREASURY  DEPARTMENT, 

Register's  Office,  December  8,  1825. 

JOSEPH  NOURSE,  Register. 


No.  5. 

STATEMENT  of  the  stock  issued  under  the  act  of  Congress,  entitled 
"  An  act  supplementary  to  the  act  for  the  indemnification  of  certain 
claimants  of  public  lands  in  the  Mississippi  Territory"  passed  the. 
3d  March,  1815. 

Amount  of  claims  awarded  per  statement  No.  5  of  last 
year     -  -$4,282,151 


Whereof  there  was  paid  in  for  lands,  per  said  report         -  $2,447,535  39 

Payments  at  the  Treasury  to  the  30th 
September,  1824  -     $1,820,599  20 

Payments  from  October  1,  1824,  to  Sep- 
tember 30,  1825          ->  -  -  6,166  36 

—     1,826,765  56 

Balance  outstanding  October  1, 1825,  consisting  of—- 
Certificates outstanding  -  $7,805  57 
Awards  not  applied  for            -  44  60A 

7,850  17^ 


4,282,151J. 

TREASURY  DEPARTMENT, 

Register's  Office,  December  8,  1825. 

JOSEPH  NOURSE,  Register. 


346  REPORTS  OF  THE  [1825. 


TREASURY  DEPARTMENT, 

March  15,  1826. 

SIR  :  I  have  the  honor  to  transmit,  herewith,  statements  marked  B  and 
C,  referred  to  in  the  annual  report  from  this  department,  dated  the  22d  of 
December,  1825. 

I  have  the  honor  to  be, 

With  the  highest  respect, 

Your  most  obedient  servant, 

RICHARD  RUSH. 
The  Hon.  the  PRESIDENT  OF  ,THE  SENATE. 


'.yfeinVSi  .fl&ll£O7! '  KISapl       .    . 


L825.]  SECRETARY  OF  THE  TREASURY. 

B. 


347 


A  STA  TEMENT  exhibiting  the  value  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1824; 
(consisting  of  the  difference  between  articles  paying  duty,  imported, 
and  those  entitled  to  drawback,  re-exported  ;)  and,  also,  of  the  neti  reve- 
nue which  accrued  that  year  from  duties  on  merchandise,  tonnage, 
passports,  and  clearances. 


MERCHANDISE  PAYING    DUTIES  AD  VALOREM. 

$419,526        at   7i  per  cent.     -           -       ~<-T  /* 
1  288            12        do           -     "    .  4j  '' 

$31,464  45 
154  56 

117,483  62 
1,600,579  20 
1,295,489  20 
4,256,083  75 
1,747,128  00 
576  45 
13,319  20 
83,813  50 

$9,146,091  93 
11,701,586  12 

939,869            J2J      do.      ,  -  -  .'. 
10,670,528            15        do.      .,  - 
6,477,446            20        do.                      -           - 
17,024,335            25        do.          -           -           j  ,'•       - 
5,823,760            30        do.          -        '  ,-'     £*  £ 
1,647           35        do.                                        •'  , 
33,298            40        do.         -       •;#,:. 
167,627            50        do.                              -±C       - 

$41,559  324           22        do.  average 

9,146,091  93 

ARTICLES  PAYING  A  SPECIFIC  DUTY. 

1.    Wines,        1,527,978  gallons,  at  30.5  cents,  average     - 
2.    Spirits,         5,285,047  gallons,  at  44.4  cents,  average     - 
Molasses,  12,871,425  gallons,  at    5.0  cents 
3.    Teas,           7,107,677  pounds,  at  33.3  cents,  average     - 
Coffee,       20,  368,  450  pounds,  at    5.0  cents 
4.    Sugar,       78,  486,  658  pounds,  at  30.  7  cents,  average     -, 
5.    Salt,             3,092,092  bushels,  at  20.0  cents 
6.    All  other  articles   - 

466,604  45 
2,348,074  56 
643,571  25 
2,368,306  15 
1,018,422  5!) 
2,408,688  11 
618,410  40 
1,829,508  70 

Deduct  duties  refunded,  after  deducting  therefrom  duties  on  merchandise, 
the  particulars  of  which  were  not  specified  by  the  collectors,  and  differ- 
ence in  calculation  -                                                            - 

Add  2i  per  cent,  retained  on  drawback                                -    $122,678  68 
discount  retained  on  re-exportations    -  -',.                                    933  56 
discriminating  duty  on  French  vessels  -            -                         338  02 
extra  duty  on  merchandise  imported  in  foreign  vessels        21  ,  592  35 
interest  on  custom-house  bonds  -                                   -        26,84408 
storage  received  -                                              ...         3,80454 

20,847,678  05 
22,035  35 

20,825,642  70 
17^,191  23 

i  ?!fi9D  OC-  .'ej^cl'l**  -^,,..1 

Duties  on  merchandise 
Duties  on  tonnage        -                                               -           - 
Light  money    - 

$109,243  16 
17,273  28 

21,001,833  93 

126,516  44 
10,986  00 

Passports  and  clearances        -                                              * 

Deduct  drawback  on  domestic  distilled  spirits  exported 
drawback  on  domestic  refined  sugar  exported 

934  92 
1,038  56 

21,139,33637 
1,973  48 

Gross  revenue              -           *•-•&.  '  '•"•  *\ 
Expenses  of  collection                        •                                             . 

Nett  revenue,  per  statement  A 

21,137,362  89 
751,932  47 

$20,385,430  42 

348 


REPORTS  OF  THE 

Explanatory  Statements  and  Notes. 


[1825. 


1.  Wines — 
Madeira 
Champagne,  &c. 
Sherry  and  St.  Lucar,  &c. 
Lisbon,  Oporto,  &c. 
Teneriffe,  Fayal,  &c. 
Claret,  &c.,  in  bottles 
All  ouier,  in  casks  - 


2.  Spirits- 
Grain,  1st  proof 
2d    do. 
3d    do. 
4th  do. 
5th  do. 
Other,  2d    do. 
3d    do. 
4th   do. 
5th  do. 


3.  Teas— 
Bohea 
Souchong    - 
Hyson  skin 

Hyson  and  young  hyson 
Imperial 


Extra  duties  on  teas  imported 
from  other  places  than  China 


4.  Sugars — 
Brown,  &c. 
White,  clayed,  &c. 


5.  Salt- 
Imported,  bushels 
Exported,  do. 
Bounties   and    allowances 

reduced  into  bushels,  at 

20  cents  - 


109,861  gallons,  at  100  cents 
4,852  gallons,  at  100  cents 

11 ,794  gallons,  at  60  cents 
266,780  gallons,  at  50  cents 
136,802  gallons,  at  40  cents 

46,806  gallons,  at  30  cents 
951 ,083  gallons,  at  15  cents 


1 ,527,978  gallons,  at  30. 5  cts.,  average 


820 , 127  gallons,  at  42  cents 

90,855  gallons,  at  45  cents 

77,278  gallons,  at  48  cents 

5,987  gallons,  at  52  cents 

809  gallons,  at  60  cents 

674 , 129  gallons,  at  38  cents 

1 , 179 ,264  gallons,  at  42  cents 

2,425,293  gallons,  at  48  cents 

11, 305  gallons,  at  57  cents 


5,285,047  gallons,  at  44.4  cts.,  average 


42, 114  pounds,  at  12  cents 

1,908, 124  pounds,  at  25  cents 

1,776,356  pounds,  at  28  cents 

3 , 023 ,710  pounds,  at  40  cents 

357,373  pounds,  at  50  cents 


7,107,677 


7 , 107 , 677  pounds,  at  33 . 3  cts.  average 


73,077,821  pounds,  at  3  cents    - 
5 , 408 , 837  pounds,  at  4  cents    - 

78 , 486 , 658  pounds,  at  3 . 7  cents,  average 
4, 227 ,841,  at  20  cents 


61,435 


1,074,354 


1,135,789,  at  20  cents 


3,092,052,  at  20  cents 


$109,861  00 

4,852  00 

7,076  40 

133,390  00 

54,720  80 

14,041  80 

142,662  45 


$466,604  45 


344,453  34 

40,884  75 

37,093  44 

3,113  24 

485  40 

256,169  02 

495,290  88 

1,164,140  64 

6,443  85 


82,348,074  56 


5,053  68 

477,031  00 

497,379  68 

1,209,484  00 

178,686  50 


2,367,634  86 
671  29 


$2,368,306  15 


2,192,334  63 
216,353  48 


$2, 408, 688  11 


845,568  20 


227,157  80 


$618,410  40 


'.•>n«,*jX'j  -•  '.; ':  ; 


1825.]  SECRETARY  OF   THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


349 


6.  All  other  articles. 

Quantity. 

Rate 
of 
•duty. 

Duties. 

Cents 

Duck,  Holland 

-   pieces 

369 

250 

.$958  50 

Carpeting.  Brussels 

-    yards 

29,312 

50 

14,656  00 

Venetian              -          •    - 

-        do. 

230,054 

25 

57,513  50 

other 

do. 

711 

20 

142  20 

Cotton  bagging 

do. 

2,157,337 

3| 

80,900  13 

Vinegar  - 

-  gallons 

7,663 

8 

613  04 

Beer,  ale,  and  porter,  in  bottles 

-        do. 

40,800 

15 

6,120  00 

in  bottles 

do. 

29,493 

20 

5,898  60 

in  casks 

-.      do. 

1,606 

10 

160  60 

in  casks              -    • 

do. 

3,897 

15 

584  55 

Oil,  olive,  in  casks  - 

da 

49,283 

25 

12,320  75 

whale,  and  other  fish 

do. 

431 

15 

64  65 

castor                               -           "    - 

do. 

116 

40 

46  40 

linseed             -          '.?-•»' 

do. 

14,440 

25 

3,610  00 

Cocoa      -                       '"^'x{* 

-   pounds 

898,573 

2 

17,971  46 

Chocolate                 -                -                - 

-        do. 

1,014 

3 

30  42 

Chocolate            •"•/•' 

do. 

705 

4 

28  20 

Sugar,  candy 

do. 

723 

12 

86  76 

loaf              -           '  •>; 

do. 

311 

12 

37  32 

other,  refined  and  lump 
Almonds                                 -               _/ 

-       do. 
do. 

151 

540,302 

10 
3 

15  10 
16,209  C6 

Currants                  -           v^-             ,  a  ' 

-        do. 

133,617 

3 

4,008  51 

Prunes  and  plums  -            .'V.' 

-        do. 

29,503 

3 

885  09 

Prunes  and  plums  - 

do. 

153,350 

4 

6,134  00 

Figs 

-        do. 

548,218 

3 

16,446  54 

Raisins,  Muscatel,  &c.       •    *• 

do. 

646,023 

3 

19,380  69 

Muscatel,  &c.           .-V 

do. 

931,290 

4 

37,251  60 

other          -           '•    - 

do. 

1,134,110 

2 

22,(i82  20 

other 

do. 

972,188 

3 

29,165  64 

Candles,  lallow 

do. 

8,815 

3 

264  45 

tallow 

do. 

13,586 

5 

679  30 

Cheese     -                               -               _  ' 

do. 

29,628 

9 

2,666  52 

Soap 

do. 

184,958 

4 

7,398  32 

Tallow     -                          .  iw  . 

do. 

671,433 

1 

6,714  33 

Beef  and  pork         -             >:- 

do. 

787 

2 

15  74 

Hams  and  other  bacon      >'  .•*  '!  • 

-       do. 

17,525 

3 

219  45 

Buttrr       -               -          »,&*-: 

do. 

2,514 

5 

125  70 

Saltpetre,  refined     -          •  '.-A          '•    -  ••-, 

'   --      do. 

61,517 

3 

1,845  51 

Vitriol,  oil  of       -    -                          [,  ,4. 

do. 

46,097 

3 

1,382  91 

Camphor,  crude      -                          "'   *•& 

do. 

49,677 

8 

3,974  16 

Salts,  Epsom                           -           ;    *-\. 

do. 

159,402 

4 

6,376  08 

Glauber       .- 

do. 

186 

2 

3  72 

Spices  —  Cayenne  pepper 

-    -       do. 

107 

15 

16  05 

ginger 

-       do. 

1,414 

2 

28  28 

mace           - 

-.      do. 

7,132 

100 

7,132  00 

nutmegs      -              '--              .,' 

do. 

39,486 

60 

23,655  60 

cloves         -          ''.r- 

-    v  do. 

8,720 

25 

2,180  00 

pepper,  black         St-~-        i    -.?  .  . 

do. 

1,473,402 

8 

117,872  16 

pimento      -  ^  ].'  ••  J                  '     .  " 

do. 

1,094,851 

6 

65,691  06 

cassia         - 

do. 

279,160 

6 

16,749  60 

Tobfftco,  manufactured,  &c. 

do. 

639 

10 

63  90 

Snuff        -                              -           f    _,  •'. 

do. 

5,212 

12 

625  44 

Indigo      -               -           .'.>  |          *-./, 

-   -       do. 

378,322 

15 

56,748  30 

Cotton      -               -          ».r-          I    joS- 

do. 

517,681 

3 

13,530  43 

Gunpowder 

da 

49,035 

8 

3,922  80 

Bristles     .... 

da 

176,513 

3 

5,295  39 

Glue 

do. 

48,359 

5 

2,417  95 

Paints  —  ochre,  dry  - 

-*     do. 

501,576 

1 

5,015  76 

in  oil 

-       da 

17,650 

li 

264  75 

VOL.  ii. — 44 


REPORTS  OF  THE 
Explanatory  Statements  and  Notes — Continue  d. 


[1825 


6.  All  other  articles. 

duantity. 

Rate 
of 
duty. 

Duties. 

Paints,  white  and  red  lead   - 

-  pounds 

2,194,603 

Ceiits. 
3 

865,838  09 

white  and  red  lead    - 

do. 

1,509,045 

4 

60,361  80 

whiting 

do. 

280,022 

1 

2,900  22 

Lead,  bar,  sheet,  and  pig     - 

do. 

1,137,809 

1 

11,378  09 

bar,  sheet;  and  pig     - 

do. 

1,330,622 

2 

26,612  64 

shot             -               -     • 

do. 

286,596 

2 

5,731  92 

shot 

-       do. 

79,007 

3* 

2,765  25 

Cables,  tarred        - 

-      -do. 

68.,  140 

4 

2,725  60 

Cordage,  tarred     -               -               - 

do. 

447,544 

4 

17,901  76 

un  tarred 

do. 

1,046 

4 

41  84 

nmarred 

do. 

28,335 

5 

1,416  75 

Twine,  packthread,  &c.  -     - 

do. 

•      34,499 

4 

1,379  96 

Twine,  packthread,  &c. 

do. 

200,188 

5 

10,009  40 

Corks 

-v     do. 

44,067 

12 

5,288  04 

Copper,  rods  and  bolts          -               - 

do. 

3,015 

4 

120  60 

nails  and  spikes 

do. 

311 

4 

12  44 

Iron  muskets         - 

-       No. 

.       2,499 

150 

3,748  50 

rifles                                             - 

do. 

2 

150 

3  00 

wne,  not  above  No.  18 

-  pounds 

449,318 

5 

22,465  90 

above  No.  18      - 

do. 

279,193 

9 

25,122  51 

tacks,  brads,  &c.  not  above  16  oz.  per 

1000        M. 

31,462 

5 

1,573  10 

above  16  oz. 

do. 

3,659 

5 

182  95 

nails              - 

-  pounds 

247,121 

4 

9,884  84 

nails              - 

do. 

157,677 

5 

7,883  85 

spikes            -           ,    - 

do. 

33,282 

3 

998  46 

spikes            -              - 

do. 

31,379 

4 

1,255  16 

chain  cables  -               - 

do. 

271,268 

3 

8,138  04 

imllsaws       -           -    - 

-       No. 

1,274 

100 

1,274  00 

anchors 

-  pounds 

'    107,458 

2 

2,025  20 

anvils 

do. 

211,753 

2, 

4,235  06 

hammers  and  sledges  - 

do. 

.     25,625 

2j 

640  62 

castings,  vessels 

do. 

428,369 

It 

6,425  52 

other 

do. 

404,859 

r 

4,048  59 

round  and  brazier's  rods 

do. 

10,124 

3 

303  72 

nail  rods,  &c. 

do. 

9,629 

3 

288  87 

slit  and  hoop,  &c.    ,     - 

do. 

1,652,216 

3 

49,566  48 

castings 

cwt. 

10,639 

75 

7,979  25 

sheet  and  hoop 

do. 

12,620 

250 

31,550  00 

pig 

do. 

12,588 

50 

6,294  00 

bar,  rolled     - 

do. 

58,287 

150 

87,430  50 

hammered        ••  ••.*• 

do. 

37,979 

75 

28,484  25 

hammered 

do. 

356,250 

90 

320,625  00 

Steel 

do. 

19,851 

100 

19,851  00 

Hemp 

do. 

78,830 

175 

137,952  50 

Hemp 

do. 

219 

150 

328  50 

Alum 

.       dp. 

55 

200 

110  00 

Copperas                           '"«  T  , 

-       do. 

7,806 

100 

7,806  00 

Copperas 

-       do. 

1,410 

200 

2,820  00 

Flour  (wheat)       -          ^••- 

do. 

418 

50 

209  00 

Goal 

-  bushels 

398,342 

5 

19,917  10 

Coal                    "* 

do. 

422,461 

6 

25,347  66 

Wheat               •--. 

do. 

570 

25 

142  50 

Gate 

-       do. 

21 

10 

2  Id 

Potatoes                ... 

do. 

7,223 

10 

72230 

Paper,  folio  and  4to  post 
foolscap,  drawing,  &c. 

-  pounds 
do. 

5,710 
109,863 

20 
17 

1,142  00 
18,676  7) 

printing,  copperplate,  &c. 
sheathing,  binder's,  &c. 

do. 
do. 

448 
34,778 

10 
3 

115  85 
1,043  34 

all  other    -              -              -  !x 

-       do. 

9,201 

15 

1,390  15 

1S25/J  SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


351 


6.  All  other  articles. 

Gluantity. 

Rate 
of 
duty. 

Duties. 

Books  printed  previous  to  1775 

vols. 

1,607 

Cents. 
4 

$64  28 

printed  in  other  languages  than  Eng- 

lish, except  Latin  or  Greek  - 

do. 

37,186 

4 

1,487  44 

Latin  or  Greek,  bound 

pounds 

2-,  441 

15 

366  15 

do.            in  boards 

do. 

1,560 

13 

202  80 

all  other,  bound 

do. 

6,968 

30 

2,090  40 

do.       in  boards       */••'• 

do. 

19,580 

26 

5,090  80 

Glass,  cut.  and  not  specified     - 

do. 

18,149 

3 

544  47 

other  articles 

do. 

382,497 

2 

7,649  94 

apothecaries'  vials,  not  above  4  oz. 

gross 

2,602 

100 

2,602  00 

do.                 not  above  8  oz. 

-do. 

287 

125 

358  75 

bottles,  not  above  1  quart 

do. 

4,637 

144 

6,677  28 

do.             do.    1    do. 

do. 

5,376 

2CO 

10,752  00 

do.              do.    2   do. 

do. 

228 

250 

570  00 

do.              do.    4    do. 

do. 

35 

300 

105  00 

demijohns 

number  i          10,630 

25 

2,657  50 

window,  not  above  8  by  10  inches 

100  sq.ft.  1               119 

250 

297  50 

do.            do.        8  by  10    do. 

do.                   217 

300 

651  00 

do.            do.      10  by  12    do. 

do. 

416 

275 

1,444  00 

do.           do.      10  by  12    do. 

do. 

222 

350 

777  00 

do.       above      10  by  12    do. 

do. 

700 

325 

2,275  00 

do.         do.         10  by  12    do. 

do. 

793 

400 

3,172  00 

uncut,  ia  plates,  &c. 

do. 

121 

400 

484  00 

Fish,  dried  or  smoked  - 

quintals 

1,480 

100 

1,480  00 

salmon,  pickled   - 

barrels 

1,703 

200 

3,406  00 

mackerel,  do. 

do. 

763 

150 

1,144  50 

all  other,   do. 

do. 

632 

100 

632  00 

Shoes  and  slippers,  silk 

pairs 

936 

30 

280  80 

prunella    - 

do.   ' 

496 

25 

124  00 

leather,  men  and  women's,  &c.  - 

do. 

1,936 

25 

484  00 

children's 

do. 

193 

15 

28  95 

Boots  and  bootees 

do. 

206 

150 

309  00 

Segars    - 

M. 

10,456 

250 

26,140  00 

Playing  cards    - 

packs 

6,630 

30 

1,989  00 

Deduct  expectations  over  importations,  viz . 


1,879,287  21 


Duck,  Russia                      -        2,  602  pieces,  at  200  cents      - 
Raven's         -                    7,  456  pieces,  at  125  cents 
Sheeting,  brown  Russia            12,375  pieces,  at  160  cents 
white  Russia       -            170  pieces,  at  250  cent? 
Candles,  wax                       -        2,270  pounds,  at     6  cents 
Soap                                          145,121  pounds,  at     Scents 
Cinnamon   -                              6,  165  pounds,  at   25  cents 
Cordage,  tarred,  and  cables    299,961  pounds,  at     Scents 

Carried  to  statement  B     - 

Spermaceti  candles,  imported         111  pounds,  at     Scents 
exported         111  pounds,  at     Scents 

$5,204  00 
9,320  00 
19,799  60 
425  00 
136  20 
4,353  63 
1,541  25 
8,998  83 

49,778  51 

- 

1,829,508  70 

8  83 
8  83 

0  00 

TREASURY  DEPARTMENT, 

Register's  Office,  March  8,  1826. 

JOSEPH  NOURSE,  Register. 


REPORTS  OF  THE  [1825. 

C. 

STATEMENT  exhibiting  the  amount  of  American  and  foreign  ton- 
nage employed  in  the  foreign  trade  of  the  United  States  during  the 
year  ending  on  the  3lst  day  of  December,  1824. 

American  tonnage  in  foreign  trade  -  -    Tons  845,758 

Foreign  tonnage  in  foreign  trade  90,666 

Total  tonnage  employed  in  the  foreign  trade  of  the  United  States       936,424 

Proportion  of  foreign  tonnage  to  the  whole  amount  of  tonnage 
employed  in  the  foreign  trade  of  the  United  States    -  -  9.6  to  100 

TREASURY  DEPARTMENT, 

Register's  Office,  March  8,  1826. 

JOSEPH  NOURSE,  Register. 


1826.]  SECRETARY  OF  THE  TREASURY.  353 

REPORT  ON  THE  FINANCES. 
DECEMBER,  1826. 


In  submitting  to  Congress  the  annual  report  required  by  law,  on  the 
finances,  the  Secretary  of  the  Treasury  is  happy  in  being  able  to  represent 
them,  for  the  present  year,  as  in  a  satisfactory  condition.  Whilst  other 
countries,  and  some  with  which  the  United  States  maintain  extensive  deal- 
ings, have  beheld  great  branches  of  their  industry,  if  not  altogether  pros- 
trated, interrupted  to  an  extent  productive  of  a  high  degree  of  suffering,  the 
United  States  have  experienced  within  themselves  no  such  calamitous  occur- 
rences, and  have  been  freed  from  all  other  than  a  slight  recoil  of  the  pecu- 
niary evils  which  have  been  seen  to  press  so  heavily  in  other  regions.  When 
adverting  to  the  complicated  connexions  that  bind  together  the  pecuniary 
interests  of  commercial  States  having  large  exchanges  with  each  other,  the 
reaction  from  abroad  has  been  less  felt  than  might  have  been  expected,  and 
has  brought  with  it  no  results  afflictive  to  the  community,  or  inauspicious  to 
the  regular  operations  of  the  Government.  The  public  obligations  have  all 
been  punctually  fulfilled,  without  any  increase  of  the  public  burdens;  and  the 
national-revenue,  which  derives,  no  aid  from  the  existence  of  direct  taxes  or 
internal  duties  of  any  kind,  but  rests  upon  the  customs  almost  exclusively, 
has  been  unusually  abundant  in  the  sums  realized  for  the  year  drawing  to  a 
close,  and  promises  to  be  fully  adequate  to  meet  every  stated  head  of  the 
public  expenditure,  including  the  sum  annually  devoted  to  the  extinguish- 
ment of  the  debt  for  the  year  that  is  to  come.  This  substantial  prosperity  is 
the  result  of  the  general  industry,  fostered  by  good  laws  and  a  just  economy 
in  the  public  administration — laws  which,  by  enlarging  the  home  demand  fo 
the  productions  of  the  soil,  have  aided  in  supplying  deficiencies  in  the  for- 
eign demand,  and  which,  by  superadding  to  exports  the  results  of  manufac- 
turing to  those  of  agricultural  labor,  have  tended  to  open  new  avenues  to 
external  traffic.  This  state  of  the  country,  in  its  financial  resources  and 
concerns  for  the  year,  will  be  seen  in  the  recapitulations  that  follow.  They 
will  consist,  first,  of  the  amount  of  moneys  paid  into  the  Treasury,  in  1826, 
and  in  the  year  preceding  ;  and  the  expenditures  of  those  two  years.  Next, 
of  the  state  of  the  public  debt,  and  the  portions  of  it  that  have  been  paid  off; 
which  will  be  seen  to  exceed  the  sum  regularly  appropriated  bylaw  for  that 
purpose  within  the  year.  And  lastly,  of  the  estimates  of  the  public  reve- 
nue and  expenditure  for  the  year  1827. 

1.   OF   THE    PUBLIC    REVENUE    AND    EXPENDITURE    OF   THE    YEARS    1825 

AND    1826. 

The  nett  revenue  which  accrued  from  duties  on  imports 
and  tonnage,  during  the  year  1825,  amounted  (see  state- 
ment A)*  to  -  $24,358,202J7 

*Statements  B  and  C,  connected  with  this  document,  are  reserved  for  a  separate  communi- 
cation.   [See  post,  page  475.] 

VOL.  ii.— 23 


354  REPORTS  OF  THE  [1880. 

The  actual  receipts  into  the  Treasury  from  all  sources 

during  the  year  1825  amounted  to    '  -$20.840,85802 

Viz. 

Customs  (statement  A)  $20.098.713  45 

Public  lands  (statement  D)        -  -     1,216.090  56 

Dividends  on  stock  in  the  Bank  of  the 

United  States,  arrears  of  internal  duties 

and  direct  taxes,  and  incidental  receipts, 

(statement  E)        -  482,134  69 

Repayments  of  advances  made  in  the 

War  Department  for  services  or  supplies 

prior  to  the  1st  of  July,  1815       -  43,919  32  , 

Loan  of  five  millions,  under  the  act  of 

Congress  of  the  26th  of  May,  1824          -     5,000,000  00 


Making,  with  the  balance  in  the  Treasury  on  the  1st 
of  January,  1825,  of  .,-  1,946,597,13 


An  aggregate  of  .  $28,787,455  15 

The  actual  expenditures  of  the  United  States,  on  all  ac- 
counts, during  the  year  1825,  amounted  (statement  F)  to     23,585.804  7-2 

Viz. 

Civil,  diplomatic,  and  miscellaneous     -  $2.748.544  89 
Military  service,  including  fortifications,  . : 

ordnance,  Indian  department,  revolution- 
ary and  military  pensions,  arming  the  mi- 
litia, and  arrearages  prior  to  the  1st  of.  Jan- 
uary, 1817  -  5,692,831  19 

Naval  service,  including  the  gradual  in- 
crease of  the  navy  -     3,049,083  86 
Public  debt                                            -   12,095,344  78 


Leaving  a  balance  in  the  Treasury  on  the  1st  of  Janu- 
ary, 1826,  of  $5,201,650  43 

The  difference,  amounting  to  $82,411  35,  between  this  balance  and  that 
stated  in  the  last  annual  report  from  the  Treasury,  which  was  $5,284,061  78, 
is  owing  to  the  balance  last  year  having  been  given  as  an  estimate  only. 
Actual  settlement  has  fixed  it  at  the  sum  now  stated. 

The  actual  receipts  into  the  Treasury,  during  the  first  three  quarters  of 
the  year  1826,  are  estimated  to  have  amounted  to  -  $19,585.932  50 

Viz. 

Customs  -$18,031,426  86 

Public  lands  (statement  G)  -  '.  1,053,961  29 

Dividends  on  stock  in  the  Bank  of  the 
United  States  402,500  00 

Arrears  of  internal  duties  and  direct  tax- 
es, and  incidental  receipts  (statement  H)  -  80,492  72 

Repayments  of  advances  made  in  the 
War  Department  for  services  or  supplies 
prior  to  1st  of  July,  1815  17,551  63 


1826.]  SECRETARY  OF  THE  TREASURY.  355 

And  the  actual  receipts  into  the  Treasury,  during  the 

fourth  quarter  of  the  year,  are  estimated  at  -    $6,300,000  00 

Making  the  total  estimated  receipts  into  the  Treasury  dur- 
ing the  year  1846  -  25,885,932  50 

And.  with  the  balance  in  the  Treasury,  on  the  31st  of  De- 
cember, 1835,  of  -  5,201,650  43 


An  aggregate  of  -  -     31,087,582  93 

The  expenditures  of  the  first  three  quar- 

ters of  the  year  1826',  are  estimated  to 

have  amounted  (statement  I)  to  $18,714.226  66 

Viz. 
Civil,  diplomatic,  and  mis- 

cellaneous $2,029,331  55 

Military  service,  including 

fortifications,     ordnance, 

Indian  department,  revo- 

lutionary   and    military 

pensions,  arming  the  mi- 

litia, and  arrearages  prior 

to  January  1,  1817          -  5,266,980  93 
Naval  service,  including  the 

gradual  increase  of  the 

navy      -  -  3,321,332  79 

Public  debt  -  8,096,581  39 

And  the  expenditures  of  the  fourth  quarter 

are  estimated  at  -         •'  "a  '•          -          -     5,947,817  30 

Viz. 
Civil,  diplomatic,  and  mis- 

cellaneous -   $840,000  00 

Military  service,  including 

fortifications,     ordnance, 

Indian  department,  revo- 

lutionary    and    military 

pensions,  arming  the  mi- 

litia, and  arrearages  prior 

to  January  1,  1817          -  1,293,000  00 
Naval  service,  including  the 

gradual  increase  of  the 

navy      -  t.*:i    900,000  00 

Public  debt— 

Reimbusement  of  princi- 
pal        $2,002,306  71 

Payment  of 
interest  -    912,510  59 

--  2,914,817  30 

Making  the  total  estimated  expenditure  of  the  year  1826  -     24,662,043  9fr 


And  leaving  in  the  Treasury,  on  the  1st  of  January,  1827, 
an  estimated  balance  of  ...  $6,425,538  97 


356  REPORTS  OF  THE  [1826, 

Should  the  estimate  of  receipts  for  the  fourth  quarter  prove  to  be  correct, 
the  total  amount  of  receipts  for  the  year  1826  will  have  exceeded  the  total 
estimates  presented  to  Congress  last  year  by  a  sum  approaching  four  hun- 
dred thousand  dollars. 

Of  the  balance  of  $6,425.538  97,  stated,  by  estimate,  as  that  which  will 
be  in  the  Treasury  on  the  1st  of  January,  1827,  it  is  proper  to  remark  that 
it  will  be  subject  to  the  following  charges :  1st.  The  balances  of  unapplied 
appropriations,  which  will  remain  to  be  satisfied  after  the  1st  of  January, 
1827,  amounting,  by  estimate,  to  $3,425,000 ;  2d.  About  one  million  of  dol- 
lars in  funds  not  at  present  effective,  as  particularly  explained  (pages  314  and 
315)  in  the  last  annual  report ;  3d.  The  reservation  of  $2,000,000  under 
the  fourth  section  of  the  act  of  Congress  of  the  3d  of  March,  1817,  entitled 
"  An  act  to  provide  for  the  redemption  of  the  public  debt." 

The  directions  issued  last  year  to  the  receivers  and  collectors  of  the  pub- 
lic revenue  in  all  parts  of  the  United  States  not  to  receive,  in  any  payments 
made  to  them,  bank  notes  of  any  of  the  State  banks  of  a  less  denomination 
than  five  dollars,  continue  in  full  force,  and  are  lending  their  aid  in  dis- 
countenancing the  circulation  of  small  notes,  and  substituting  in  their  stead 
a  greater  proportion  of  the  metallic  medium. 

II.    OF  THE   PUBLIC  DEBT. 

That  the  precise  nature  and  amount  of  the  funded  debt  of  the  United 
States,  as  it  exists  at  the  present  time,  may  be  seen,  the  several  descriptions 
of  debt  of  which  it  is  composed,  with  the  periods  at  which  they  were  con- 
tracted and  are  redeemable,  will  be  stated. 

The  aggregate  amount  of  the  debt  OK  the  1st  of  October  last  (see  state- 
ment No.  3)  was  $75.923,151  47.  This  sum  includes  the  remnant  of  the 
debt  of  the  revolution,  amounting  to  $13,296,247  70,  at  an  interest  of  three 
per  cent. ;  and  the  sum  of  $7,000,000,  subscribed  to  the  Bank  of  the  United 
vStates — the  United  States  owning  an  equal  amount  in  the  shares  of  the 
bank.  These  sums,  making  together  $20,296,247  70,  are  both  redeemable 
at  the  pleasure  of  the  Government. 

The  remainder  of  the  debt  has  been  contracted  since  the  1st  of  January, 
1812,  and  consists  of  the  sums  that  follow,  redeemable  at  the  dates  that 
follow : 

1.  The  sum  of  $11,254,197  46,  at  six  per  cent.,  being  the  residue  unpaid 
of  the  loan  under  the  act  of  the  8th  of  February,  1813,  and  redeemable  in 
1826. 

2.  The  sum  of  $13,096,542  90,  at  six  per  cent.,  being  the  residue  un- 
paid of  loans  made  in  1814,  and  redeemable  in  1827. 

3.  The  sum  of  $9,490,099  10,  at  six  per  cent.,  being  the  residue  unpaid 
of  loans  made  in  1815,  and  redeemable  in  1828. 

4.  The  sum  of  $769,668  08,  at  an  interest  of  four  and  a  half  per  cent., 
being  one-half  of  the  six  per  cent,  stock  of  1813,  exchanged  under  the  act 
of  Congress  of  the  3d  of  March,  1825,  and  redeemable  in  1829. 

5.  The  sum  of  $769,668  08,  at  an  interest  of  four  and  a  half  per  cent, 
being  the  other  half  of  the  six  per  cent,  stock  exchanged  as  above,  and  re- 
deemable in  1830.     These  two  last  enumerated  sums  were  set  down  last 
year,  by  estimate,  at  $792,569  44,  respectively.     The  accounts  of  the  com- 
missioners of  loans  having  since  been  adjusted,  the  true  amounts  are  ascer- 
tained to  be  as  now  exhibited. 


SECRETARY  OF  T&E  TREASURY.  367 

6.  The  sum  of  $18,901  59,  at  five  per  cent,  being  the  one-third  part  of 
the  sum  of  $56,704  77,  issued  in  exchange  for  the  six  per  cent,  stocks  of 
1813,  1814,  and  1815,  under  the  act  of  the  20th  of  April,  1822,  and  re- 
deemable in  1831. 

7  The  sum  of  $18,901  59,  at  five  per  cent.,  being  one  other  third  part 
of  the  sum  subscribed  as  above  stated,  and  redeemable  in  1832. 

8.  The  sum  of  $10,000,000,  at  4^  per  cent.,  being  stock  borrowed  under 
the  acts  of  May  the  24th  and  2(3th,  1824,  of  the  Bank  of  the  United  States; 
one  half  to  pay  the  Florida  claims,  the   other  half  to  pay  off  the  six  per 
cent,  stock  of  1812.  and  redeemable  in  1832. 

9.  The  sum  of  .$999,999  13,  at  5  per  cent.,  being  the  stock  created  by 
the  act  of  Congress  of  May  the  15th,  1820,  and  redeemable  in  1832. 

10.  The  sum  of  $18.901  59,  at  5  per  cent.,  being  the  remaining  third 
subscribed  under  the  act  of  April  the  20th,  1822,  and  redeemable  in  1833. 

11.  The  sum  of  $2,227,363  97,  at  4£-  per  cent.,  being  one-half  of  the 
amount  subscribed  in  exchange  for  six  per  cent,  stock  of  1813,  under  the 
act  of  May  the  26th,  1824,  and  redeemable  in  1833. 

12.  The  sum  of  $2,227,363  98,  at  4-|-  per  cent.,  being  the  other  half  sub- 
scribed under  the  act  last  above  stated,  and  redeemable  in  1834. 

13.  The  sum  of  $4,735,296  30,.  at  5  per  cent.,  being  the  amount  of  stock 
issued  under  the  act  of  March  the  3d,  1821,  and  redeemable  in  1835. 

By  the  foregoing  enumeration  it  appears  that  the  amount  of  debt  redeem- 
able at  the  periods  specified,  is  -  $55,626,903  77 

That  the  amount  redeemable  at  the  pleasure  of  the  Gov- 
ernment is  ...    20,296,247  70 


Making  the  total  amount  of  the  funded  debt,  on  the  1st 
of  October,  1826  -  $75,923,151  47 

This  amount  will  be  reduced  by  a  payment  to  be  made  on  the  1st  of  Jan- 
uary. 1827,  so  as  to  stand  on  that  day  at  -  $73,920,844  76 

The  amount  of  Treasury  notes  outstanding  on  the  1st  of  October,  1826, 
is  estimated  (Mo.  4)  at  $15,040;  and  the  amount  of  Mississippi  stock  unre- 
deemed on  that  day,  including  awards  not  applied  for,  (No.  5,)  at  $7,400  17. 

It  will  next  be  proper  to  state  the  operations  that  have  been  had  in  rela- 
tion to  the  debt  since  the  last  annual  report  from  this  department.  In  that 
report  it  was  stated  that  the  unpaid  loans  of  1813,  bearing  an  interest  of  six 
per  cent.,  amounted  to  the  sum  of  $16,270,797  24,  the  whole  of  which  was 
redeemable  in  1826.  It  was  thought  to  be  incumbent  upon  the  department 
to  recommend  to  the  consideration  of  Congress  such  provision  for  paying 
off  this  sum  during  the  year  1826  as,  in  the  judgment  of  the  department, 
gave  promise  of  beingmost  advantageous.  The  exhibition  in  detail  of  the  en- 
tire public  debt,  as  contained  above,  serves  to  show  that  considerable  sav  ngs 
in  interest  had  heretofore  accrued  to  the  nation,  by  exchanges  effected  under 
the  authority  of  Congress,  of  stock  bearing  an  interest  of  six  per  cent,  for  stock 
bearing  a  lower  interest ;  or  by  loans  under  the  same  authority,  fo  •  the  pur- 
pose of  paying  off  portions  of  the  debt  contracted  at  six  per  cent.,  when  the 
time  for  redemption  had  arrived,  by  the  creation  of  new  debt  to  the  same 
amount,  subject  to  an  interest  of  less  than  six  per  cent.  Under  the  sanction 
of  past  legislative  approbation  of  this  economical  process  in  relation  to  the 
debt,  it  was  recommended  that  a  loan  should  be  authorized,  for  1826,  to  the 


358  REPORTS  OF  THE  [1826: 

amount  of  nine  millions  of  dollars,  redeemable  in  1829  and  1830,  at  a  rate 
of  interest  not  exceeding  five  per  cent.,  to  extinguish  this  debt  of  sixteen 
millions  and  upwards,  bearing  an  interest  of  six  per  cent.,  which  the  Gov- 
ernment was  thus  at  liberty  to  extinguish  in    1826,  provided  it   had  the 
means.     Nine  millions,  it  was  believed,  would  have  formed  a  sum  adequate 
to  this  operation,  in  conjunction  with  the  other  means  which  it  was  supposed 
the  Treasury  would  probably  have   had  at  command  for  the  service   of 
the  debt  in  182(3.     There  is  reason  to  think,  from  the  prices  which  the  pub- 
lic stocks  bore  in  the  course  of  the  last  winter,  and  subsequently  to  the  win- 
ter, that,  had  Congress  sanctioned  a  loan  to  that  amount,  the  efforts  to  obtain 
it  would  not  have  proved  unsuccessful,  and  the  whole  of  the  stock  in  ques- 
tion have  consequently  been  paid  off.     But  as  no  loan  was  authorized,  it 
became  the  duty  of  the  department  to  proceed  otherwise,-  in  its  measures  for 
extinguishing  as  large  a  portion  of  this  six  percent,  stock,  redeemable  with- 
in the  year,  as  the  means  of  the  Treasury,  without  the  aid  of  the  loan,  ren- 
dered practicable.     This  was  accordingly  done  in  the  manner  following: 
The  stock  consisted  of  the  residue  unpaid,  amounting  to  $5,064,732  65,  of 
the  loan  of  seven  million  five  hundred  thousand  dollars,  under  the  act  of 
the   2d   of  August,    1813 ;  and   of   the  residue    unpaid,   amounting    to 
$11,254,197  46,  of  the  loan  of  sixteen  millions,  under  the  act  of  February 
Sth,  1813.     The  former  of  these  balances  was   wholly  paid  off,  with  the 
moneys  which  the  Treasury  had  at  its  disposal,  on  the  1st  of  last  July.  As 
regards  the  latter,  the  commissioners  of  the  sinking  fund,  at  a  meeting  held 
on  the  27th  September,  resolved  that  two  millions  of  dollars  should  be  ap- 
plied towards  its  reduction  at  the  end  of  the  present  year.     The  holders  of 
this  stock,  to  an  amount  representing  two  millions  of  dollars,  have  accord- 
ingly had  notice  that  on  the  1st  January,  1827,  they  will  receive  payment 
of  the  whole  of  the  principal  sum  specified  in  their  certificates.     By  the 
terms  under  which  this  loan  of  the  Sth  of  February,  1813,  was  contracted, 
it  became  redeemable  at  the  pleasure  of  the  United  States,  after  the  31st  of 
December,  1825,  by  the  reimbursement  of  the  whole  sum  which  stood  credit- 
ed to  any  proprietor  of  the  stock  at  the  time  when  the  reimbursement  took 
place.     It  followed,  that  in  paying  off  any  portion  of  this  loan,  no  partial 
payments  could  be  made  to  the  holder  of  a  certificate  ;  but  that  he  was  en- 
titled to  receive  its  full  and  absolute  amount,  without  reduction,  and  also 
the  full  amount  of  all  other  certificates  of  this  particular  stock  of  which  he 
was  at  the  same  time  owner.  It  therefore  became  necessary,  as  no  preference 
could  be  shown  to  one  public  creditor  over  another,  to  determine  by  lot  the 
numbers  of  the  certificates  to  be  redeemed,  until  their   aggregate  amount 
should  represent  the  sum  intended  to  be  paid  off;  and  such  was   the  plan 
pursued.     The  precise  mode  in  which  it  was  carried  into  effect  will  be 
seen  by  an  explanatory  paper  (L,)  among  the  documents  transmitted.     This 
resort  to  chance  terminated  in  giving  a  small  excess  over  the  sum  wanted  ; 
so  that  the  sum  to  be  paid  off  on  the  1st  of  January  amounts,  in   exact 
figures,  to  $2,002,306  71. 

It  may  be  proper  to  mention  that  the  unpaid  six  per  cents  of  1813  were 
staled  last  year  at  $16,270.797  24,  when  the  trueamount  was  $16,316,599  96. 
The  difference  was  included  in  the  four  and  a  half  per  cent,  stock,  under 
the  act  of  March  the  3d,  1825,  since  ascertained  to  have  belonged  to  the 
stock  of  1813.  It  should  be  further  mentioned,  that  the  three  per  cents 
were  stated  last  year  at  $1:5,296,231  45;  to  which  have  bean  added,  this 
year,  $16  25,  since  issued  for  interest  on  the  old  registered  debt,  under  the 
act  of  the  12th  of  June.  1798. 


t  1S26.J  SECRETARY  OF  THE  TREASURY.  359 

After  the  proposed  payment  of  $2,002.306  71  shall  have  been  made  on  the 
1st  of  January,  the  funded  debt  will  have  been  reduced  from  $80,985.537  72, 
its  amount  last  year,  to  $73,920.844  76.  the  amount  at  which  it  wul  stand 
on  the  1st  of  January,  1827.  It  hence  appears,  that  the  Cleans  which  the 
Treasury  was  found  to  possess  for  the  reduction  of  the  principal  of  the  debt 
within  the  year  1826,  using  those  means  as  largely  as  could  be  justified,  and 
as  the  commissioners  of  the  sinking  fund  thought  proper  to  sanction, 
amounted  to  $7,067,039  36  ;  and  that  this  sum  has  served  to  extinguish,  by 
so  much,  the  unpaid  six  per  ceut.  loans  of  1813.  amounting,  as  by  state- 
ment in  the  annual  report  of  December  last,  to  $16,270,797  24.  The  pay- 
ment of  interest  upon  the  whole  debt  within  the  year  will  have  amounted, 
by  the  close  of  the  last  quarter,  to  ,$'3,944,359  33  ;  making,  iu  the  whole, 
principal  and  interest,  applied  to  the  debt  in  1826,  $11,01 1,398  69. 

Of  the  foregoing  sum  of  $73,920,844  76,  of  which  the  debt  will  consist 
on  the  1st  of  January,  1827,  $31,838,532  75  will  be  at  an  interest  of  six 
per  cent.;  $12,792,000  20  at  an  interest  of  five  per  cent. ;  $15,994,064  11 
at  an  interest  of  four  and  a  half  per  cent. ;  and  $13,296,247  70,  the  rem- 
nant of  the  revolutionary  debt,  at  an  interest  of  three  per  cent. 

It  remains  to  offer  such  suggestions,  connected  with  the  debt  for  the  year 
ensuing,  as  a  provident  regard  to  the  public  resources  is  thought  to  point  out. 
It  is  seen  from  the  recitals  that  have  preceded,  that  much  the  largest  part  of 
the  debt  exists  at  present  in  stock  of  six  per  cent.  This  is  the  highest  rate 
of  interest  which  is  paid  by  the  Government:  it  is  conceived  to  be  higher 
than  it  is  proper  should  be  paid,  unless  where  demanded  by  the  public  faith. 
The  time  and  concomitant  circumstances  which  characterized  the  creation 
of  this  part  of  the  debt,  necessarily  burdened  it  with  so  heavy  a  rate  of  in- 
terest; but  that,  with  the  ample  resources,  the  unquestioned  security,  and 
the  exalted  credit  of  the  Government,  it  should  continue  to  pay  it,  where 
the  option  concurs  with  the  presumed  ability  to  shake  it  off,  seems  no  longer 
warrantable. 

Of  the  whole  sum,  approaching  thirty-two  millions  of  dollars,  which 
stands  at  this  interest,  nine  millions  have  been  redeemable  within  the  pre- 
sent year;  thirteen  millions  will  become  redeemable  on  the  1st  of  January, 
1827';  and  nine  millions  on  the  1st  of  January,  1828.  Fractions  are 
dropped  in  the  recapitulation.  The  advantage  to  the  nation  of  converting 
by  loans,  or  by  exchanges,  as  large  a  portion  as  possible  of  this  part  of  the 
debt,  into  debt  that  shall  be  charged  with  a  lower  interest,  appears  to  be  so 
obvious,  that  the  expediency  of  recommending  to  Congress  the  proper  mea- 
sures to  effect  it  again  suggests  itself  as  an  incumbent  obligation  upon  the 
department.  It  is  not  overlooked,  that  the  probability  of  obtaining  a  loan 
for  this  purpose  diminishes,  other  things  remaining  equal,  as  we  are  brought 
nearer  to  the  time  proposed  for  its  redemption.  But  the  prospect  of  obtain- 
ing it  is  still  believed  to  be  sufficient  to  justify  the  endeavor.  It  is  there- 
fore respectfully  recommended  that  authority  be  given  by  law,  and  at  an 
early  period  of  the  session,  to  borrow  the  sum  of  sixteen  millions  of  dollars, 
at  a  rate  of  interest  not  to  exceed  five  per  cent.,  to  be  redeemable  at  the 
pleasure  of  the  United  States,  in  equal  portions,  in  1829  and  1830.  These 
years  are  fixed  as  the  periods  of  redemption,  for  the  reason  that  operated  last 
year;  namely,  that  under  the  present  arrangement  of  the  entire  debt  only  a 
very  small  portion  of  it  (less  than  one  million  of  dollars)  becomes  redeem- 
able in  either  of  those  years.  Should  such  a  loan  succeed,  it  would  pay  oft 
at  once  more  than  one-half  of  all  the  stock,  at  six  per  cent.,  thereby  pro- 


360  REPORTS  OF  THE  [1826. 

ducing  a  clear  saving  to  the  nation  of  at  least  one  per  cent,  on  a  capital  of 
sixteen  millions  of  dollars  for  two  years,  and  for  a  longer  period  on  a 
part  of  that  capital.  The  residue  of  the  six  per  cent,  stock,  amounting  to 
$15,838,532  75,  would  await  the  application  of  the  disposable  means  of 
the  Treasury  during  the  years  1827  and  1828.  Whether  those  means  would 
prove  sufficient  for  its  complete  reduction  within  those  years,  depends  upon 
events  that  cannot  be  accurately  foreknown.  All  that  can  be  remarked  is, 
that,  to  the  full  extent  of  the  ability  of  the  Treasury,  the  means  would  be 
applied,  and  at  the  periods  of  time  best  adapted  to  the  exigencies  of  the 
public  service,  under  the  directions  of  the  sinking  fund  act.  and  the  lights 
of  past  experience  at  the  Treasury.  If,  nevertheless,  a  part  of  this  residue 
of  the  six  per  cent,  stock  should  be  found  unextinguished  on  the  arrival  of 
the  year  1829,  (as  probably  would  be  the  case,)  the  obligation  of  paying  it  off 
then  would  constitute  neither  objection  nor  inconvenience  to  the  measure 
of  a  loan  upon  the  terms  proposed.  It  is  consequently  believed  that,  under 
all  views  of  the  subject,  the  measure  would  give  promise  of  public  advan- 
tage. Such  a  law  as  is  recommended  being  passed,  and  its  execution  confided 
to  the  discretion  of  the  Executive,  that  discretion  would  be  exerted  to  in- 
sure the  accomplishment  of  its  object,  regarding  both  the  time  of  obtaining 
the  loan,  and  its  conditions,  in  a  manner  the  most  satisfactory. 

III.    ESTIMATE  OF  THE  PUBLIC  REVENUE  AND  EXPENDITURE  FOR.  1827. 

The  importation  of  foreign  articles  into  the  United  States,  in  1825,  was 
larger  than  common,  having  amounted,  as  by  the  statements  transmitted 
to  Congress  on  the  30th  of  last  March,  to  more  than  ninety-six  millions 
of  dollars  in  value.  This  exceeded  by  about  sixteen  millions  of  dollars 
the  average  value  of  importations  for  the  three  years  preceding.  The  ex- 
cess was  larger  than  could  be  justified  by  the  mere  gradually  increasing  de- 
mand of  the  country,  through  its  increasing  populousness.  lor  foreign  sup- 
plies; and  could  only  have  proceeded  from  the  influence  of  those  accidental 
and  temporary  causes  which,  in  commercial  countries,  are  always  affecting 
the  operations  of  trade.  A  supply  so  redundant  for  one  year  might  have 
been  expected,  by  the  natural  reflux  of  these  operations,  to  be  followed  by 
supplies  more  limited  for  the  year  succeeding.  On  this  account,  as  well  as 
through  other  causes  that  were  adverted  to  in  the  annual  report  of  last  De- 
cember, the  probability  of  there  being  a  falling  oft'  in  the  value  of  the  import- 
ations of  1826,  as  compared  with  those  of  1825,  was  intimated,  and  has 
been  the  fact.  The  whole  importations  for  Ib26have  amounted,  from  the 
returns  and  estimates  at  present  before  the  Treasury,,  to  about  eighty- five 
millions  of  dollars  in  value.  The  whole  of  the  exports  for  the  same  time 
to  about  seventy-eight  millions.  Of  the  imports,  about  eighty  millions  have 
been  carried  in  American  vessels  ;  and  of  the  exports,  about  seventy  millions. 
Of  the  latter,  about  fifty-three  millions  consisted  of  the  productions  of  the 
United  States,  and  the  remainder  of  foreign  productions.  The  diminished 
value  of  importations  for  1826  has  obviously  arisen,  in  some  degree,  from  the 
fall  of  prices  in  those  countries  of  Europe  from  which  the  largest  quantity 
of  manufactured  articles  are  sent  to  the  United  States;  and  gives  countenance 
to  the  opinion  that  the  decrease  in  quantity  has  not  been  in  proportion  to  the 
decrease  in  value.  If.  indeed,  the  comparative  amount  and  value  of  exports 
be  assumed  as  the  measure  of  a  correct  judgment  upon  this  point,  it  would 
even  lead  to  the  inference  that,  as  regards  some  of  the  principal  articles  ot 
importation  into  the  United  States  for  1826,  there  has  been  no  decrease  in 


1S26.]  SECRETARY  OF  THE  TREASURY.  361 

quantity,  as  compared  with  the  importations  of  1825-  The  value  of  exports 
from  the  United  States  for  1825,  exhibits  a  greater  excess  over  those  of  1826 
than  is  seen  in  the  imports ;  yet,  in  some  of  the  chief  articles  of  export,  the 
records  of  the  Treasury  attest  that  the  quantity,  as  far  as  yet  known,  was 
greater  in  1826.  In  1825,  the  export  of  cotton  was  one  hundred  and  seventy- 
six  millions  of  pounds.  In  1826,  it  was  one  hundred  and  ninety-two 
millions.  The  value  of  the  latter,  or  larger  quantity,  was  twenty-four  mil- 
lions of  dollars.  The  value  of  the  former,  or  smaller  quantity,  was  thirty- 
six  millions.  In  like  manner,  the  quantity  of  flour  exported  in  1826  was 
greater  than  in  1825  ;  whilst  the  value  was  less,  though  not  in  the  same  pro- 
portion as  with  cotton.  The  same  is  true  of  rice.  The  export  of  flour  in  1826, 
was  in  quantity  858,360  barrels,  in  value  4,139,063  dollars.  In  1825,  it  was 
813.906  barrels,  and  in  value  4,2 12.127  dollars.  The  export  of  rice  in  1826 
was  110.635  tierces  in  quantity,  and  1,909,227  dollars  in  value.  In  1825,  it 
was  97,015  tierces  in  quantity,  and  1,925,243  dollars  in  value.  It  may  be 
proper  to  subjoin,  that  of  the  export  of  cotton  in  1825,  between  nine  and  ten 
millions  of  pounds  were  of  the  Sea  Island  cotton  ;  and  of  the  export  in  1 826, 
between  six  and  seven  millions.  Of  tobacco,  the  quantity  exported,  as 
well  as  its  value,  rose  higher  in  1825  than  in  1826.  -But  in  1826  the  export 
of  tobacco,  though  considerably  less  than  that  of  1824  in  quantity,  was 
greater  in  value.  The  comparative  amounts,  in  quantity  and  value,  for  the 
three  years,  stand  thus^  for  1825,75,984  hogsheads,  and  $6,115,623;  for 
1826,  59,780  hogsheads,  and  $5,322,964 ;  for  1824.  77,883  hogsheads,  and 
4,885,566  dollars.  Taking  the  three  years,  therefore,  it  appears  that  the 
quantity  exported  was  greatest  in  1824.  and  the  value  least. 

It  would  be  desirable,  with  a  view  to  judge  accurately  of  the  effects  of  the 
tariff  upon  the  importations  of  foreign  merchandise,  to  ascertain  the  fluctua- 
tions, from  year  to  year,  in  the  quantity  of  such  importations.  This  cannot 
be  done,  at  present,  so  far  as  any  official  or  satisfactory  standard  at  the  Trea- 
sury is  concerned.  The  returns  of  the  collectors  of  the  customs,  in  relation 
to  goods- which  pay  duty  ad  valorem,  have  hitherto  fixed  nothing  but  their 
value  ;  and  it  is  known  that  goods  subject  to  duty  under  this  form  compre- 
hend much  the  largest  class  of  .foreign  importations.  Measures  have  been 
put  in  train  for  ascertaining,  henceforth,  as  far  as  practicable,  the  entire 
quantity  of  goods  subject  to  this  description  of  duty,  as  well  as  the  value. 
But  even  when  time  shall  have  matured  these  measures,  and  exhibited  their 
results,  they  will  furnish  no  standard  of  comparison  as  to  the  quantity  of  im- 
portations prior  to  their  adoption.  The  information  will,  however,  become 
useful  after  the  lapse  of  a  few  years,  in  its  bearing  upon  the  course  and  devel- 
opments of  our  home  industry  and  foreign  trade;  showing  how  each,  under 
wise  principles  adapted  to  each,  may  advance  co-equally  ;  how  the  channels 
and  the  objects  of  the  latter  may  shift  under  the  advance  of  the  former,  with- 
out any  loss,  but  with  gain,  in  effective  national  results — results  operating- 
upon  the  most  extensive  interests,  and  enriching  to  the  greatest  mass  of  num- 
bers ;  or  how,  under  the  growth  of  the  one,  the  other  is  at  all  destined  to  be- 
come disadvantageously  and  lastingly  abridged.  The  beneficial  parts  of 
these  consequences  are  looked  to  with  confidence  and  hope  from  the  tariff, 
as  well  from  our  own  experience,  thus  far,  as  from  that  of  other  nations  of 
the  world  distinguished  by  high  degrees  of  opulence  and  civilization,  and 
where  both  have  rested  upon  durable  rather  than  transitory  foundations — 
foundations  that  have  been  carefully  laid  in  applying  the  home  industry  to 
the  multiplied  operations  of  manufacturing  art,  no  less  than  to  the  tillage  of 


362  REPORTS  OF  THE  [182G. 

the  soil,  and  in  making  the  accumulated  productions  of  both  the  basis  of  a 
great  foreign  trade.  But  facts  that  may  shed  a  distinct  light  upon  the  whole 
subject  should  be  sedulously  collected,  to  serve,  if  need  be,  as  the  ground- 
work to  us  of  a  more  perfect  system  of  legislation  in  relation  to  a  course  of 
policy  so  closely  interwoven  with  the  interests  and  character  of  the  social 
state,  and  with  the  national  prosperity  and  power.  The  foreign  trade  of  the 
United  States,  to  its  inherent  causes  for  progressive  extension,  superadds 
another  and  distinctive  one,  in  the  constant  desire  of  the  Government, 
as  manifested  in  their  permanent  laws,  and  emphatically  in  their  recent 
treaties,  to  carry  it  on  freed  from  all  restrictions  upon  navigation,  as  well 
as  upon  the  most  enlarged  principles,  and  the  most  entire  reciprocity  in 
all  other  respects.  If  these  principles,  of  which  the  United  States  have 
largely  set  the  example,  were  practised  upon  more  universally  by  nations, 
and  to  the  extent  uniformly  proposed  by  this  Government  to  their  accept- 
ance, the  fact  might  be  more  important  in  its  influence  upon  general  trade, 
and  upon  that  of  each  nation  in  particular,  than  abstract  declarations  illus- 
trative or  commendatory  of  them. 

The  value  of  cotton  goods  subject  to  ad  valorem  duty,  imported  into  the 
United  States  in  1826,  was,  as  far  as  at  present  ascertained,  8,905,316  dol- 
lars; the  value  of  the  same  description  of  goods  imported  in  1825,  was 
12,509,516  dollars.  The  value  of  woollen  goods  subject  to  ad  valorem 
duty,  imported  in  1826,  was  7,445,493  dollars.  The  value  of  the  same  de- 
scription of  goods  imported  in  1825,  was  1 1 ,392,264  dollars.  But,  as  already 
intimated,  this  difference  in  value  cannot  be  relied  upon, as  a  safe  test  of  the  dif- 
ference in  quantity.  There  are  seasons  when  it  would  be  peculiarly  mislead- 
ing, and  the  present  is  believed  to  be  one  of  them.  The  duties  on  each  descrip- 
tion of  these  manufactures  were  calculated  on  the  prices  which  each,  respect- 
ively, bore  at  the  places  of  exportation  during  the  respective  years;  and  the 
great  fall  in  prices  in  1826  will  undoubtedly  serve  to  account,  in  part,  for 
the  difference  in  the  aggregate'  value  of  the  two  importations.  Further 
elucidation  will  be  afforded  to  the  point,  when  it  is  added,  that,  although  the 
value  of  cotton  manufactures  imported  in  1826  stands  below  those  imported 
in  1825,  in  the  proportion  stated,  it  exceeds  the  value. of  the  same  kind  of 
manufactures  imported  during  either  of  the  two  years  preceding,  viz:  1824 
and  1823.  The  same  is  not  true  of  the  woollen  manufactures.  The  value 
of  the  latter  paying  duty  ad  valorem,  imported  in  1826,  is  found,  from  the 
returns  as  yet  before  the  Treasury,  to  be  below  the  value  of  the  same  kind 
of  importations  for  1824  and  1823,  though  the  difference  is  far  less  consid- 
erable than  between  their  value  in  1826  and  1825;  nor  is  it  known  at  this 
department  what  may  have  been  the  comparative  value  of  woollen  goods  at 
the  places  of  exportation  during  the  four  consecutive  years  indicated.  The 
valuation  of  merchandise,  constituting  the  total  aggregage  of  our  foreign 
trade,  is  always  made  at  the  port  or  place  of  shipment ;  and  the  rule  applies, 
consequently,  both  ways — that  is,  to  all  articles  of  export  as  well  as  import ; 
thereby  freeing  it  from  objections  to  which  it  might  otherwise  be  open.  The 
mode  of  valuing  is,  in  effect,  as  follows:  the  party  making  the  shipment 
annexes  the  value  to  the  manifest  or  list  of  articles,  superadding  his  oath 
that  it  is  the  true  value,  according  to  their  actual  cost,  or  according  to  the 
value  which  they  truly  bear  at  the  port  and  time  of  shipment.  This  oath  is 
taken  under  the  supervision  of  the  collectors,  as  regards  exports;  and  under 
that  of  our  consuls,  or  other  commercial  or  substituted  agency  abroad,  as 
regards  imports.  Some  other  formalities  are  observed  under  our  laws,  par- 


1826.]  SECRETARY  OF  THE  TREASURY.  363 

ticularly  in  relation  to  imports;  but  they  are  all  in  aid  of  the  chief  provision 
here  stated. 

The  articles  of  American  manufacture  exported  from  the  United  States 
in  1826  will,  it  is  believed,  be  found  to  exceed  six  millions  of  dollars  in 
value.  The  particular  kinds  of  manufacture  which  have  made  up  this 
profitable  and  growing  branch  of  the  export  trade  will  be  presented  in  de- 
tail, and  their  total  value  ascertained  with  more  precision,  in  the  general 
statistical  tables  now  in  course  of  preparation,  under  the  act  of  the  10th  of 
February,  1 820,  which  will  be  transmitted  to  Congress  at  as  early  a  day  as 
their  voluminous  nature  will  allow.  Of  the  amount  of  American  manu- 
factures produced  for  consumption  within  the  United  States  during  the 
year,  it  is  impossible  to  speak  with  exactness;  but,  from  indications  that 
cannot  deceive,  it  is  evident  that  it  is  large;  so  large  that  the  amount  ex- 
ported would  sink  to  a  level  below  all  comparison  with  it.  The  surest 
guide  to  our  belief  under  this  head  is,  that  in  those  branches  which  have 
at  length  been  enabled,  through  a  provident  legislation,  to  stand  up  against 
that  overwhelming  competition  of  pre-established  excellence  and  capital 
from  abroad,  which  must  otherwise  have  kept  down  forever  their  first  at- 
tempts, the  article  can  now  be  had  cheaper  in  price,  as  well  as  better  in 
quality,  than  the  same  article  from  abroad,  as  it  was  seen  in  our  markets 
prior  to  the  efficient  protection  afforded  to  our  own.  Hence  the  apprehen- 
sions of  monopoly  pass  away.  Hence  the  certainty  that  competition  at 
home  will  bring  down  prices  eventually,  if  not  immediately,  whilst  it  cre- 
ates and  diffuses  new  wealth  at  home:  labor  being  the  foundation  of  wealth, 
and  producing  and  disseminating  it  more  universally,  and  in  higher  de- 
grees, in  proportion  as  it  exists  under  diversified  forms  and  in  full  activity. 

It  is  then  that  the  farmer,  the  artisan,  and  the  merchant  give  support  to 
each  other,  each  enlarging  the  occupations  and  the  gains  of  each ;  the  State, 
meanwhile,  reaping  the  fruits  in  fiscal  prosperity  and  political  power. 

As  regards  the  cotton  manufactories  of  the  country,  there  are  grounds 
for  supposing  that  they  now  make  a  call  for  full  one-fourth  part  of  all  the 
raw  cotton  grown  in  the  United  States.  Authentic  information  as  to  the 
exact  quantity  is  not,  indeed,  possessed  at  the  Treasury;  but,  as  an  approxi- 
mation, it  is  believed  that  the  above  proportion  may  be  taken,  without  the 
hazard  of  essential  error.  It  is  gratifying  to  add,  that  those  parts  of  the 
United  States  where  manufacturing  establishments  of  all  kinds  flourish 
most,  exhibit  an  animated  industry,  an  orderly  aspect,  and  an  increasing 
population.  Towns  and  villages  are  seen  rapidly  to  rise  up  in  such  dis- 
tricts; in  resorting  to  which,  the  rural  population  of  the  vicinity  find  ready 
and  profitable  sales  for  the  various  productions  of  farming  enterprise  and 
labor.  It  is  believed,  that  as  these  establishments  shall  rear  themselves  up, 
under  adequate  encouragement  in  augmented  numbers  and  importance,  a 
corresponding  activity  in  foreign  trade  will  become  their  concomitant  in  the 
same  portions  of  country;  since,  besides  the  trade  in  exports,  to  which,  af- 
ter supplying  to  their  full  share  the  home  demand,  they  open  the  way,  and 
which  will  not  fail  to  bring  its  proper  returns  on  the  broad  scale  of  exchanges, 
the  very  existence  of  manufactures,  as  they  assume  great  variety  and 
reach  perfection,  superinduces  the  necessity  of  constantly  bringing  into  the 
country  new  varieties  of  ingredients  as  subsidiary  to  them.  So  wide,  so 
full  of  dependance  upon  all  other  kinds  of  labor,  not  only  of  our  own,  but 
of  other  regions,  is  this  great  department  of  national  industry.  So  certainly 
doits,  multifarious  and  beneficial  operations  in  large,  refined,  and  busy  com- 


364  REPORTS  OF  THE  [1826. 

munities,  perpetually  react  upon  all  the  other  departments ;  so  quick  are  the 
alternations  of  consumption  and  supply,  and  over  so  great  a  surface  of 
things  do  both  spread  themselves,  in  such  communities.  It  cannot  escape 
attention,  that  the  portions  of  our  country  for  the  most  part  answering  to 
these  remarks,  or  to  some  of  them,  are  not  favored,  or  favored  in  but  a 
slight  degree,  with  the  capacity  of  producing  those  immense  and  exhaust- 
less  treasures  of  the  soil  spoken  of  in  this  paper.  For  the  absence  of  them, 
their  inhabitants  in  part  seek  compensation  in  pursuing  artificial  modes 
and  combinations  of  industry,  which  take  these  treasures  as  a  substratum; 
by  which  the  great  scheme  of  national  advancement  is  to  be  seen  in  its 
true  component  parts  in  our  Union — parts  naturally  destined  to  make  up  one 
systematic  whole,  where  the  plough,  the  loom,  and  the  ship,  will  each  have 
its  appropriate  sphere  in  raising  to  a  proper  elevation  the  entire  fabric  of 
our  social  and  public  prosperity,  in  carrying  to  the  highest  attainable  pitch 
our  riches,  our  happiness,  bur  power.  A  policy  short  of  this  belongs  not 
to  a  free  and  intelligent  people,  surrounded  by  the  bounty  of  Providence 
with  varieties  of  climate  and  territory,  fostering  inclinations  and  aptitudes 
for  variety  in  human  employments,  by  an  exuberance  of  mineral  and  fossil, 
no  less  than  of  agricultural  wealth ;  by  vast  waters  flowing  through  this  ter- 
ritory, that  serve  as  natural  highways,  and  supply  the  fund  for  artificial 
ones ;  affording  pre-eminently,  in  connexion  with  that  mighty  agent  in  na- 
vigation as  in  mechanics,  the  steam-power,  the  means  and  inducements  for 
a  universal  and  rapid  transfer  of  the  products  of  labor  from  hand  to  hand, 
whether  they  consist  of  commodities  of  useful  and  ingenious  workmanship 
from  the  repositories  of  art,  or  of  harvests  from  the  fields  of  nature;  by  all 
the  elements  and  attributes,  in  fine,  geographical,  political,  and  moral,  of  a 
great  empire.  The  foundations  of  such  a  policy  once  securely  laid  in  that 
legislative  assistance  to  our  manufactures,  without  which  they  must  strug- 
gle in  vain  against  those  of  other  countries  long  and  thoroughly  establish- 
ed— an  advantage  not  inherent  but  adventitious,  yet  an  overpowering  ad- 
vantage, and  as  already  proved  in  some  articles  of  national  importance  to 
which  we  have  afforded  efficient  protection — we  shall  have  nothing  to  fear 
for  the  future.  Then,  and  only  then,  shall  we  be  raised  up  to  a  level,  in 
this  respect,  with  other  countries.  Then,  and  only  then,  shall  we  stand  in  a 
position  of  equality  to  listen  to  doctrines,  right  enough  it  may  be  in  them- 
selves, but  of  which  others  have  never  accorded  us  the  benefit,  or  thought 
of  holding  up  as  doctrines  for  reciprocal  practice,  even  with  numerous  safe- 
guards and  reservations,  until  their  own  manufactures,  in  all  branches 
that  conduced  to  national  resources  and  power,  had  acquired,  through  ages 
of  experience,  of  capital,  and  of  skill,  a  stability  not  to  be  shaken. 

A  resolution  passed  the  House  of  Representatives,  in  May,  directing  the 
Secretary  of  the  Treasury  to  cause  to  be  prepared  a  well-digested  manual, 
containing  the  best  practical  information  that  could  be  collected  on  the 
growth  and  manufacture  of  silk,  adapted  to  the  different  parts  of  the  Union; 
containing,  also,  such  facts  and  observations  in  relation  to  the  growth  and 
manufacture  of  silk  in  other  countries,  as  might  be  useful ;  and  that  the  same 
should  be  laid  before  Congress  at  the  commencement  of  their  present  ses- 
sion. Steps  were  taken,  without  loss  of  time,  to  obtain  the  information  con- 
templated by  the  resolution,  as  well  from  all  parts  of  this  country  as  from 
Europe.  But,  from  the  scope  which  the  subject  was  found  to  assume,  all 
the  information  expected  under  inquiries  that  have  been  instituted  has  not 
yet  got  to  hand;  nor  will  it  now  be  practicable  to  have  it  digested  and 
arranged,  even  should  it  all  be  received  by  the  time  designated.  The  re- 


1826.J  SECRETARY  OF  THE  TREASURY.  365 

solution  will  continue  to  command  every  attention,  and  be  finally  acted  upon 
as  soon  as  may  be  compatible  with  the  accomplishment  of  its  interesting  ob- 
jects. A  branch  of  industry  that  may  be  turned  to  so  many  purposes,  use- 
ful and  ornamental;  and  which  ministers  to  the  wealth  of  nations  with  so 
little  cost  in  the  material  on  which  it  is  originally  founded,  as  well  as  in  the 
species  of  labor  that  is  applied  to  it,  naturally  merited,  as  it  has  received,  all 
the  attention  which  the  terms  and  spirit  of  the  above  resolution  bespeak. 

The  value  of  importations  for  the  year  giving  the  basis  of  the  impost 
revenue  rather  than  their  quantity,  it  follows  that,  as  the  value  of  those  for 
1826  has  fallen  below  the  value  of  those  for  1S25,  so  will  also  the  revenue 
from  this  source  be  less.  The  amount  of  duties  secured  by  bonds  on  mer- 
chandise imported  during  the  first  three  quarters  of  the  present  year  is  esti- 
mated at  21.250.000  dollars  :  the  amount  that  will  probably  accrue  during 
the  last  quarter  is  estimated  at  about  4,250.000  dollars ;  making  for  the 
whole  year  $25,500,000.  The  languid  state  of  the  tea  trade  for  1826— a  trade 
always  so  productive  in  revenue  when  it  flourishes — has  lent  its  aid,  in  con- 
junction with  the  fall  of  prices  abroad,  in  diminishing  the  accruing  amount 
from  the  customs  during  the  year.  Some  revival  of  this  valuable  trade — 
valuable  under  fiscal  and  commercial  views,  and,  from  its  tendency  to  en- 
courage more  largely  the  taste  for  an  innocent  and  wholesome  drink,  in 
place  of  those  that  are  neither,  valuable  even  under  moral  views — may  per- 
haps be  anticipated  in  1827.  It  may  also  be  presumed  that  the  extensive 
depression  of  prices  witnessed  in  Europe  in  1826  will  not  have  place  upon 
a  similar  scale  in  1827.  Nevertheless,  with  the  causes,  little  likely  in  their 
combination  at  least  to  be  marked  by  speedy  repetition,  that  have  operated 
to  lower  the  accruing  revenue  from  the  customs  for  the  current  year  below 
that  of  the  year  preceding,  there  is  every  reason  for  supposing  that  it  will 
exceed  the  revenue  arising  from  this  source  during  any  one  of  the  four  years 
that  immediately  preceded  1825  ;  and  even  go  beyond  the  amount  received 
in  that  year,  though  not  the  amount  that  accrued  in  that  year.  This  fact 
will  be  entitled  to  its  proper  weight,  in  determining  to  what  extent  the 
regulations  of  the  present  tariff  are  likely  to  bring  injurious  inroads  upon 
the  commercial  revenue  of  the  nation. 

The  debenture  bonds  issued  for  drawbacks  during  the  first  three  quarters 
of  the  present  year,  amounted  to  the  sum  of  $3,840,869  10.  This  is  less  by 
8648,841  19  than  those  issued  during  the  corresponding  period  of  1825. 
The  amount  of  those  outstanding  on  the  30th  of  September  last,  and  charge- 
able upon  the' revenue  of  the  next  year,  was  $1,294,310  94,  which  is  less 
by  $564.004  70  than  was  chargeable  on  the  same  day  in  1825  upon  the 
revenue  of  1826.  The  deduction  in  the  shape  of  drawbacks  from  the  accru- 
ing revenue  of  1826  will  therefore,  perhaps,  exceed  five  millions  of  dollars. 

The  amount  of  duty  bonds  in  suit  on  the  30th  of  September  was 
$4,007,882  76.  This  is  a  large  sum ;  exceeding  by  $1,020.535  54  the 
sum  that  was  in  suit  on  the  same  day  in  the  year  preceding.  The  excess 
is  in  a  great  degree  to  be  accounted  for  by  the  fraudulent  transactions  in  one 
or  two  of  the  principal  cities  of  the  United  States  in  relation  to  imported  teas. 

Whilst  the  impost  revenue  receivable  next  year  will  be  less  than  that 
which  accrued  in  tS25,  and  has  been  received,  or  is  still  to  be  received  in 
1826,  the  public  lands  promise  to  yield  next  year  more  than  they  have  this. 
The  probability  of  increased  productiveness  in  this  branch  of  revenue  rests 
on  the  following  grounds :  1st.  The  act  of  the  last  session  making  "provi- 
sion for  the  extinguishment  of  the  debt  to  the  United  States  by  the  pur- 


366  REPORTS  OF  THE  [1826. 

chasers  of  public  lands."  has  arrested  almost  entirely,  for  the  present  year, 
the'payments  for  lands  sold  on  credit,  That  law  will,  however,  expire  'next 
July,  and  the  payments  under  it  will  be  thrown  upon  the  year  1827.  2d. 
A  considerable  quantity  of  the  lands  relinquished  to  the  United  States  will, 
it  is  expected,  be  brought  into  market  in  the  course  of  the  next  year  ;  amongst 
others,  those  at  Huntsville,  which  are  valuable,  being  dispersed  through  a 
fertile  country,  occupied  by  a  thriving  population.  It  is  believed  that  they 
will  sell  promptly,  and  at  good  prices.  3d.  A  large  portion  of  the  best  of 
the  public  lands  in  Florida  will  be  offered  for  sale  in  1827.  It  is  understood 
that  these  lands  are  in  demand,  and  anticipated  that  they  will  sell  well.  On 
these  and  other  grounds,  it  is  thought,  at  present,  that  the  revenue  from  the 
sale  of  public  lands  in  1827  will  not  be  over-estimated}  when  it  is  setfdown 
at  two  millions  of  dollars.  The  state  of  the  land  office,  generally,  will  be 
seen  by  a  report  from  the  officer  at  ihe  head  of  that  establishment,  which 
accompanied  the  President's  message  to  Congress  at  the  opening  of  the  ses- 
sion, and  will,  it  is  hoped,  be  found  satisfactory. 

From  the  foregoing  facts  and  considerations  affecting  the  customs  and  the 
public  lands,  it  is  believed  that  the  whole  revenue  of  the  United  States  for 
1827,  from  these  and  other  less  important  sources,  may  be  estimated  at  up- 
wards of  twenty-three  millions  of  dollars  ;  and  that  it  will  arise  thus  : 
From  customs  $20,400,000 

From  public  lands       -  2,000.000 

From  bank  dividends  420,000 

From  miscellaneous  and  incidental  receipts  330,000 

$23,150,000 


The  expenditures  for  1827  are  estimated  as  follows,  viz : 
Civil,  miscellaneous,  and  diplomatic  -  $1.826,549  54 

Military  service,  including  fortifications,  ordnance,  Indian 
department,  revolutionary  and  military  pensions,  arming  the 
militia,  and  arrearages  prior  to  the  1st  of  January,  1817,     5,646,144  36 
Naval  service      -  -     3,230,269  23 

Public  debt  -   10,000,000  00 


Which  will  leave  in  the  Treasury  on  the  31st  of  December,  1827,  after 
satisfying  all  the  demands  of  that  year,  on  the  basis  of  the  foregoing  calcula- 
tions, a  surplus  estimated  at  $2,447,045  87.  This  surplus  will  be  a  dis- 
posable surplus,  over  and  above  the  sum  before  stated  as  not  in  effective  funds, 
and  of  the  two  millions  of  dollars  to  be  reserved  in  the  Treasury  under  the 
sinking  fund  act  of  March  3d.  1817. 

In  the  estimate  of  expenditures  for  1827,  the  annual  appropriation  of 
500,000  dollars  for  the  gradual  increase  of  the  navy,  under  the  act  of  the 
3d  of  March,  1821,  has  not  been  inserted,  that  appropriation  expiring  with 
the  present  year.  Whatever  renewed  sum  the  wisdom  of  Congress  may 
set  apart  for  this  effective  arm  of  the  public  defence,  will  add  another  item  to 
the  list  of  expenditures  for  the  year,  and  lessen  by  so  much  the  estimated 
balance  at  its  expiration. 

All  which  is  respectfully  submitted. 

RICHARD  RUSH. 

TREASURY  DEPARTMENT,  December  12, 1826. 


1826.] 


SECRETARY  OF  THE  TREASURY. 


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1826.] 


SECRETARY  OF  THE  TREASURY. 


360 


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VOL.  ii.— 24 


00 


o 

CO 


REPORTS  OF  THE 
E. 


[1826. 


STATEMENT  of  moneys  received  into  the  Treasury,  from  all  sources 
other  than  customs  and  public  lands,  during  the  year  1825. 

From  arrears  of  new  internal  revenue  "  -"  $25,771  35 

arrears  of  new  direct  tax  2,330  85 

fees  on  letters  patent  8,940  00 

cents  coined  at  the  mint  19,496  25 

postage  of  letters     -  469  56 

fines,  penalties,  and  forfeitures  3,411  06 

sales  of  public  lots  in  the  city  of  Washington  1;572  38 

surplus  emoluments  of  officers  of  the  customs  26,960  06 
consular  receipts,  under  the  2d  section  of  the  act  of 

14th  April,  1792       ,;'  2,292  10 

trading  establishments  with  the  Indians  10,020  80 
nett  proceeds  of  vessels  and  cargoes  condemned  under 

the  acts  prohibiting  the  slave  trade  4,473  57 

nett  proceeds' of  vessels  captured  from  the  pirates  325  13 

rent  of  the  naval  hospital  farm,  Chelsea       -  267  45 
interest  on  balances  due  by  banks  to  the  United 

States  5,792  42 
Bank  of  Tennessee,   for  premiums  on  drafts  for 
moneys  belonging  to  the  United  States,  and  de- 
posited with  said  bank     -  190  38 
interest  on  notes  given  for  the  purchase  of  the 

Northumberland  house  estate      '-  27487 

annuities  to  Christian  Indians  on  the  river  Thames  1,474  98 
moneys  previously  advanced  on  account  of  second 

census  71  48 
moneys  previously  advanced  for  ascertaining,  land 

titles  in  Louisiana  500  00 

dividends  on  stock  in  the  Bank  of  the  United  States  367,500  00 

'482,134  69 
Balances  of  advances  made  in  the  War  Department,  repaid 

under  the  3d  section  of  the  act  of  the  1st  May,  1820  -  43,919  32 
Loan  of  five  millions  at  4^  per  cent.,  per  act  of  26th  May, 

1826    -            -                                  .?>.                       -  5,000,000  00 


*"-.  .  «j .  •&.   '• 

^      .$.-,£.  J  ~6/R-v?N?5fl 

i     - 


5,526,054  01 


TREASURY  DEPARTMENT, 

Register's  Office,  November  30,  1826. 

JOSEPH  NOURSE,  Register. 


1826.] 


SECRETARY  OF  THE  TREASURY. 


,'>:  F. 

#7/1 TEMENT  of  the  expenditures  of  the    United  Slates,  for   the 

year  1825. 

•'-...  •       '  .-  •'-    "  •"   <ftf:jtfd««JsL'  311 

CIVIL)  MISCELLANEOUS.  AND  DIPLOMATIC,  VIZ  : 


Legislature    -  -  $563,100 

Executive      -  478^330 

Officers  of  the  mint   -  9,600 

Surveying  department  20,795 

Commissioner  of  the  Public  Buildings'  1,500 
Governments  in  the  Territories  of  the  United 

States     ';  •;                                   •  -'  -      33,421 

Judiciary     '.-  ' .         -  -    223.999 


48 
58 
00 
34 
00 

71 
13 


Annuities  and  grants 

Grant  to  General  Lafayette   - 

Mint  establishment    - .  r  • . 

Unclaimed  merchandise 

Light-house  establishment 

Surveys  of  public  lands 

Registers  and  receivers  of  land  offices 

Western  boundary  line  of  Arkansas  Territory 

Boundary  lines  between  Missouri  and  Arkansas 

Preservation  of  the  public  archives  in  Florida 

Land  claims  in  Florida  Territory . 

Land  claims  in  St.  Helena  land  District 

Roads  within  the  State  of  Ohio     ,      - 

Roads  within  the  State  of  Indiana 

Roads  and  canals  within  the  State  of  Alabama 

Roads  and  canals  within  the  State  of  Missouri 

Roads  and  canals  within  the  State  of  Mississippi 

Encouragement  of  learning  within  the  State 

of  Illinois 
Repayment  for  lands  erroneously  sold  by  the 

United  States 
Purchase  of  lands  reserved  to  certain  Creek 

Indians      - 

Marine  hospital  establishment 
Public  buildings  in  Washington 
Accommodation  of  the  President's  household 
Bringing  the  votes  for  President  and  Vice 

President  of  the  United  States 
Consular  receipts  under  the  act  of  14th  April, 

1792 

Payment  of  certain  certificates 
Payment  of  balances  due  to  officers  of  the  old 

internal  revenue  and  direct  tax 
Payment  of  balances  to  collectors  of  new  inter- 
nal duties  -  -  - 


2,100 

200,000 

19,651 

369 

183,864 

133,928 

1,375 

3,000 

1,500 

750 

8,144 

3,562 

9,197 

10,798 

10,753 

4,990 

15,780 


00 
00 
64 
05 
64 
83 
00 
00 
00 
00 
35 
50 
27 
09 
66 
55 
26 


ill* 
$1,330,747  24 


800 
54,938 
82,000 
14,000 

6,169  50 


2,292 
83 

2,184 
1,746 


10 

01 


372 


REPORTS  OF  THE 


Payment  of  claims  for  property  lost  -  $143  00 
Stock  in  the  Chesapeake  and  Delaware  Canal 

Company                                                    -  192,500  00 

Miscellaneous  expenses  _                                 -  73,16482 

Diplomatic  department  159,603  82 

Contingent  expenses  of  foreign  intercourse     -  25.474  95 

Relief  and  protection  of  American  seamen      -  33,536  17 

Treaty  with  Spain     -  1,12500 

Treaty  of  Ghent,  (6th  and  7th  articles)          -  12,583  13 

Treaty  of  Ghent,  (1st  article)                       .  -  -  12,000  00 

Prize  causes               -  8,000  00 
Payment  of  claims  under  the  9th  article  of  the 

treaty  with  Spain                                      -(  -  ^.  19,358  37 

Claims  on  Spain                                              -  '   73,876  14 
Treaties  with  Mediterranean  powers              --      26.108  67 


[1826. 


$1,046,131  40 


MILITARY  ESTABLISHMENT,  VIZI 

Pay  of  the  army        -            -            -  $946,043  34 

Subsistence  -    283,700  25 

Quartermaster's  department  -  268,709  34 

Purchasing  department  -    205,400  13 

Bounties  and  premiums  -      -21,278  60 

Forage          -  36,827  62 

Expenses  of  recruiting  8,254  18 

Medical  department   •  "-...22,54941 

Purchase  of  woollens  for  1826  '.-".20,00000 

Medals  for  officers     -  805  00 

Relief  of  officers,  &c.,  Seminole  campaign  -        2.81819 

Ransom  of  American  captives  -           540  00 
Balances  due  to  certain  States  on  account  of 

militia  6,610  56 
Payment  of  interest  due  to  the  State  of  Virginia     178,480  11 

Payment  for  property  lost,  &c.  40  00 

Armories  -    359,134  52 

National  armory,  western  waters  3,479  88 

Arsenals        -  -      22,399  92 

Arsenal  on  the  Schuylkill      -  8,000  00 

Ordnance      -  „«>,[..'  47,241  29 

Powder,  cannon,  shot,  shells,  &c.      -  ii;.*u..        209  32 

Arming  and  equipping  the  militia     -  -     167,338  77 

Military  Academy,  West  Point  -       12,763  56 

Fortifications                          -            .  4,886  70 

Repairs  and  contingencies  of  fortifications  -      20,72791 

Armament  of  new  fortifications      ,  g*Jj'lo  '-i-^ii\     4,800  00 

Fort  Monroe  ^      99,84848 

Fort  Calhoui  -  ,    71,901  67 

Fort  Washington     >  ^.        -          0*  ,  -•  ,     1,99295 


371,666  25 

2,748,544  89 


1826.] 


SECRETARY  OF  THE  TREASURY. 


373 


Fort  Delaware 

Fort  Jackson 

Fort  at  Mobile  Point 

Fort  at  New  Utrecht  Point  -  • 

Fort  at  Brenton's  Point 

Fort  at  Rigolets  and  Chef  Menteur  - 

Fort  at  Beaufort.  North  Carolina 

Fort  at  Cape  Fear  - 

Materials  for  a  fort  opposite  Fort  St.  Philip  - 

Deepening  the  harbor  of  Presque  Isje  ' 

Preservation  of  islands  in  .Boston  harbor 

Repairs  of  Plymouth  beach 

Survey  of  Marblehead  and  Holmes's  Hole    - 

Improving  the  Ohio  and  Mississippi  rivers  - 

Survey,  &c.,  of  roads  and  canals 

Continuation  of  the  Cumberland  road 

Road  from  Ohio  to  Detroit  - 

Road  from  Detroit  to  Chicago 

Road  from  Memphis  to  Little  Rock  - 

Road  from  Cape  Sable  to  Suwanee  river 

Road  from  Pensacola  to  St.  Augustine 

Road  from  Colerain  to  Tampa  bay  - 

Road  from  Missouri  to  New  Mexico 

Revolutionary  pensions 

Relief  of  sundry  individuals 

Contingencies 

Arrearages  - 

Civilization  of  Indians  ***-* 

Pay  of  Indian  agents  ,-* 

Pay  of  sub-agenls    - 

Presents  to  Indians 

Contingencies  of  Indian  department          *rt* 

Military  escort,  per  act  of  May  25,  1824     •  - 

Compensation  to  citizens  of  Georgia 

Creek  treaty,  per  act  of  March  3,  1825 

Treaties  with  Indians  beyond  the  Mississippi 

Treaty  with  Florida  Indians 

Treaties  with  Sioux,  Chippewas,  &c. 

Choctaw  treaty 

Expenses  of  Choctaw  treaty 

Choctaw  claims 

Claims  against  the  Osages  - 

Annuities  to  Indians  -          — 


From  which  deduct  the  following  repay- 
ments : 

Invalid  and  half-pay  pensions     $67,879  76 
Gratuities     ,  -  85  37 

Purchase  of  Quapaw  lands     -#'        226  09 


$53,180  47 
136,543  11 

141,262  22 

56,799  32 

44,477  28 

105,472  18 

1.000  00 

17,000  00 

307  38 

11.420  19 

10,907  29 

5.712  00 

400  00 

11,244  23 

37,243  57 

35.850  00 

5',255  00 

3,000  00 

3,325  82 

2,072  15 

10,931  00 

6,000  00 

15,000  00 

1,308,810  57 

140,000  30 

17,816  76 

29,877  35 

13.545  41 

37,690  16 

17,077  73 

16,761  19 

76,058  42 

500  00 

23.000  00 

-229,036  60 

6.900  43 

36,425  57 

10,400  00 

8,748  72 

9,723  44 

16,972  50 

2,748  00 

218,744  36 

5.761,022  41 


68,191  22 


$5,692,831  19 


374 


REPORTS  OF  THE 


[1826. 


NAVAL    ESTABLISHMENT,   VIZI 


Pay  of  the  navy  afloat 

Pay  of  the  navy  shore  stations 

Provisions  - 

Medicines  and  hospital  stores 

Repairs  of  vessels    - 

Navy  yards,  docks,  and  wharves 

Navy  yard,  Portsmouth 

Navy  yard,  Charlestown. 

Navy  yard.  New  York 

Navy  yard,  Philadelphia 

Navy  yard,  Washington 

Navy  yard,  Norfolk 

Navy  yard,  Pensacola 

Gradual  increase  of  the  navy 

Building  ten  sloops  of  war  - 

Houses  for  ships  in  ordinary 

Inclined  plane  dock,  &c. 

Prohibition  of  the  slave  trade 

Suppression  of  piracy 

Survey  of  the  coast  of  Florida 

Survey  of  Charleston  and  St.  Mary's  ', 

Captors  of  Algerine  vessels  - 

Relief  of  sundry  individuals 

Contingent  expenses  prior  to  1824  - 

Contingent  expenses  for  1824 

Contingent  expenses,   not  enumerated,   for 

1824 
Contingent  expenses,    not  enumerated,   for 

1825  £~.: 

Contingent   expenses,,  not  enumerated,  for 

1825  -;V.^i. ' 

Pay  and  subsistence  of  the  marine  corps 
Clothing  of  the  marine  corps- 
Medicines  for  the  marine  corps, 
Military  stores  for  the  marine-  corps 
Fuel  for  the  marine  corps    - 
Repairing  barracks  of  the  marine  corps 
Contingent  expenses  of  the  marine  corps 
Contingent  arrearages  of  the  marine  corps  - 


-  $836,052 

-  285,671 

-  391.531 

-  36',51l 

-  388,164 

19,789 
1,783 

-  20,000 

-  41,901 

-  11,509 
,      22.497 

15,936 
2,000 

-  338,445 
138,802 

-  15,674 
.     3,716 

-  14,637 

8,474 

-~          73 
.  1,898 
182 

-  12,917 

709 

-  44.273 


48 
26 
97 
51 
78 
58 
84 
00 
42 
74 
09 
12 
00 
55 
29 
74 
50 
21 
90 
61 
78 
38 
00 
81 
48 


1,767  21 
199,765  43 


From  which  deduct  the  following"  repay- 
ments : 

Ordnance  and  ordnance  stores  -  $27  64 
Laborers,  and  fuel  for  engine  -  3,005  66 
Superintendents,  artificers,  &c. .-  13,868  10 
Tools  burnt  at  the  navy  yard  at 

Washington  31  06 


3,780  50     , 
149,295  84 
28,286  26 
2,369  71 
1,363  78 
7,506  95 
368  19 
13,356  41 
5,000  00 

3,066,016  32 


16,932  46 


1826.] 


SECRETARY  OF  THE  TREASURY. 


375 


PUBLIC  DEBT,  VIZ: 

Interest  on  the  funded  debt  "-  -  $4,306,75740 

Redemption  of  6  per  cent,  stock  of  1812  6,187,006  84 
Redemption  of  Treasury  note  6  per  cent. 

stock  -  -  1,479,374  82 
Redemption  of  exchanged  6  per  cent,  stock 

of  1812  .  56,539  30 

Reimbursement  of  Mississippi  stock  1,524  02 

Principal  and  interest  of  Treasury  notes  2,001  49 

Paying  certain  parts  of  domestic  debt  -  15  31 

Redemption  of  7  per  cent,  stock  of  1815  2,125  60 


12,095,344  78 

$23,585,804  72 


TREASURY  DEPARTMENT, 

Register's  Office,  November  30,  1826.   ; 

JOSEPH  NOURSE,  Register. 


;•'.  "jj&jl';  .'.- 

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376 


REPORTS  OF  THE 


[1826. 


G. 

lived  f 


LANDS  sold,  and  motleys  received  for  lands,  from  1st  January,  1826? 

to  30th  June,  1826.. 


Amor.nt  received. 

Lands  sold 

from  Jan.  1 

Incidental 

Payments 

Offices. 

to  June  30, 
1826. 

Amount  re- 
ceived for 

Amount 
received 

Total 
amount  re- 

expenses, 
including 

made  into 
the  Treas- 

lands sold 

for  lands 

ceived  in  the 

salaries  & 

ury. 

in  the  first 

sold  prior 

first  two 

commis- 

two quarters 

to  July, 

quarters  of 

sions. 

Acres. 

of  1826. 

1820. 

1826. 

Steubenville 

13,035.65 

$16,294  54 

$530  37 

$16.824  91 

$1,772  84 

S3,  704  85 

Marietta 

7,577.84 

9,472  27 

182  29 

9^54  56 

938  02 

9,542  47 

Cincinnati 

5,032.28 

-     6,290  35 

2,584  90 

8,875  25 

717  93 

12,364  80 

Chillicotlie 

8,173,58 

10,518  26 

1,710  98 

12,229  24 

831  02 

11,068  17 

Sanesville 

16,000.21 

19,966  33 

765  01 

20,731  34 

1,001  44 

21,832  32 

Wooster 

8,234.67 

10,  -293  27 

1,058  45 

11,351  72 

729  24 

9,920  46 

Piqua 

293.71 

36713 

367  13 

.608  75 

Delaware 

9,031.53 

11,289  40 

11,289  40 

540  00 

9,860  70 

Jeffersonville 

'4,142.88 

5,178  60 

399  30 

5,577  90 

795  86 

4,692  00 

Vincennes 

6,761.71 

8,452  10 

223  42 

^8-,  675  52 

736  75 

150  00 

Brookville 

22,640.02 

28,299  96 

28,299  96 

1,074  93 

18,792  02 

Crawfordsville  - 

36,445.98 

45,557  58 

45,557  58 

1,375  64 

85,649  39 

Fort  Wayne 

,1,034.15 

1,292  65 

1.392  65 

632  76 

3,630  04 

Kaskaskia 

947.53 

1,184  41 

1,184  41 

517  38 

Shawneetown    - 

J,  397.  77 

1,747  22 

2741 

1,774  63 

522  97 

..  '     . 

Edwardsville 

2,393.01 

2,991  27 

.    2,991  27 

689  51 

Vandal  ia 

548  22 

685  27 

685  27 

633  17 

Palestine 

7,089,97 

8,862  45 

8,862  45 

791  01 

9,629  15 

Springfield 

11,001.34 

13,751  66 

13,751  66 

1,396  42 

32,547  21 

Detroit    - 

23,677.30 

29,596  73 

29,596  73" 

2,367  83 

32,830  69 

Monroe  - 

6,662.22 

8,349  40 

8,349  40 

887  35 

11,143  23 

St.  Louis 

6,089.75 

7,612  06 

7.,  612  06 

978  06 

13,859  49 

Palmyra 

4,081.31 

5,101  64 

- 

5,101  64 

778  60 

10,340  57 

Franklin 

10,652.03 

13,315  03 

73  65- 

13,388  68 

571  68 

1,234  09 

Cape  Girardeau 

1,997.60 

2,497  21 

_ 

2,497  21 

810  15 

8  25 

Lexington 

•  _  ••  • 

j, 

500  00 

, 

Bates  ville 

1,291.66 

1,614  56 

1,614  56 

776  15 

350  00 

Little  Rock 

413.43 

516  78 

516  78 

525  91 

Onachita 

399.97 

499  96 

499  96 

899  95 

Opelousas 

_ 

510  34 

510  34 

510  06 

4,500  00 

New  Orleans     - 

597.09 

746  37 

_ 

746  37 

.    505  97 

1,768  44 

St.  Helena  c.h.  - 

500  00 

Washington 

3,545.52 

4,431  88 

563  41 

4,995  29 

2,097  00 

3,000  00 

Jackson  c.  h. 

555.61 

694  55 

v         _ 

694  55 

758  58, 

Choctaw  district 

33,296.86 

51,971  60 

'51,971  60 

1,805  81 

69,055  74 

St.  Stephen's 

13,330.12 

16,662  86 

57  68 

16,7-20  54: 

784  81 

8,000  00 

Huntsville 

4,671.40 

5,839  22 

946  27 

6,785  49 

1,601  14 

73,011  04 

Tuscaloosa 

71,251.15 

132,646  72 

132,646  72 

3,503  41 

134,827  00 

Sparta    - 

882.28 

1,102  85 

_ 

1,102  85 

376  26 

6,414  00 

Cahaba* 

12,792.42 

15,990  91 

15,990  91 

709  00 

164,633  16 

Tallahassee 

7,950.00 

9,948  75 

- 

9,948  75 

1  ,466  86 

365,919.77 

511,633  80 

9,633  48 

521,267  28 

40,020  22 

768,359  28 

The  amount  of  payments  made  into  the  Treasury,  on  account  of  public  lands, 

in  the  quarter  ending  30th  September,  1826,  is  -  -'        '  -  -     8285,60201 

As  above,  to  the  30th  June,  1826  -  -  -  -  -  -  -        768,35928 


*  The  Cahaba  accounts  have  only  been  received  to  31sl  March,.  1826. 
TREASURY  DEPARTMENT, 

General  Land  Office,  October  30,  1826. 

GEO.  GRAHAM;  Commissioner 


1826.] 


SECRETARY  OF  THE  TREASURY. 


H: 

'  *••'*.••"  **"  •      *  *  S      •  ^  * '  • 

STATEMENT  of  moneys  received  into  the  Treasury, from  all  sources 
other  than  customs  and  public  lands,  from  the  1st  January  to  the 
30th  September,  1826. 


From  arrears  of  new  internal  revenue  - 
new  direct  tax 
old  direct  tax  - 
fees  on  letters  patent 
cents  coined  at  the  mint  - 
fines,  penalties,  and  forfeitures 
surplus  emoluments  of  officers  of  the  customs 
trading  estalishments  with  the  Indians     - 
interest  on  balances  due  by  banks  to  the  United 

States 

moneys  previously  advanced  on  account  of  treaty 
with  Spain     - 


From  dividends  on  stock  in  the  Bank  of  the  United 
States  :,  -. 

From  balances  of  advances  made  in  the  War  Depart- 
ment, repaid  under  the  3d  section  of  the  act  of  1st  May, 

1820     -.<r-.''iS       -        .-        -      fir; 


$20,534  28 

5,124  48 

1,514  28 

7,080  00 

7,466  00 

1,063  44 

33,702  81 

2,959  25 

720  73 
327  4» 

80,492  72 
402,500  00 

17,551  63 
$500,544  35 


,•$£-;  . 
TREASURY  DEPARTMENT, 

Register's  Office,  November  30,  1826. 

JOSEPH  NOURSE,  Register. 

\  ' '       'i? 


j  •    • 


REPORTS  OF  THE 


[1826. 


$949,060  89 


STATEMENT  of  expenditures  of  the  United  States,  from  the  1st  of 
January  to  the  3Qth  of  September,  1826. 

CIVIL,    MISCELLANEOUS,    AND    DIPLOMATIC,    VIZ  : 

Legislature                                                    -$351,255  45 
Executive  departments                                  -  381,121  49 
Officers  of  the  mint  7,200  00 
Commissioners  of  the  Public  Buildings  1,179  94 
Surveying  department                                *.'-'  14,848  18  . 
Governments  in  the  Territories  of  the  Uni- 
ted States                                                     -  27,973  16 
Judiciary  165,482  67 

Annuities  and  grants  •  1^750  00 

Mint  establishment                         *"•;  '  21,568  27 

Unclaimed  merchandise  108  07 

Light-house  establishment  '-''•'•                      -  159,557  10 

Surveys  of  public  lands       -  47,449  69 

Registers  and  receivers  of  land  offices           -  2,118  96 

Preservation  of  the  public  archives  in  Flo-  ^- * 

rida                                                             -  625  -00 

Land  claims  in  Florida  Territory  9.723  48 

Land  claims  in  St.  Helena  laud  district  2,937  50 

Roads  within  the  State  of  Ohio  7,331  06 

Roads  within  the  State  of  Indiana  7.176  97 
Roads,  canals,  &c.  within  the  State  of  Ala- 
bama 

Roads,  canals,  &c.  within  the  State  of  Mis- 
souri 1,385  64 
Roads,  canals,  &c.  within  the  State  of  Missis- 
sippi                  ;  -                  '  %  -            - '      5,888  15 
Repairing  the  mail  road  between  Jackson  and 

Columbus."  -  15,000  00 
Marine  hospital  establishment  -  37,656  50 
Public  buildings  in  Washington  -  -  62;271  97 
Bringing  votes  for  President  and  Vice  Presi- 
dent of  the  United  States  41  75 
Appropriation  of  prize  money  -  4^297  55 
Stock  in  the  Chesapeake  and  Delaware  Canal 

Company  .                                                 -  107,500  00 

Stock  in  the  Dismal  Swamp  Canal  Company  150,000  00 
Stock  in  the  Louisville  and  Portland  Canal 

'Company                                                   -  20,000  00 

Payment  of  claims  for  property  lost,  &c.  258  50 

Payment  of  claims  for  buildings  destroyed  --  178,00245 
Payment  of  balances  due  to  officers  of  old 

internal  revenue  and  direct  tax    -  35  70 
Payment  of  balances  to  collectors  of  new  in- 
ternal revenue      -                                      ,*;  •'       46425 
Miscellaneous  expenses        -                         -  104,744  69 

960,851  53 


1826.] 


SECRETARY  OF  THE  TREASURY. 


379 


Diplomatic  department                                    -  $74,138  17 

Contingent  expenses  of  foreign  intercourse  -  10,134  38 

Relief  and  protection  of  American  seamen    -  7,592  62 

Treaty  of  Ghent,  (6th  and  7th  articles)        -  7,500  00 

Treaty  of  Ghent,  (1st  article)                        -  7,000  00 
Payment  of  claims  under  the  9th  article  of 

the  treaty  with  Spain                                ?.-*.  9,967  88 

Treaties  with  the  Mediterranean  powers       -  3,086  08 


MILITARY  ESTABLISHMENT,  VIZ'. 


Pay  of  the  army       -  rtV* 

Subsistence 

Quarter  master's  department 

Purchasing  department  «U: 

Bounties  and  premiums 

Forage 

Expenses  of  recruiting 

Medical  department  - 

Purchase  of  woollens  for  1 827 

Ransom  of  American  captives 

Balances  due  to  certain  States^  on  account  of 

militia 

Payment  for  property  lost.  &c. 
Armories 
Arsenals 

Arsenal  at  Vergennes 
Ordnance  . s-  - 

Arming  and  equipping  the  militia     -      -''^ 
Military  Academy,  West  Point 
Repairs  and  contingencies  of  fortifications    - 
Armament  of  new  fortifications 
Fort  Monroe  -         -  •--     E*/V 

Fort  Calhoun 

Fort  Delaware  ^;-^"'?' 

Fort  Jackson 
Fort  at  Mobile  Point 
Fort  at  New  Utrecht  Point  -  - 
Fort  at  Brenton's  Point 
Fort  at  the  Rigolets  and  Chef  Menteur 
Fort  at  Beaufort.  North  Carolina-     - 
Fort  at  Cape  Fear    - 
Fort  Constitution    f-  . 
Fort  Bienvenue         - 
Deepening  the  harbor  of  Presique  Isle 
Preservation  of  the  islands  in  Boston  harbor 
Repairs  of  Plymouth  beach  - 
Improving  Ohio  and  Mississippi  rivers 
Surveys,  &c.,  of.  roads  and  canals    - 
Continuation  of  the  Cumberland  road 


$119,419  13 
2,029,331  55 


$715,762  95 

203,348  88 

272,592  15 

186,624  03 

5,996  70 

27,803  90 

9,157  90 

18,901  28 

10,000  00 

985  18 

6,615  02 

168  25 

275,117  06 

43,166  20 

3,000  oa 

52,280  91 

147,942  80 v 

9,853  83 

3,976  86 

1,600  00 

87,600  00 

60,900  00 

18,499  03 

50,940  58 

89,666  45 

64,8300.0 

66,221   25 

64,912  00 

8,345  00 

26,800  00 


2,500  00 
50,000  00 

7,895  00 
19,950  00 

8,500  00 

8,438  25 
24,082  41 
70,749  00 


•  • ,  ,*!t .. 
i«  v  • ' 


380 


REPORTS  OF  THE 


[1826. 


Road  from  Ohio  to  Detroit  - 

Road  from  Missouri  to  New  Mexico 

Road  from  Memphis  to  Little  Rock  - 

Road  from  Little  Rock  to  Cantonment  Gibson 

Survey  of  a  route  for  a  canal  from  the  Atlan- 
tic to  the  Gulf  of  Mexico  - 

Road  from  Pensacola  to  St.  Augustine 

Removing  obstructions  in  Huron  creek,  Ohio 

Removing  obstructions  in  Cunningham  creek, 
Ohio 

Removing  obstructions  in  Grand  river,  Ohio 

Removing  obstructions  in  Ashtabula  creek, 
Ohio 

Surveying  harbor  of  Edgartown,  Mass. 

Surveying  Sandusky  bay,  Ohio 

Surveying  Laplaisance  bay,  Michigan 

Interest  due  the  State  of  Maryland  - 

Interest  due  to  Baltimore 

Relief  of  sundry  individuals 

Relief  of  officers,  &c.,  Seminole  war 

Contingencies 

Arrearages   - 

Maps,  plans,  books,  &c. 

Invalid  and  half-pay  pensions 

Revolutionary  pensions 

Civilization  of  Indians          -  - 

Pay  of  Indian  agents 

Pay  of  sub-agents     - 

Presents  to  Indians 

Contingencies  of  Indian  department 

Compensation  to  citizens  of  Georgia 

Creek  treaty  of  1825 

Creek  treaty  of  1826 

Treaties  with  Osages  and  Kanzas     - 

Treaties  with  Indians  in  Indiana 

Treaties  with  Florida  Indians 

Effecting  certain  treaties,  per  act  May  26, 1826 

Choctaw  treaty   . 

General  councils  at  Green  Bay 

Claims  against  Osages 

Annuities  to  Indians          .    -         '  - 


- 

$14,107  45 

_r. 

9.000  00 

« 

904  00 

)11 

2,441  74 

•* 

9,316  00 

- 

2,069  00 

10 

1.500  00 

k, 

.- 

1,000  00 

0 

1,000  00 

t 

'- 

1,000  00 

J 

500  00 

•- 

400  00 

- 

200  00 

- 

61,582  63 

-  - 

21.710  25 

f 

76,411  12 

,. 

3.827  09 

- 

12,601  18 

'•i 

21,816  97 

* 

84  87 

- 

304.702  45 

- 

1,305,564  23 

- 

12,784  59 

, 

16,385  66 

- 

5;521  59 

- 

16,578  40 

140,401  44 

'<*, 

23,000  00 

* 

20,813  88 

-* 

76,913  00 

•* 

18,306  IS 

- 

15,000  00 

- 

418  00 

JG 

80,262  29 

- 

2,204  51 

..- 

27,000  00 

_r 

>  2,407  71 

- 

237,841  88 

From  which  deduct  the  following  repay- 
ments : 
Survey  of  the  coast  of  the  United 

States    -  -  $2,586  00 

Survey  of  Marblehead  and  Holmes's 

Hole      -  -      54  76 

Purchase  of  Indian  title  to  land  in 

Michigan  -     507  76 

Purchase  of  Indian  title  to  land  in 

Tuscarawas       -  -  -      63  32 


5,273.300  98 


1826.] 


SECRETARY  OF  THE  TREASURY. 


381 


Gratuities 
Fortifications 


-  $454  73 
-2.653  48 


$6,320  05 


NAVAL    ESTABLISHMENT,    VIZ: 


Pay  of  the  navy  afloat 

Pay  of  the  navy  shore  stations 

Provisions 

Medicines  and  hospital  stores 

Repairs  of  vessels  - 

Navy  yard,  Portsmouth 

Navy  yard,  Charlestown     -  '- 

Navy  yard.  New  York 

Navy  yard,  Philadelphia 

Navy  yard,  Washington     - 

Navy  yard,  Norfolk  .'  '„'<>> 

Navy  yard,  Pensacola 

Gradual  increase  of  the  navy 

Ordnance  and  ordnance  stores 

Building  ten  sloops  of  war 

Houses  for  ships  in  ordinary 

Inclined  plane  dock,  &c. 

Superintendents,  artificers,  &c. 

Laborers,  and  fuel  for  engine 

Prohibition  of  the  slave  trade 

Suppression  of  piracy 

Contingent,  not  enumerated,  lor  1824 

Contingent,  for  1825 

Contingent,  not  enumerated,  for  1825 

Contingent,  for  1S26 

Contingent,  not  enumerated,  for  1826 

Pay  and  subsistence  of  the  marine  corps 

Clothing  for  the  marine  corps 

Medicines  for  the  marine  corps      -     - 

Fuel  for  the  marine  corps  - 

Military  stores  for  the  marine  corps 

Contingent  for  the  marine  corps     - 

Harracks  for  the  marine  corps 


From  which  deduct  the  following  repay- 
ments : 

Contingent,  prior  to  1824  $8,715  55 

Contingent,  for  1824      -  -  5,899  13 

Navy  yards,  docks,  and  wharves  2,843  23 


$758,253  52 

142,545  69 

320,703  94 

21,841  54 

378,843  30 

4,112  24 

37,771  31 

49,295  51 

13,539  26 

24,799  81 

40,253  78 

13,000  00 

663,522  10 

17.354  63 

382,495  73 

42,609  75 

316  50 

40,537  55 

9,461  97 

20,489  36 

1,358  98 

304  15 

242  74 

673  88 

219,781 '88 

600  00 

93,120  23 

21.983  40 

248  47 

9,321  45 

199  S3 

8,208  20 

1,000  00 

3,338,790  70 


17,457  91 


PUBLIC  DEBT: 


Interest  on  the  funded  debt  -  3,031,848  74 

Redemption  of  6  per  cent,  stock  of  1813    -  5,063,922  62 
Paying  certain  parts  of  domestic  debt  27  86 


$5,266.980  93 


382  REPORTS  OF  THE  [1826. 

Reimbursement  of  Treasury  notes  $307  17 

Reimbursement  of  Mississippi  stock  450  00 

Redemption  of  7  per  cent,  stock     —    ,  .  -  25  00 

— — '  '$8,096,581  39 


:      ,    18,714,226  66 

TREASURY  DEPARTMENT, 

Register's  Office,  November  30,  1826. 

JOSEPH  NOURSE,  Register. 


.  . 

L 

•  .;• .      •»•    •.:*...  -,;.,...  -\ _.:•.)>    »^vi«^. 

The  commissioners  of  the  sinking  fond  having,  on  the  27th  of  Sep- 
tember, 1826,  resolved  that  two  millions  of  dollars  of  the  six  per  cent,  stock, 
created  by  the  act  of  Congress  of  the  8th  of  February,  1813,  should  be 
redeemed  on  the  1st  of  January,  1827,  the  following  was  the  course  adopt- 
ed at  the  Treasury  to  carry  the  resolution  into  effect  : 

1.  All  the  loan  offices' were  instructed  to  transmit  to  the  Treasury  the 
numbers  of  the  certificates  of  this  stock,  and  the  names  of  the  holders,  as 
they  stood  upon  the  books  of  the  offices,  respectively,  on  the  16th  of  Sep- 
tember, 1826 ;  the  books  being  always  closed  against  transfers  fourteen 
days  before  the  end  of  a  quarter. 

2.  The  amount  of  the  whole  being  $11.248,389  26,  composed  of  dif- 
ferent and  unequal  sums  on  the  books  of  the  several  offices,  the  two  mil- 
lions were  made  up  .among  all  the  offices  by  taking  a, proportional  sum  for 
each.     For  example:  the  entire  sum  standing  upon  the  books  of  the  New 
York  office  being  $2,235,533  49,  the  sum  of  $395,600  bore  the  same  pro- 
portion to  two  millions  that  $2,225,533  .49  did  to  $11,248.389  26.     The 
entire  sum  upon  the  books  of  the  office  in  South  Carolina  being  $555,149  -39, 
the  sum  of  $98,684  bore  the  same  proportion  to  two  millions  that  $555,149  39 
did  to  $11,248,389  26 ;    and  in  this  manner  the  proportional  sum  was  fixed 
for  al]  the  offices. 

3.  All  the  certificates,  or  the  numbers  representing  them,  returned  by 
each  office,  were  then  formed  into  as  many  parcels  as  there  were  offices, 
and  successively  put  into , as  many  boxes.     As  many  of  them  were  then 
drawn  out  from  each  box,  by  lot,  as  made  up  the  proportional  amount  ascer- 
tained as  above  to  belong  to  each  office.     The  holder  of  any  one  number 
or  certificate  thus  drawn  out  was,  by  the  terms  of  the  notice  under  which 
the  contract  for  the  loan  was  entered  into,  to  be  paid  off.  not  only  to  the  full 
amount  of  that  particular  certificate,  but  of  all  other  certificates  of  this  same 
stock,  of  which  he  was  the  owner. 

The  doctrine  of  chances  rendering  it  nearly  impossible  to  draw  out  in 
exact  figures  the  sum  wanted  in  the  case  of  each  office,  the  last  drawn  cer- 
tificate or  number,  in  each  case,  was  found  to  give  an  excess,  in  some  in- 
stances greater,  in  others  less. 

4.  This  excess,  the  aggregate  of  which  amounted  to  $162,599  63,  was 
disposed  of  thus :  The  whole  of  the  numbers  or  certificates  already  success- 
ively drawn  out  on  account  of  all  the  offices,  were  put  back  again  into  one 


1826.J  SECRETARY  OF  THE  TREASURY.  383 

•  • 

box,  and  a  new  drawing  was  had  from  amongst  them  all,  for  exemption,  to 
the  amount  of  the  foregoing  aggregate  excess,  so  as  to  bring  back  the  result 
to  the  two  ;millions  wanted.  As  the  last  drawn  certificate  or  number,  in. 
performing  this  operation,  proved  to  be  a  large  one,  it  led  to  the  opposite 
result,  of  lowering  the  amount  below  the  level  aimed  at,  by  as  much  as 
$57,293  58. 

To  absorb  this  deficit,  a  further  drawing  was  resorted  to,  from  the  entire 
mass  of  the  undrawn  numbers,  which  were  put  into  another  box  ;  and  this 
operation  terminated  in  reaching  the  sum  required,  with  only  a  fractional 
excess  of  $2,306  71.  This  was  deemed  too  small  to  make  it  necessary  to 
renew  the  drawing  for  exemption,  and  the  whole  operation  was  accordingly 
closed. 

The  principle  of  apportionment  among  the  different  offices  was  believed' 
to  be  the  most  proper  mode,  of  paying  off  the  sum  in  question.  It  was  alike 
equal  to  the  stockholders,  and  tended  to  produce  payments  more  equal 
throughout  the  different  States,  than  if  the  drawing  had  taken  place  from  all 
the  certificates  representing  the  whole  sum  of  $11.248,389  26  thrown  into 
a  common  mass. 

The  drawing  of  the  lottery  commenced  on  the  29th  of  September,  and 
was  completed  this  day.  The  delay  was  owing  to  the  Banks  of  the  United 
States  •  at  Philadelphia  and  Boston  (acting  as  loan  offices)  not  having  made 
return  of  the  certificates  standing  on  their  books  in  due  time;  those  from 
the  former  not  having  been  received  until  the  3d  instant,  and  those  from  the 
latter  not  until  yesterday.  It  had,  otherwise,  been  intended  to  complete  the 
drawing  of  the  lottery  on  the  29th  of  September,  and  issue  the  notice  to  the 
public  creditors,  to  be  paid  off  by  its  decision,  on  the  last  day  of  the  quarter. 

RICHARD  RUSH. 

TREASURY  DEPARTMENT, 

October  12, 1826. 

•  / 


384 


REPORTS  OF  THE 

No.  1. 


[1826. 


STATEMENT  of  the  debt  of  the  United  States,  on  the  1st  of  October, 

1825. 


Three  per  cent,  stock 

Six  per  cent,  stock  of  1813  (loan  of  16  mil- 
lions) - 

Six  per  cent,  stock  of  1813  (loan  of  1\  mil- 
lions) - 

Six  per  cent,  stock  of  1814 

Six  per  cent,  stock  of  1815 

Five  per  cent,  stock  (subscription  to 
Bank  United  States)  - 

Five  per  cent,  stock  of  1820 

Five  per  cent,  stock  of  1821 

Exchanged  five  per  cent,  stock  of  1822  - 

Funded  4-|  per  cent,  stock,  per  act  of  the 
24th  May,  1824,  (Florida  loan) 

Funded  4^  per  cent,  stock,  per  act  of  the 
26th  May,  1824 

Exchanged  4^  per  cent,  stock  of  1824    - 


-  $13,296.231  45 


-  $12.403,051  66 

5,452,884  46 
13,096,542  90 
9,490,099  10 

7,000.000  00 
999,999  13 
4,735,296  30 
56,704  77 


5,000,000  00 
4,454,727  95 
67,689,306  27 


TREASURY  DEPARTMENT, 

Register**  Office,  November  30,  1826. 

JOSEPH  NOURSE,  Register. 


L326,]  SECRETARY  OF  THE  TREASURY. 

No.  2. 


3S5 


STA  TEMENT  of  the  debt  of  the  United  States  on  the  \st  January, 

1826. 


Three  per  cent,  stock 

Six  per  cent,  stock  of  1813  (loan  of  16 

millions) 
Six  per  cent,  stock  of  1813  (loan  of 

millions) 

Six  per  cent,  stock  of  1 814 
Six  per  cent,  stock  of  1815 
Five  per  cent,  stock  (subscription  to  the 

Bank  of  the  United  States) 
Five  per  cent,  stock  of  1820 
Five  per  cent,  stock  of  1821 
Exchanged  5  per  cent,  stock  of  1822 
Funded  4^  per  cent,  stock,  per  act  of 

24th  May,  1824  (Florida  loan) 
Funded  4^  per  cent,  stock,  per  act  of  26th 

May,  1824       -  4 

Exchanged  4£  per  cent,  stock  of  1824    - 
Exchanged  4|  per  cent,  stock  of  1825    - 


-  $13,296,231  45 


-  $11,254,197  46 

5,062,402  50 
13,096.542  90 
9,490^099  10 

7,000,000  00 
999,999  13 
4,735,296  30 
56.704  77 

5,000,000  00 

5,000,000  00 
4,454,727  95 
1,539,336  16 


67,689,306  27 


80,985,537  72 


TREASURY  DEPARTMENT, 

Register's  Office,  November  30,  1826. 

JOSEPH  NOURSE,  Register. 


VOL,  ii.— 25 


REPORTS  OF  THE  [1826, 

No.  3. 

STATEMENT  of  the  debt  of  the  United  States  on  the  1st  October, 
1826,  and  on  the  1st  January,  1827. 

Three 'per  cent,  stock     -           -           -           -..-'-  $13,296,24770 

Six  per  cent,  stock  of  1813  (loan  of  16  millions)          -  -  811 ,254 , 197  46 

Six  per  cent,  stock  of  1814         -                                               -  13,096,54290 

Six  per  cent,  stock  of  1815         -                                               -  9,490,09910 

Five  per  cent,  stock  (subscription  to  Bank  of  United  States)   -  7,000,000  00 

Five  per  cent,  stock  of  1820      -       .    -  999,99913 

Five  per  cent,  stock  of  1821       -                        -                       -  4,735,296  30 

Exchanged  5  per  cent,  stock  of  1822  56,70477 

Funded  4*  per  cent,  stock,  per  act  of  24th  May,  1824  (Florida 

loan)     -                                                                                   -  5,000,000  00 

Funded  4i  per  cent,  stock,  per  act,of  26th  May,  1824  -           -  5^000,000  00 

Exchanged  4J  per  cent,  stock,  per  act  of  26th  May.  1824        -  4,454,727  95 

Exchanged  4*  per  cent,  stock  of  1825    -                                   -  1,539,336  16 

62,626,903  77 

75,923,151  47 


Amount  of  the  debt  of  the  United  States,  per  the  foregoing  statement  No.  1. 
and  per  statement  No.  3,  which  accompanied  the  report  of  the  Secretary  of 
the  Treasury  of  22d  December,  1825  -  80,985,537  73 

Add  stock  issued  in  the  first  quarter  of  1826.  viz : 

Three  per  cent,  stock        .      -  $1625 

Exchanged  4*  per  cent,  stock  of  the  3d  March,  1825,  in  lieu 
of  6  per  cent,  stocks  of  1813  -      1 ,539 ,336  16 

1,539,35241 

82,524,890  13 

Deduct  stocks  surrendered,  and  payments  on  account  of  the  principal  of  the 
debt,  viz: 

Six  per  cent,  stock  surrendered,  and  for  which  exchanged 
4£  per  cent,  stock  was  issued  in  lieu,  under  the  act  of 
the  3d  March,  1825,  of  the  16  million  loan  -  -  -&1  ,148,854  20 

Six  per  cent,  stock  surrendered,  and  for  which  exchanged 
4i  per  cent,  stock  was  issued  in  lien,  under  the  act  of 
the  3d  March.  1825,  of  the  7i  million  loan  -  390,481  96 

1,539,336  16 

Payment  of  the  residue  of  the  7J  million  loan  on  the  1st  July, 

1826      ...  -  -  "-      5.062,402  50 

6,601,738  66 


Amount  of  the  debt,  as  above,  on  the  1st  October,  1826  -  75,923, 151  47 

From  which  deduct  the  amount  proposed  to  be  paid  off  on  the  1st  January,  1827    2 ,002,306  71 

Leaving  the  amount  of  the  debt  on  the  1st  January,  1827    -    -  -  73,920,844  76 

TREASURY  DEPARTMENT, 

Register's  Office.  November  30,  1826. 

JOSEPH  NOURSE,  Register. 

Note. — The  amount  of  the  six  per  cent,  stocks  of  1813,  exchanged  under  the  act  of  the  3d 
March,  1825,  was  stated,  last  year,  by  estimate,  at  $1,585,138  88:  the  accounts  of  the  commis- 
sioners of  loans  have  since  been  adjusted,  and  the  true  amount  ascertained  to  be  $1,539,336  16; 
one  moiety  whereof,  or  $769,668  08,  is  redeemable  in  1829;  the  other  in  1830. 


1826.]  SECRETARY  OF  THE  TREASURY.  337 


No.  4. 

)    • 

ESTIMATED  AMOUNT  of  Treasury  notes  outstanding  on  the  1st 

of  October,  1826. 

Total  amount  issued,  as  per  No.  4,  of  the  hist  report         -  $36,680,794  00 
Cancelled  and  reported  on  by  the  First  Auditor   -  -     36,665,754  00 


Outstanding  $15,040  00 

Consisting  of  small  Treasury  notes        .4         $2,24000 
Notes  bearing  interest  12,800  00 

$15,040  00 

TREASURY  DEPARTMENT, 

Register's  Office,  November  30,  1826. 

JOSEPH  NOURSE,  Register. 


No.  5. 

STATEMENT  of  the  stock  issued  under  the  act  of  Congress  entitled 
"  An  act  supplementary  to  the  act  for  the  indemnification  of  certain 
claimants  of  public  lands  in  the  Mississippi  Territory,  passed  on  the 
3d  March,  1815. 

Amount  of  claims  awarded,  per  statement  No.  5,  of  last 

report  -  -  $4,282,151 


Whereof  there  was  paid  in  for  lands,  per  said  report        -  $2,447,535  39 
Payments  at  the  Treasury  to  the  30th  September,  1825, 

per  said  statement  -  $1.826,765  56 

Payments  from  1st  October,  1825,  to  30th 

September,  1826  450  00 

---     1,827,215  56 

Balance  outstanding  on  the  1st  October,  1826  : 
Consisting  of  certificates  outstanding  -     7,355  57 

Awards  not  applied  for  44  60A 

--  7,400 


$4283,151 

TREASURY  DEPARTMENT, 

Register's  Office,  November  30  1826. 

JOSEPH  NOURSE.  Register. 

/.''!  -.    ,L 


REPORTS  OF  THE  [1S27. 


REPORT  ON  THE  FINANCES. 
DECEMBER,  1827. 


In  obedience  to  the  act  making  it  the  duty  of  the  Secretary  of  the  Treas- 
ury to  "  lay  before  Congress,  at  the  commencement  of  every  session,  a  re- 
port on  the  subject  of  finance,  containing  estimates  of  the  public  revenue  and 
public  expenditures,  and  plans  for  improving  or  increasing  the  revenues 
from  time  to  time,"  the  Secretary  proceeds  to  the  task  which  that  duty  en- 
joins upon  him. 

It  is  satisfactory  to  be  able  to  state,  in  the  beginning,  that  the  revenue 
accruing  for  the  current  year  is  likely  to  exceed,  rather  than  fall  below, 
that  of  the  last.     This  is  the  more  satisfactory,  when  considered  in  connex- 
ion with  the  fact  of  the  unusually  large  importations  of  foreign  merchandise 
in  1825.     The  importations  for  that  year  having  greatly  exceeded  their 
average  value  for  many  years  preceding,  a  subsequent  reduction  in  their 
value  had  been  looked  to,  under  analogous  facts  heretofore  occurring  in  the 
foreign  trade  of  the  country.     This  has  proved  to  be  less  the  case  than 
might  have  been  anticipated.     Although  the  importations  for  the  year  end- 
ing on  the  30th  of  September  last  are  believed  to  have  been  less  than 
for  the  year  ending  on  the  same  day  in  1826 ;  those  for  1827,  commencing 
on  the  1st  of  January,  and  ending  with  the  close  of  the  present  month,  will, 
in  all  probability,  be  greater.     It  is  on  the  year,  calculated  in  the  latter  way, 
that  the  annual  revenue  from  the^customs  is  estimated.     The  importations 
for  the  third  quarter  of  the  present  year  have  been  large,  owing  to  the 
quantity  of  woollen  goods  which  they  embraced.     If  this,  on  the  one  hand, 
has  been  a  cause  specially  operating  to  augment  the  entire  importations  of 
1827,  there  are  circumstances,  connected  with  other  branches  of  the  foreign 
trade,  that  have  been  specially  in  operation  to  diminish  them.     The  opinion 
may  reasonably  be  entertained,  founded  on  these  and  other  considerations,  that 
the  re-action,  under  the  heavy  importations  of  1825,  has  arrived  at  its  close. 
Aside,  therefore,  from  unforeseen  events,  the  importations  for  the  next  year, 
on  which  the  revenue  so  mainly  depends,  under  the  present  system  of 
finance,  may  be  expected  to  prove  sufficiently  ample  for  every  ordinary  finan- 
cial purpose.     The  actual  receipts  into  the  Treasury,  during  the  current 
year,  have  been  less,  in  particulars  that  will  be  presently  stated,  than  the 
sum  at  which  they  were  estimated.     They  have  been  sufficient,  however, 
with  the  balance  in  the  Treasury  at  the  commencement  of  the  year,  to  meet 
every  appropriation  for  the  service  of  the  year,  including  the  sum  of  ten 
millions  on  account  of  the  public  debt. 

As  the  state  of  the  public  debt,  and  manner  in  which  the  process  of  ex- 
tinguishment goes  on,  from  year  to  year,  is  a  subject  on  which  the  nation  de- 
sires and  expects  to  receive  accurate  and  full  information,  it  will  be  exhibit- 
ed to  Congress,  in  the  first  instance,  upon  the  present  occasion.  The  exposi- 
tion of  this  subject  will  be  given  in  connexion  with  a  short  retrospect. 

From  the  1st  January,!  825,  to  the  close  of  the  present  year,  there  will  have 
been  applied  to  the  principal  of  the  public  debt  the  sura  of  $21,297,210  93 ; 


1827.]  SECRETARY  OF  THE  TREASURY.  389 

and  paid,  on  account  of  interest,  the  sum  of  $11.853,445  20  ;  making 
a  total  of  $33,160,056  13.  Of  the  applications  on  account  of  the  princi- 
pal during  these  years,  $7.725.034  88  \vere  made  in  1825;  $7.064,709  21 
in  1826;  and  $6,507,466  84  will  have  been  made  by  the  close  of  1827.  Of 
the  preceding  sum  of  $21.297,210  93,  it  is  proper  to  state  that  a  portion  of 
it,  viz :  $5,000,000,  was  borrowed  under  the  act  of  the  26th  of  May, 

1824,  at  an  interest  of  four  and  a  half  per  cent.,  to  pay  off  an  equal  portion  of 
debt  standing  at  an  interest  of  six  per  cent.     The  aggregate  amount  of  the 
public  debt  on  the  1st  of  January,  1825,  was  $83.710,572  60.     To  this 
must  be  added  the  stock,  amounting  to  five  millions,  at  four  and  a  half  per 
cent.,  created  by  the  above  act,  but  which  was  not  issued  until  after  the  com- 
mencement of  1825,  and  a  small  amount  of  three  per  cent,  stock  that  was 
subsequently  issued,  viz:  $16  25.  making  the  whole  of  the  public  debt,  in 

1825,  $88,710,588  85.     The  aggregate- amount  at  which  it  will  stand  on 
the    1st   of  January,  1828.  wilf  be  $67.413,377  92.     The  whole  of  the 
$21,297,210  93,  applied  to  the  principal  of  the  debt  in  the  three  years  men- 
tioned, have  gone  towards  the  reduction  of  the  six  per  cent,  stock.     Five  mil- 
lions of  this  sum  having  been  replaced  by  the  stock  at  four  and  a  half  per 
cent,  issued  under  the  act  of  the  26th  of  May  aforesaid,  are  of  course  again 
to  be  ranked  as  part  of  the  debt.     It  follows,  that  debt,  in  six  per  cent,  stock, 
to  the  amount  of  sixteen  million  two  hundred  and  ninety-seven  thousand 
two  hundred  and  ten  dollars  ninety-three  cents,  will  have  been  absolutely  ex- 
tinguished in  the  course  of  these  three  years,  by  the  surplus  moneys  of  the 
Treasury,  in  addition  to  $11,863,445  20  paid  as  interest.     It  also  follows, 
that  twenty-one  million  sixty-two  thousand  three  hundred  and  thirty-two 
dollars  seventeen  cents,  in  principal  and  interest,  will  have  been  applied  to 
the  public  debt  during  the  years  1826  and  1827,  out  of  the  means  of  the 
Treasury,  without  any  assistance  whatever  from  loans.     This  is  an  amount 
greater  than  was  required  to  be  applied  to  it  for  these  two  years  by  the  ob- 
ligations of  the  sinking  fund  act. 

It  will  be  satisfactory  to  Congress  to  know,  that,  during-  the  three  years  in 
question,  besides  these  payments  made  on  account  of  the  debt,  and  all  other 
payments  to  meet  the  annual  expenses  of  Government,  large  sums  have  been 
applied  to  objects  wearing  a  character  neither  temporary  nor  annual.  By 
these  are  meant — internal  improvements,  in  the  form  of  subscriptions  :to  ca- 
nals ;  and  appropriations  for  otherwise  opening  and  extending  intercourse 
throughout  the  country;  fortifications  and  armories:  ships  of  war,  naval 
docks,  and  other  establishments  connected  with  the  navy;  public  edifices  of 
various  descriptions,  whether  for  purposes  marine  or  civil;  arming  the  mili- 
tia; the  purchase  of  lands  from  the  Indians,  and  other  expenses  belonging 
fc>  this  department  of  the  public  service.  On  such  objects,  and  others  kin- 
dred to  them,  the  expenditures  during  these  three  years  have  reached  a  sum 
little  short  of  twelve  millions  of  dollars.  A  nation  that,  after  providing  for 
the  regular  support  of  its  Government,  is  seen  to  proceed  in  this  manner  in 
the  payment  of  its  public  debt,  and  in  additional  disbursements  so  consider- 
able, for  which  equivalents  remain,  that  for  the  most  part  are  of  permanent 
value  to  the  nation,  cannot  be  regarded  as  other  than  prosperous  in  its  finan- 
cial condition. 

That  the  exact  situation  of  the  whole  funded  debt  at  this  time  may  be 
seen,  the  several  parts  of  which  it  consists  will  be  distinctly  set  forth,  for 
the  full  information  of  Congress. 


REPORTS  OF  THE  [1827. 

Its  total  amount,  on  the  1st  of  October  last,  was  (statement  No  1) 
$68,913,541  08.  This  sum  comprehends  the  old  revolutionary  three  per 
^ents,  amounting  to  $13,296,247  70,  redeemable  at  the  pleasure  of  the 
Government;  and  the  seven  millions  subscribed  to  the  Bank  of  the  United 
States,  also  redeemable  at  the  pleasure  of  the  Government. 

The  residue  of  the  debt  was  contracted  after  the  commencement  of  the 
war  of  1812,  and  consists  of  various  loans  and  stocks,  created  and  redeem- 
able at  periods  as  follow: 

1.  The  sum  of  $4,244,587  07,  at  six  per  cent.,  being  the  residue  un- 
paid of  the  loan  under  the  act- of  the  8th  of  February,  1813,  and  redeem- 
able in  1826.     The  amount  authorized  to  be  borrowed  under  this  act  was 
sixteen  millions.     For  this  sum,  certificates  of  stock  issued  to  the  amount 
of  $18.109,377  43,  a  premium  having  been  given  to  the  lenders.     Of  this 
amount  there  remain  unpaid,  as  above,  $4,244,587  07. 

2.  The  sum  of  $13,096,542  90,  at  six  per  cent.,  being  the  residue  un- 
paid of  loans  made  under  the  act  of  the  24th  of  March,  1814,  and  redeem- 
able in  1827.     The  amount  authorized  by  this  act  was  twenty-five  millions. 
Of  this  amount  there  was  borrowed,  under  loans  contracted  in  1814,  the  sum 
of  $12,942,423  26.     For  this  sum,   certificates    of  stock  issued  to   the 
amount  of  $16.108,014  43,  under  a  premium  to  the  lenders,  as  above,  of 
which  there  rqmain  unpaid  of  the    loan    contracted    on  the   2d   day  of 
May,  in  that  year,  $8,507,866  36;  of  that  contracted  on  the  22d  of  August, 
$4,050,780  77;  and  of  other  smaller  loans,  contracted  under  the  act,  in  the 
course  of  the  same  year.  $537,895  77:  making,  in  the  whole,  $13.096.542  90 
as  first  above  stated. 

3.  The  sum  of  $9,490,099  10,  at  six  per  cent.,  being  the  residue  un- 
paid of  the  loan  under  the  act  of  the  3d  of  March,  1|315,  and  redeemable 
in  1828.     This  act  authorized  a  loan  of  eighteen  million  four  hundred  and 
fifty-two  thousand  eight  hundred  dollars.     There  was  borrowed  under  it 
the  sum  of  $11,699.326  63,  principally  by  the  funding  of  Treasury  notes, 
.and  certificates  of  stock  issued  to  the  amount  of  $12,288,147  56,  of  which 
there  remain  unpaid,  as  above,  $9,490,099  10. 

4.  The  sum  of  $769.668  08,  at  an  interest  of  four  and  a  half  per  cent., 
being  one  half  of  the  six  per  cent,  stock  of  1813  exchanged  under  the  act 
of  Congress  of  the  3d  of  March,  1825,  and  redeemable  in  1829. 

5.  The  sum  of  $769,668  08,  at  an  interest  of  four  and  a  half  per  cent., 
being  the  other  half  of  the  six  per  cent,  stock  exchanged  as  above,  and  re- 
deemable in  1830. 

6  The  sum  of  $18,901  59,  at  five  per  cent.,  being  one  third  part  of  the 
sum  of  $56,704  77,  issued  in  exchange  for  six  per  cent,  stock  of  1813, 
1814,  and  1815,  under  the  act" of  the  20th  of  April,  1822,  and  redeemable 
in  1831. 

7.  The  sum  of  $18,901  59,  at  five  p&  cent.,  being  one  other  third  part 
of  the  sum  subscribed  as  above  stated,  and  redeemable  in  1832. 

8.  The  sum  of  $10,000,000,  at 'four  and  a  half  per  cent.,  being  stock 
created  under  the  acts  of  the  24th  and  26th  of  May,  1824,  for  sums  borrow- 
ed of  the  Bank  of'the  United  States,  one-half  to  pay  the  Florida  claims,  the 
other  half  to  pay  off  the  six  percent,  stock  of  1812,  and  redeemable  in  1832, 

9.  The  sum  of  $999,999  13,  at  five  per  cent. ,  being  'stock  created  by  the 
act  of  the  15th  of  May,  1820,  and  redeemable  in  1832. 

10.  The  sum  of  $18,901  59,  at  five  per  cent. ,  being  the  remaining  third 
subscribed  under  the  act  of  the  20th  of  April,  1822.  and  redeemable  in  1833. 


1527.]  SECRETARY  OF  THE  TREASURY.  391 

11.  The  sum  of  $2/227,363  97,  at  four  and  a  half  per  cent.,  being  one 
half  of  the  amount  subscribed  in  exchange  for  six  per  cent,  stock  of  1813. 
under  the  act  of  the  26th  of  May,  1824,  and  redeemable  in  1833. 

12.  The  sum  of  $2,227,363  98,  at  four  and  a  half  per  cent.,  being  the 
other  half  subscribed  under  the  act  last  above  stated,  and  redeemable  in 
1834.  ' 

13.  The  sum  of  $4,735,296  30,  at  five  per  cent.,  being  the  amount  of 
stock  issued  under  the  act  of  the  3d  of  March,  1821,  and  redeemable  in 
1835. 

The  foregoing1  enumeration  gives  the  aggregate  of  $68,913,541  08,  stated 
as  the  amount  of  the  debt  on  1st  of  October  last. 

Of  this  aggregate,  it  may  not  be  improper  here  to  state,  that  $49,001.215  36 
are  owned  in  the  United  States,  and  $19,912,325  72  by  foreigners. 

A  payment  being  about  to  be  made,  on  account  of  the  principal  of  the 
debt,  at  the  close  of  the  present  year,  in  addition  to  one  that  was  made  in 
July,  its  total  aggregate  amount,  on  the  1st  of  January,  1828,  will  be 
$67,413,377  92. 

To  make  up  this  aggregate,  all  the  items  exhibited  in  the  foregoing  view 
of  (ho  whole  debt  are  included.  But  the  whole  together  gives  the  nominal 
rather  than  the  real  amount  of  the  debt.  Its  real  amount  on  the  1st  of  Jan- 
uary, 1828,  will  be  but  a  fraction  above  sixty  millions.  The  sum  of  seven 
millions  subscribed  by  the  Government  to  the  Bank  of  the  United  States, 
is,  in  effect,  destroyed  as  debt,  by  the  United  States  owning  an  equal  amount 
in  the  shares  of  the  bank.  So  far  is  this  sum  from  being  any  charge  upon 
the  Treasury,  that  the  Treasury  is  annually  receiving  interest  for  it,  in  the 
dividends  upon  the  shares.  Whenever  the  latter  are  sold,  they  may  at 
least  be  expected  to  replace  the  sum  that  was  invested  in  them.  The  old 
revolutionary  three  per  cents,  too.  have  now  existed  nearly  forty  years.  By 
the  provisions  of  the  sinking  fund  act,  this  stock  can  only  be  bought  up  and 
extinguished  by  the  Government,  when  the  price  shall  fall  to  sixty-five  dol- 
lars for  every  one  hundred  dollars.  This,  in  all  probability,  will  prevent, 
for  some  time  to  come,  the  $13,296,247  70,  of  which  this  stock  consists, 
being  any  charge  upon  the  resources  of  the  nation,  so  far  as  paying  off  the 
principal  is  concerned;  as  it  would  be  difficult  to  say  when  the  obligation 
to  pay  it  off  will  attach,  under  the  above  act,  or  when  it  could  otherwise  be 
done  with  full  advantage  to  the  public.  It  is 'many  years  since  this  stock 
has  been  as  low  as  sixty-five  dollars  for  one  hundred,  and  there  is  no  present 
prospect  of  its  falling  so  low.  The  portions  of  the  debt,  therefore,  which, 
under  the  existing  enactments  of  the  law,  can  alone  be  met  by  an  annual  and 
ascertained  process  of  extinguishment,  unless  the  three  per  cents  should  be 
paid  off  at  one  hundred,  cannot  be  computed  at  more  than  $47,117,130  22. 
It  is  plain  that  this  amount  is  rapidly  hastening  to  extinguishment  If  the 
United  States  continue  at  peace,  (and  there  is,  happily,  no  present  prospect 
of  its  interruption,)  their  debt  mtfst,  in  a  few  years  more,  disappear.  The 
new  obligations  which  will  devolve  upon  the  national  councils,  in  reference 
to  the  pecuniary  resources  of  the  country,  when  liberated  from  large  annual 
payments  on  account  of  the  debt,  the  wisdom  of  those  councils  will,  at  the 
proper  season,  know  how  to  estimate. 

It  remains  to  make  known,  in  conclusion,  under  this  head,  the  operations 
had  at  the  Treasury  upon  the  public  debt,  since  the  adjournment  of  the  last 
session  of  Congress. 
0 


392  REPORTS  OF  THE  [1927. 

In  the  last  annual  report  from  this  department,  a  loan  to  the  amount  of 
sixteen  millions,  at  an  interest  not  to  exceed  five  per  cent.,  was  recom- 
mended. The  object  of  such  a  loan  was  to  pay  off  a  portion  of  the  debt^ 
equal  to  sixteen  millions,  bearing  an  interest  of  six  per  cent.  No  law  to 
this  effect  having  passed,  it  became  the  duty  of  the  department  to  proceed 
in  the  work  of  paying  off  the  six  per  cents,  as  far  as  the  means  of  the  Trea- 
sury would  allow.  Accordingly,  on  the  1st  of  July,  the  sum  of  5.007,303  T6/^ 
dollars  was  paid  on  account  of  the  six  per  cent,  loan  created  by  the  act  of 
the  8th  of  February,  1813.  By  the  decision  of  the  commissioners  of  the 
sinking  fund,  in  September,  it  was  agreed  that  the  further  sum  of  1,500,000 
dollars  should  be  paid,  on  account  of  the  same  loan,  at  the  termination  of  the 
present  quarter  of  this  year.  Public  notices  have  been  issued  in  conformity 
with  this  decision,  and  are  now  outstanding.  A  small  fraction  over  the  sum 
is  included  in  the  notice,  the  terms  of  the  loan  having  rendered  it  necessary 
that  the  certificates  to  be  paid  off  should  be  fixed  upon  by  lot,  and  the  last 
drawn  number  in  this  instance,  as  in  the  payment  of  July,  having  given  the 
fractional  excess.  The  manner  of  drawing  the  lots,  having  been  minutely 
described  in  a  paper  annexed  to  the  last  annual  report,  will  not  here  be  re- 
peated. In  deciding  upon  the  further  payment  of  1,500,000  dollars,  the 
commissioners  had  due  reference  to  the  4th  section  of  the  sinking  fund  act 
of  March  3d,  1817,  which  declares,  that  "whenever  there  shall  be,  at  any 
time  after  an  adjournment  of  Congress,  in  any  year,  a  surplus  of  money  in 
the  Treasury  above  the  sums  appropriated  for  the  service  of  such  year,  the 
payment  of  which  to  the  commissioners  of  the  sinking  fund  will  yet  leave 
in  the  Treasury,  at  the  end  of  the  year,  a  balance  equal  tq  two  millions  of 
dollars,  then  such  surplus  shall  be,  and  the  same  is  hereby,  appropriated  to 
the  sinking  fund,  to  be  paid  at  such  times  as  the  situation  of  the  Treasury 
will  best  permit."  But  this  provision  was  not  viewed  as  creating  any  ob- 
stacle to  the  decision.  The  construction  and  practice  at  the  Treasury, 
since  the  passage  of  the  act,  have  invariably  been,  not  to  consider  the  above 
provision  as  attaching,  so  long  as  any  part  of  the  ten  millions  remain  unap- 
plied to  the  debt  j  this  sum  being  considered,  under  the  very  object  and  terms 
of  the  act,  as  a  standing  appropriation  for  the  service  of  the  year. 

No  further  remarks  are  deemed  necessary  at  this  time,  in  relation  to  the 
public  debt.  Should  the  laws  respecting  it  remain  unchanged,  payments  on 
account  of  the  principal  will  continue  to  be  made  throughout  the  ensuing 
year,  in  such  ways  as  the  obligations  of  the  laws  direct,  and  the  means  of 
the  Treasury  may  best  allow. 

PUBLIC    REVENUE    AND    EXPENDITURE    OF    THE    YEARS    1S26    AND    1827. 

The  nett  revenue  which  accrued  from  duties  on  imports  and 
tonnage,  during  the  year  1826,  amounted  (A)  to       ,        $20,248,05430 


The  actual  receipts  into  the  Treasury  from  all  sources,  du- 
ring the  year  1826,  amounted  to  $25.260,434  21 

Viz. 

Customs,  (statement  A)  23,341,331  77 

Public  lands,  (statement  D)      -  1,393,78509 

Dividends  on  stock  in  the  Bank  of  the 
United  States,  arrears  of  internal  du- 
ties and  direct  taxes,  and  incidental 
receipts,  (statement  E)  500,22890  ,,• 


1827.]  SECRETARY  OF  THE  TREASURY. 

Repayments  of  advances  made  in  the  War 
Department,  for  services  or  supplies  prior 
to  the  1st  of  July,  1815  ,^»,  • :  $25,088  45 

Making,  with  the  balance  in  the  Treasury  on  the  1st  of 

January.  1826,  of  -    $5.201.650  43 


An  aggregate  of  -  -     30.462.084  64 

The  actual  expenditures  of  the  United  States,  on  all  ac- 
counts, during  the  year  1826,  amounted  (statement  F) 
to  -  24.103,398  46 

Viz. 

Civil,  diplomatic,  and  miscellaneous          -  $2,600,177  79 

Military  service,  including  fortifications, 
ordnance,  Indian  department,  revolu- 
tionary and  military  pensions,  arming 
the  militia,  and  arrearages  prior  to  the 
1st  of  January,  1817  -  -  6,243,23603 

Naval  service,  including  the  gradual  in- 
crease of  the  navy  -  -  4,218,902  45 

Public  debt  -  -  -  11,04 \'yOS2  19 


Leaving  a  balance  in  the  Treasury,  on  the  1st  of  January, 

1827,  of  -       6,358,686  IB 

The  actual  receipts  into  the  Treasury,  during  the  first 
three  quarters  of  the  year  1827,  are  estimated  to  have 
amounted  to  -  -  &•  '-$17,488.81007 

Viz. 

Customs  -   $15,142,892  68 

Public  lands,  (statement  G)  -     1,212,011  29 

Dividends  on  stock  in  the  Bank  of  the 
United  States  -  ;..?•  420,000  00 

Arrears  of  internal  duties  and  direct  taxes, 
and  incidental  receipts,  (statement  H)  681.561  12 

[This  item  includes  the  sum  of  602,480  dollars,  as  the 
first  moiety  of  a  sum  paid  by  the  British  Govern- 
ment, by  virtue  of  a  convention  under  the  first 
article  of  the  treaty  of  Ghent,  for  slaves  carried  off 
by  British  officers,  in  contravention  of  that  treaty ; 
which  sum,  as  it  is  paid  out  to  the  American  claim- 
ants, by  Treasury  warrants,  in  the  usual  form,  has 
a  place  among  the  actual  receipts  of  the  year,  though 
no  part  of  the  revenue.] 

Repayments  of  advances  made  in  the  War 
Department,  for  services  or  supplies  prior 
to  the  1st  of  July,  1815  32,344  98 

And  the  actual  receipts  into  the  Treasury,  during  the 
fourth  quarter  of  the  year,  (including  the  other  moiety 
of  the  sum  explained  as  above,)  are  estimated  at  -  -  5,117.480  00 


394  REPORTS  OF  THE 

Making  the  total  estimated  receipts  into  the  Treasury, 

during  the  year  1827  -  -  $22,606,290  07 

And  with  the  balance  in  the  Treasury  on  the  31st  of  De- 
cember, 1826,  of  -  6,358,686  18 

An  aggregate  of  -  $28,964.976  25 

The  expenditures  of  the  first  three  quar- 
ters of  the  year  1827,  are  estimated  to 
have  amounted  to  (statement  I)  -  $17,895,390  96 

Viz. 

Civil,  diplomatic,  and 
miscellaneous  -  $2,013,520  47 

[This  item  includes  $'294,392  23, 
paid  to  the  American  claim- 
ants, under  the  first  article  of 
the  treaty  of  Ghent,  in  virtue 
of  awards  duly  made  in  their 
favor.] 
i  _  -.  •'•-•. 

Military  service,  includ- 
ing fortifications,  ord- 
nance, Indian  depart- 
ment, revolutionary  and 
military  pensions,  arm- 
ing the  militia,  and 
arrearages  prior  to  the 
1st  of  January,  1817  -  ,4,750,271  15 

Naval  service,  fincluding 
the  gradual  increase  of 
the  navy  -  3,458,575  91 

Public  debt,  viz. 
Reimbursement  of  prin- 
cipal  -  5,0.07,303  68 
Payment  of  interest         2,665,719  75 


And  the  expenditures  of  the  fourth  quar- 
ter are  estimated  at ,    -  -      4,800,00000 

Viz. 
Civil,     diplomatic,     and 

miscellaneous  -     $672,243  4£ 

,  :!%uo  ^  ;;rv      .  •  .. 

[This  item  includes  $92,687  67, 
as  amount  of  awards,  under 
the  first  article  of  the  treaty        , 
ofOhent.] 

Military  service,  \  includ- 
ing fortifications,  ord- 
nance, Indian  depart- 
ment, revolutionary  and 
military  pensions,  arm- 
ing the  militia,  and  ar- 
rearages prior  to  the  1st  , 
of  January,  1817  -  '900,000  00 


1827.]  SECRETARY  OF  THE  TREASURY.  395 

Naval    service,    including 

the  gradual  increase  of 

the  navy  -    $875,000  00 

Public  debt,  viz: 

Reimbursement  of  prin- 
cipal- •   1,500,163  16 

Payment  of  interest       -     852;593  42 


Making  the  total  expenditure  of  the  year  1827        -   $22,695,39096 

And  leaving  in  the  Treasury,  on  the  1st  of  January. 
1828,  an  estimated  balance  of      -     \  -      $6,269,585  29 

It  will  be  observed,  from  the  above  statements,  that  the  receipts  into  the 
Treasury,  from  all  sources,  in  1826,  Were  $25,260,434  21.  The  sum  at 
which  they  were  estimated  in  the  annual  report  of  1825  was  $25,500,000. 
From  the  statements  and  estimates  applicable  to  1827,  it  will  also  be  observ- 
ed, that  the  sums  received,  and  expected  to  be  received,  from  all  sources, 
during  this  year,  (apart  from  the  moneys  paid  under  the  treaty  of  Ghent,) 
will  amount  to  821,401,330  07.  The  amount  at  which  they  were  esti- 
mated, in  the  annual  report  of  1826,  was  $23,150,000.  It  is  therefore  ex- 
pected that  the  entire  receipts  of  1827  will  be  $1,748,669  93  less  than  the 
estimates  presented  in  1826. 

Of  this  difference,  upwards  of  $400,000  were  caused  by  postponements  in 
the  sales  of  the  public  lands.  The  estimate  in  1826,  of  receipts  from  this 
source  for  1827,  was  fixed  at  two  millions  of  dollars.  This  was  founded, 
in  part,  as  stated  in  the  report,  on  expected  sales  of  a  considerable  quantity 
of  relinquished  lands  in  Alabama.  These  sales  having  been  postponed  until 
1828,  the  amount  which  it  was  anticipated  they  would  yield  should  there- 
fore be  stricken  from  the  estimate.  With  this  deduction,  the  amount  pro- 
duced by  the  sales  of  the  public  lands  in  1827  will  be  found  to  correspond 
very  nearly,  in  all  other  particulars,  with  the  estimate. 

The  remaining  difference  has  been  in  the  customs.  This  has  proceeded 
from  the  uncertainties  that  attend  all  estimates  of  the  revenue  depending  upon 
foreign  commerce — itself  ever  uncertain.  These  estimates,  whether  given 
by  this  department,  or  by  committees  of  Congress,  specially  scrutinizing 
them  under  all  the  lights  attainable,  have  often,  heretofore,  from  causes  im- 
possible to  have  been  foreknown,  been  disappointed  by  the  result.  The 
disappointment  has  sometimes  been  upon  a  larger,  sometimes  upon  a  smaller 
scale.  Such  estimates  can,  therefore,  on  no  occasion  be  regarded  in  any 
other  light  than  as  an  approximation  to  that  sum,  always  desirable  to  be 
known,  but  rarely,  if  ever,  in  a  long  series  of  years,  foretold  with  precision. 
The  estimates  presented  for  1827  were  formed  upon  bases  which  had  the 
sanction  of  past  experience  in  giving  reasonable  promise  of  a  fair  approach 
to  the  true  result.  Whilst,  on  the  one  side,  expectations  of  a  redundant 
income  should  not  be  too  confidently  indulged,  it  becomes  a  duty,  on  the 
other,  not  to  estimate  the  receipts  below  the  amount  which  the  usual  proba- 
bilities seem  to  warrant,  lest  the  public  service  should  be  stinted  in  any  use- 
ful particular  by  the  restrained  appropriations  of  Congress.  The  importa- 
tions for  1827,  taking  into  the  account  the  calendar  year,  will,  it  is  believed, 
as  before  intimated,  exceed  the  importations  for  1826.  But  those  for  the 
first  two  quarters  of  1827  have  been  very  small.  Had  they  borne  the  same 


396  REPORTS  OF  THE  [1827. 

proportion  to  those  of  the  last  two  quarters,  that  the  importations  of  the  first 
two  quarters  have  borne  to  those  of  the  last  two,  on  an  average  of  five  years 
preceding,  the  actual  receipts  into  the  Treasury  from  the  customs  in  1827 
would  have  been  larger.  This  effect  would  have  grown  out  of  the  terms  of 
credit  allowed  on  duty  bonds.  By  these  terms,  a  portion  of  the  payments 
always  falls  due  within  the  year,  on  importations  made  during  the  first  six 
months  of  the  year.  The  average  importations  for  the  first  six  months, 
during  five  years  that  preceded  1827,  were  larger  than  those  for  the 
last  six  months.  For  1827,  there  is  every  probability  that  this  ratio  of 
importations,  on  the  time  of  the  whole  year,  will  be  reversed.  It  is 
so,  as  far  as  yet  ascertained.  We  are  reminded,  even  by  the  experience 
of  recent  years,  of  the  frequent  rariations  between  the  anticipations 
and  the  issue  in  this  part  of  our  fiscal  system.  In  1817,  the  estimated  re- 
ceipts from  the  customs  were  24,000,000  dollars,  and  the  actual  receipts 
20,283,348  dollars.  In  1818,  the  estimated  receipts  were  20,000,000  dol- 
lars, and  the  Actual  receipts  17,176,385  dollars.  In  1819.  1820,  and  1821, 
the  estimates  from  the  same  source  were  successively  given  at  21.000,000 
dollars,  19,000,000  dollars,  and  14,000,000  dollars.  The  sums  successive- 
ly received  were,  20,283,608  dollars,  15.005,612  dollars,  and  13,004.447 
dollars.  These  disappointments  sprung  from  supervenient  causes,  the 
means  of  knowing  which  did  not  exist  when  the  estimates  were  made. 
There  have  been,  at  other  epochs,  differences  much  more  considerable, 
which  need  not  be  detailed  ;  yet  it  nuiy  not  be  irrelevant  to  the  purpose  of 
setting  forth  the  intrinsic  uncertainties  of  this  branch  of  revenue,  to  add, 
that  for  the  last  of  the  years  here  indicated,  after  the  estimate  had  been  given 
in  from  the  Treasury  at  14,000,000  dollars,  the  proper  committee  of  one 
of  the  branches  of  the  legislature,  thinking  it  too  low,  raised  it  to  fifteen 
millions.  The  receipts  for  that  year  (1821)  scarcely  exceeded  thirteen  mil- 
lions, as  already  stated.  The  allusion  to  these  facts  would  be  incomplete  in 
its  purpose,  without  the  further  remark,  that  the  affairs  of  this  department 
are  well  known  to  have  been  conducted  with  great  general  accuracy  during 
the  years  mentioned. 

The  balance  of  $6,269,585  29  that  will  probably  be  in  the  Treasury  on 
the  1st  of  January,  1828,  will  be  subject  to  the  following  charges:  1.  The 
balance  of  unapplied  appropriations  which  will  remain  to  be  satisfied  after 
the  1st  of  January,  1828,  estimated  at  $3,980,000.  2.  About  one  million 
of  dollars,  in  funds  that  cannot  be  considered  as  effective,  being  made  up  of 
debts  due  from  banks  in  several  of  the  States,  heretofore  used  by  the  Gov- 
ernment as  banks  of  deposite,  or  the  notes  of  which  were  received  whilst 
payments  in  specie  were  suspended.  As  was  stated  in  a  former  report,  the 
recovery  of  these  debts,  though  measures  to  that  end  are  in  train,  must,  in 
many  instances,  be  regarded  as  doubtful,  and  will  probably  be  slow  in  all. 
3.  The  sum  of  $817,880,  being  the  amount  which  it  is  believed  will  re- 
main unp.aid  of  the  moneys  received  under  the  first  article  of  the  treaty  of 
Ghent.  vj., 

ESTIMATE  OF  THE  PUBLIC  REVENUE  AND  EXPENDITURE  FOR  1828. 

The  value  of  importations  into  the  United  States  during  the  year  ending 
on  the  30th  of  September  last,  is  estimated  at  eighty-one  millions  of 
dollars.  The  exportations  for  the  same  period  are  estimated  at  eighty  mil- 
lions. When  the  more  exact  statistical  returns  for  the  year  are  laid  before 
Congress,  as  they  will  be  in  the  course  of  the  session,  it  will  be  perceived 


1827.]  SECRETARY  OF  THE  TREASURY.  39? 

that  there  has  been  a  diminution  in  the  imports  from  China,  during  the 
present  year,  as  compared  with  the  past ;  the  diminution  has  been  very 
considerable,  both  in  teas  and  silks.  This  fact  will  show,  in  the  end,  the 
greater  excess  of  importations  from  Europe  during  the  present  year,  whence 
our  foreign  manufactures  are  principally  derived.  The  fourth  year  is  now 
in  progress  since  the  passage  of  the  act  of  Congress  augmenting  the  duties 
on  imported  merchandise ;  we  are,  therefore,  at  a  point  enabling  us  to  speak 
on  grounds  more  authentic  than  hitherto  of  the  effect  of  that  act  upon  the 
foreign  commerce  of  the  nation.  By  comparing  the  time  that  has  elapsed 
since  its  operation  with  an  equal  portion  of  time  that  preceded,  it  appears 
that  both  the  imports  and  exports  have,  in  the  aggregate,  increased.  They 
stand  thus :  total  value  of  importations  for  the  years  1822,  1823,  and  1824, 
two  hundred  and  forty-one  millions  of  dollars  ;  total  for  1825,  1826,  and 
1827,  two  hundred  and  sixty-two  millions  :  total  value  of  exportations  for 
the  three  former  years,  two  hundred  and  twenty-two  millions;  total  value 
for  the  three  latter  years,  two  hundred  and  fifty-seven  millions.  Fractions 
are  dropped  both  ways.  The  result  is  not  effected  by  the  re-exportations 
of  foreign  merchandise  for  the  same  time,  which  bear  a  proportion,  as  nearly 
as  may  be,  equal,  on  the  basis  of  importations  for  the  two  periods.  It  will 
be  understood  that,  in  these  statements  of  importations  and  exportations  for 
a  term  of  six  years,  those  for  1827  are  given  by  estimate  only  for  a  portion 
of  the  year ;  but  it  is  not  believed  that  there  will  be  any  such  change  in 
them  as  to  shake  the  general  results.  The  articles  of  domestic  manufacture 
exported  in  1827  are  estimated  at  upwards  of  seven  millions  of  dollars  ;  a 
sum  greater  than  that  to  which  they  have  ever  before  amounted  in  any 
one  year. 

A  tariff  of  duties  upon  foreign  productions  may,  without  doubt,  be  so 
raised  as  to  affect  injuriously  the  interests  of  foreign  commerce.  To  sup- 
pose that  the  tariff  of  the  United  States,  established  by  the  act  of  May,  1824, 
is  at  such  a  pitch,  would  be  contrary  to  analogies  afforded  by  the  history 
of  other  commercial  nations,  and,  thus  far.  to  the  experience  of  our  own. 
It  is  believed,  on  the  contrary,  that  its  rates  might  be  augmented  in  import- 
ant particulars,  without  hazarding  any  such  consequences  to  foreign  trade 
in  its  ultimate  course  and  aggregate  value,  and  that  a  true  national  policy 
dictates  their  augmentation.  The  increase  of  our  imports  and  exports,  since 
the  tariff  of  1824,  becomes  the  more  striking,  from  the  consideration  that, 
in  1826,  there  was  witnessed  in  Europe  an  extraordinary  depression  of 
prices.  This  was  followed  by  a  proportionate  stagnation  in  all  the  opera- 
tions of  purchase  and  sale.  The  evil  assumed  a  magnitude,  productive,  in 
that  hemisphere,  not  only  of  great  individual  suffering,  but  of  anxiety  in 
Governments.  It  was  at  such  a  moment  that  we  began  to  reap  the  benefits 
of  the  profitable  turn  given  to  a  portion  of  the  industry  of  our  own  country 
by  the  provisions  of  the  tariff.  Had  it  not  been  for  the  demand  of  our  own 
manufacturers  for  some  of  the  agricultural  staples  of  the  country,  the  pre- 
sumption is  authorized  that  the  fall  of  prices  in  Europe  at  that  period  would 
have  been  differently  felt  by  our  agricultural  classes  here.  Similar  occur- 
rences abroad  had,  on  former  occasions,  been  followed  by  pecuniary  losses 
in  this  country,  much  more  extensive  and  formidable.  The  increased  num- 
ber of  artisans  within  our  own  borders,  and  greater  scope  of  their  operations, 
evidently  tended  to  leave  the  agriculturist  less  exclusively  dependant  upon 
foreign  markets  than  if  the  latter  had  been  his  sole  reliance.  JNor  have 
the  benefits  of  manufacturing  industry  ended  here.  The  proof  strengthens 


398  REPORTS  OF  THE  [1S27. 

that  many  articles  have  become  cheaper,  more  abundant,  and  of  superior 
quality,  by  the  effect  of  competition  among  the  home  artisans,  than  when 
derived  only  from  abroad.  The  opening  of  new  objects  of  labor,  by  multi- 
plying the  occupations  of  men,  has  also  increased  the  public  prosperity. 
This  has  produced  an  increased  ability  to  buy  all  articles  of  consumption, 
whencesoever  obtained.  Hence  foreign  trade  has  not  declined,  of  which 
we  have  the  incontestable  evidence  just  stated,  whilst  new  domestic  re- 
sources in  manufacturing  labor  have  been  unfolding  themselves.  As  the 
latter  are  more  amply  brought  out,  it  is  confidently  anticipated  that  the 
former  will  become  wider,  and  more  enriching  in  its  range.  If  the  new 
fields  of  labor  have  only,  as  yet,  been  opened  in  particular  divisions  of  the 
country,  other  divisions  will  reap  a  full  measure  of  benefit.  If  there  can 
be  no  dissent  to  the  maxim,  as  between  independent  nations,  that  the  pros- 
perity of  one  promotes  that  of  another,  it  cannot  be  doubted  that  different 
parts  of  the  same  nation  will  derive  reciprocal  prosperity  from  the  same 
cause.  The  United  States  are  distinguished  in  this  respect  by  a  lot  as  pe- 
culiar as  it  is  favorable :  nothing  can  exceed  the  inducements  to  various 
and  subdivided  traffic  that  abound  within  their  own  limits.  It  is  here  that 
the  economist  may  hope  to  see  exemplified  every  essential  advantage  of  the 
foreign  and  home  trade  blended  in  the  same  system,  moulded  by  the  same 
policy,  and  freed  from  the  jealousies  that  have  frustrated,  and  must  ever 
continue  to  frustrate,  the  benevolent  but  impracticable  theories  of  commer- 
cial intercourse  as  between  distinct  nations.  It  is  not  merely  that  the  ex- 
tent of  climate  and  soil  in  the  Union  are  adapted  to  all  pursuits  that  can 
give  activity  and  fruitfulness  to  industry  under  every  form  \  these  are  but 
natural  advantages  :  it  is  the  exchange  of  the  products  of  industry  upon 
terms  the  most  desirable  and  the  most  gainful,  throughout  so  ample  an  ex- 
tent of  home  dominion,  that  will  exalt  such  natural  advantages  to  the  ut- 
most. It  is  here  that  commerce  may  be  carried  on,  freed  from  every  re- 
striction, and  probably  for  the  first  time  upon  a  political  and  geographical 
theatre  so  expanded.  The  appropriate  industry  of  each  portion  may  go 
into  unfettered  action  :  of  Louisiana  and  of  Massachusetts,  of  Georgia  and 
of  Rhode  Island.  '  A  vast  home  trade,  resembling  foreign  trade,  as  well  by 
intervening  distances  as  the  nature  of  its  exchanges,  will  be  prosecuted, 
whether  along  the  ocean,  or  the  water  highways  of  the  interior,  untram- 
melled by  tolls  or  imposts  of  any  kind,  and  without  even  the  necessity  of 
custom-houses,  or  giving  to  such  establishments  uses  only  formal.  Such  a 
trade,  however,  cari  only  have  its  proper  value  by  the  extensive  success  of 
manufactures  ;  there  is  nothing  else  can  impart  to  labor  in  the  United  States 
the  necessary  variety  in  its  objects,  and  the  necessary  regularity  and  fulness 
in  the  demand;  there  is  nothing  else  can  adequately  augment  and  diversify 
the  list  of  commodities,  for  which  the  necessities  and  enjoyments  of  im- 
proved life  are  ever  making  calls  ;  there  is  nothing  else  will  raise  up  towns 
on  the  surface  of  our  territory  at  every  commanding  point,  without  which 
land  can  never  be  made  to  yield  the  full  amount  of  which  it  is  susceptible,  or 
the  farmer  be  sure  of  steady  and  remunerating  prices.  It  hardly  need  be  added 
how  a  course  of  policy  that  would  infuse  augmented  vigor  and  briskness 
into  a  coasting  trade,  embracing  in  its  range  nearly  one-half  of  a  continent, 
would  tend  to  enlarge,  in  all  ways,  the  essential  foundations  of  naval  strength. 
Manufactures  are  recommended  by  every  consideration  that  can  bear 
upon  the  riches,  the  security,  and  the  power  of  the  State.  The  effect  upon 
agricultural  prices,  produced  by  the  perpetual  presence  of  armies  in  a  coun- 


1827.]  SECRETARY  OF  THE  TREASURY.  399 

try,  will  not  too  strongly  illustrate  the  extent  of  the  benefit  that  the  manu- 
facturing class  renders  to  the  class  of  farmers.  The  parallel  ends,  indeed, 
here,  and  ends  beneficently ;  for  whilst  the  soldier  does  nothing  bat  consume, 
the  manufacturer  produces  as  well  as  consumes  ;  supplying  the  farmer  with 
articles  as  necessary  as  those  which  he  receives  from  him.  Manufacturing 
industry  advances  the  intellectual,  no  less  than  .the  physical,  power  of  a 
State,  by  the  various  knowledge  which  its  complicated  pursuits  put  into 
requisition.  It  is  the  course  of  industry  which  must  Jay  the  foundation  of 
those  arts  which  tend  to  refinement  in  a  nation,  for  which  intellectual  na- 
tions, and  none  more  than  republics,  have  acquired  renown.  The  time  has 
passed  when  objections  might  be  made  to  manufactures,  from  the  limited 
amount  of  our  population  and  the  dearness  of  labor.  The  population 
throughout  large  portions  of  the  Union  is  now  sufficient,  both  in  amount 
and  density,  for  any  operations  of  manual  labor  ;  whilst  science,  by  apply- 
ing its  inventions  to  this  kind  of  labor,  has  abridged  its  expensiveness. 
\Vherea  single  State  of  the  Union  has  recently  been  seen  to  complete  a 
public  work,  which,  for  its  great  extent  and  skilful  execution,  may  compare 
with  similar  works  achieved  in  any  part  of  the  world,  it  will  not  readily  be 
believed  that  the  country,  of  which  that  State  is  but  a  part,  can  be  deficient 
in  the  means  of  prosecuting  manufacturing  labor,  however  extended  the 
scale  upon  which  it  may  be  demanded.  The  completion  of  such  a  work, 
(the  New  York  canal,)  is,  of  itself,  a  memorial  of  the  highest  authenticity 
that  the  nation  has  reached  a  point  qualifying  it  for  whatever  undertakings 
its  true  interests  point  out,  and  to  which  other  nations  have  been  found 
equal.  As  little  has  the  objection  to  manufactures,  founded  upon  moral 
causes,  any  place.  That  they  lead  to  deterioration  in  portions  of  the  people, 
is  not  to  be  admitted.  Facts,"  on  the  contrary,  teach  that  the  freest  and 
most  enlightened,  as  well  as  most  opulent  and  powerful  countries  of 
Europe,  are  those  in  which  manufactures  bear  the  greatest  proportion  to 
the  other  productive  classes.  Their  success  begets  industry,  which  is  fa- 
vorable to  good  habits  ;  it  begets  prosperity,  which  supplies  them  with 
comforts,  and  raises  up  their  condition.  The  remark  rests  on  general  re- 
sults, aside  from  partial  exceptions.  It  is  equally  borne  out  by  facts,  that 
countries  in  which  there  is  an  undue  predominance  of  agricultural  popula- 
tion are  the  poorest,  and  their  inhabitants  the  most  depressed.  Sailors, 
considered  as  a  class,  have  their  lives  shortened  by  the  hardships  that  they 
undergo  ;  yet,  when  was  this  alleged  as  a  reason  for  extirpating  commerce  1 
In  like  manner,  that  co-equal  agent  in  lifting  up  the  condition  of  nations — 
manufacturing  industry — would  be  entitled  to  favor,  even  if  partial  evils 
flowed  from  it,  as  these  must  give  way  in  the  scheme  of  society  to  prepon- 
derating good.  But  if  authentic  information  justifies  the  conclusion  that 
the  pursuit  of  manufactures  tends  not  to  deterioration  in  a  people,  but  the 
reverse,  the  policy  inculcated  acquires  new  force.  The  experience  of  our 
own  country  confirms  the  accounts  from  others;  and  we  may  be  allowed  to 
add  the  hope,  that  the  influence  of  our  political  institutions  upon  individual 
and  social  life,  will  operate  to  keep  up  still  more  the  moral  tone  of  this  por- 
tion of  our  population,  as  time  multiplies  its  numbers. 

Remarks  like  the  preceding  are  believed  to  be  justified  by  the  success 
which  manufacturing  industry  has  already  attained  in  the  United  States,  as 
far  as  it  has  received  adequate  protection.  They  are  conceived  to  be  not 
less  appropriate  to  the  design  which  is  entertained  of  recommending  an  in- 
crease of  that  protection,  where  it  is  most  demanded.  There  is  little  hazard 


400  REPORTS  OF  THE  [1827. 

of  a  community  ever  forcing  manufactures  not  adapted  to  its  soil,  climate' 
and  all  its  other  capabilities.  Still  less  can  the  hazard  exist,  where  the 
powers  of  legislation  are  deposited  in  the  hands  of  those  who  are  imbued 
with  the  collective  intelligence  of  the  community.  Every  country  pos- 
sesses its  physical  characteristics ;  as  those  stamped  by  its  Government,  its 
laws,  and  the  leading  wants  and  tastes  of  its  population.  In  these  lie  the 
causes  that  make  up  its  inherent  capabilities  for  the  pursuit  of  some  branches 
of  industry  more  than  others.  Manufactures  once  established  to  the  proper 
limit  of  these,  and  scope  enough  will  remain  for  foreign  commerce  in  other 
commodities,  that  will  come  into  demand.  The  demand  for  others  never 
fails  to  increase,  as  increasing  wealth  at  home  enlarges  the  capacity  to  pro- 
cure them,  and  superinduces  the  new  artificial  desires  that  crave  them. 
Wealth  at  home  must  increase,  as  manufacturing  labor  increases.  Money, 
as  representing  wealth,  must  increase  ;  since  each  year  that  witnesses  an  in- 
crease in  the  amount  of  consumable  goods,  must  witness  a  proportionate  in- 
crease in  the  medium  necessary  to  circulate  them.  These  are  truths  too 
obvious  to  be  dwelt  upon,  and  too  important  to  national  prosperity  to  be 
disregarded  in  practice.  Amongst  the  branches  of  home  industry  deserving 
special  care  at  all  times,  are  those  which  conduce  to  subsistence,  shelter, 
clothing,  and  defence.  It  is  intended,  on  the  present  occasion,  respectfully 
to  recommend  to  the  consideration  of  Congress,  as  classing  under  one  or  other 
of  these  primary  heads,  the  expediency  of  increasing  the  present  duties — 

1.  Upon  woollen  goods  and  foreign  wool. 

2.  Upon  fine  cotton  goods. 

3.  Upon  bar  iron. 
4<  Upon  hemp. 

The  time  that  has  passed  since  the  tariff'  of  1824  has  been  sufficient  to 
show  that  the  duties  fixed  by  it  upon  these  articles  are  not  adequate  to  the 
measure  of  success  in  producing  them  at  home  which  their  cardinal  import- 
ance merits.  A  change,  since  1824,  in  the  laws  of  Great  Britain,  in  regard 
to  those  first  named,  has  also  rendered  almost  abortive  the  provisions  of  the 
tariff  in  their  favor.  It  belongs  to  the  purpose  of  this  report,  which  looks 
to  the  encouragement  of  the  national  industry  in  preference  to  any  that  is 
foreign,  here  to  state,  that  for  a  period  of  six  successive  years,  ending  with 
1826,  the  value  of  woollen  goods  and  cotton  goods,  imported  into  the  United 
States  from  the  country  just  named,  exceeds  one  hundred  millions  of  dol- 
lars ;  and  the  value  of  iron,  and  of  articles  manufactured  from  iron,  seven- 
teen millions.  During  one  of  these  years,  the  woollens  exported  from  that 
country  to  this  exceeded  the  amount  of  those  exported  to  the  whole  of  Eu- 
rope put  together.  For  the  means  of  exchange  against  an  amount  of  foreign 
manufactures  so  great,  the  United  States  have  had  three  principal  staples  of 
their  soil,  viz :  wheat  flour,  tobacco,  and  cotton.  The  first  of  these,  the 
same  country  has,  by  her  laws,  positively  or  virtually  excluded,  during  the 
same  period  of  years,  from  consumption  within  her  domains.  The  second 
she  has  admitted,  under  a  duty  of  more  than  six  hundred  per  cent.  The 
third  she  has  received  with  little  scruple.  She  has  known  how  to  convert 
it  into  a  means  of  wealth  to  her  own  industrious  people,  greater  than  had 
ever  before,  in  her  whole  annals,  been  derived  from  any  single  commodity. 
This  she  has  done,  first,  by  working  it  up  for  her  home  use,  upon  the  largest 
scale  ;  and  next,  by  making  it  subserve  the  interests  of  her  foreign  trade. 
She  has  sent  it  over  all  seas,  wherever  a  market  opened,  but  chiefly  back 
again  to  us,  to  be  bought,  under  the  enhancements  of  her  own  labor,  at  prices 


1827.]  SECRETARY  OF  THE  TREASURY.  401 

four  and  fivefold  those  which  she  has  paid  us  for  it.  Commerce,  upon  the 
terms  attested  by  such  facts,  cannot  be  pronounced  just  as  between  the  par- 
ties. The  conviction  is  deeply  entertained,  that  the  best  interests  of  the 
nation  point  to  the  expediency  of  reviewing  and  correcting  a  species  of 
commercial  intercourse  so  unequal.  It  may  be  applicable  to  subjoin,  that  the 
woollen,  cotton,  and  iron  goods,  imported  from  all  other  parts  of  the  world, 
during  the  years  indicated,  are  found  to  be  but  about  one-sixth  part  of  the 
value  of  those  obtained  from  the  country  whose  laws  fall  with  edicts  of  ex- 
clusion, or  with  such  disproportionate  duties,  upon  the  produce  of  the  United 
States,  not  only  of  the  articles  mentioned,  but  more  that  might  be  mentioned. 
The  complete  establishment  of  American  manufacturers  in  wool,  cotton, 
iron,  and  hemp,  is  believed  to  be  of  very  high  moment  to  the  nation.  All 
the  principal  raw  materials  for  carrying  them  on  are  at  hand,  or  could  be 
commanded.  The  skill  for  imparting  excellence  to  them  would  come  at  the 
proper  time.  There  would  be  no  want  of  labor;  to  which  an  abundant 
water-power,  as  well  as  artificial  machinery,  would  everywhere  be  lending 
its  assistance.  Capital  would  be  found  for  investment  in  them.  If  their 
establishment  by  the  immediate  protection  of  the  laws  should,  at  first,  raise 
the  cost  of  the  articles,  and,  for  a  succession  of  years,  keep  it  up,  a  true 
forecast,  looking  to  the  future,  rather  than  adapting  all  its  calculations  to 
the  existing  hour,  would  not  hesitate  to  embrace  the  protecting  policy. 
Nations  that  would  found  schemes  of  solid  and  durable  advantage^  must  be 
ready  to  do  so  at  the  peril  of  temporary  privation.  It  is  the  great  term  of 
national  as  of  individual  superiority  and  distinction.  To  buy  cheap,  is  not 
the  only,  or  always  the  chief,  good.  It  is  for  legislators,  who  have  to  deal 
with  the  practical  interests  of  mankind,  to  give  to  abstract  propositions  the 
necessary  limitations.  Considerations,  higher  than  those  of  present  mercan- 
tile gain,  have  often  swayed  the  councils  of  nations — of  nations,  whose  wis- 
dom in  this  respect  we  ought  not  lightly  to  impugn,  any  more  than  we  can 
at  all  question  their  long  pre-eminence  in  prosperity.  Need  it  be  said  that 
England  had  her  laws  to  protect  her  tonnage  for  more  than  a  century;  du- 
ring all  which  time  she  might  have  employed  the  tonnage  of  other  states,  at 
a  price  much  below  that  at  which  she  built  and  used  her  own?  Need  it  be 
added,  what  results  to  her  maritime  and  commercial  sway  have  flowed  from 
her  resolute  perseverance  in  those  laws?  Need  it  be  said  that  France,  con- 
spicuous for  positive  as  for  progressive  riches,  and  comforts,  and  power,  still 
excludes  from  her  territory  fabrics  that  might  trench  upon  the  custom  of 
her  own  workshops,  in  branches  of  labor  and  art  believed  to  be  conducive 
to  the  national  resources,  whilst  they  confer  also  the  means  of  individual 
thrift?  Shall  the  many  laws  of  these  two  great  states,  at  periods  when 
they  were  laying  the  foundations  of  their  manufacturing  industry,  be  re- 
counted, all  tending  to  foster  it  by  inducements  the  most  efficacious — laws, 
to  the  essential  principle  of  which  they  still,  in  so  many  instances,  systemati- 
cally adhere?  Shall  we  call  to  recollection,  especially,  the  ordinance  of  M. 
Calonne,  which  invited  to  France  artificers  from  all  nations,  allowing  them 
equal  privileges  with  those  they  enjoyed  in  their  native  countries,  and  grant- 
ing them  an  immunity  from  duties  on  the  importation  of  the  materials  used 
in  their  manufactures;  nay,  more,  exempting  them  and  their  workmen 
from  all  personal  or  other  taxes?  These,  with  analogous  illustrations,  as 
numerous  as  applicable,  will  be  forborne,  as  too  familiar  to  be  recapitulated. 
The  protecting  laws  to  our  own  tonnage,  our  own  coasting  trade,  our  own 
fisheries,  still  in  force,  and  which  first  raised  up  the  prostrate  navigation  of 
VOL.  ii.— 26 


402  REPORTS  OF  THE  [1827, 

the  United  States,  may  supersede  other  references.  These  show  how  the 
fathers  of  the  republic  were  awake  to  the  wisdom  of  other  times  and  other 
nations,  knowing  how  to  make  it  their  own.  Their  recorded  opinions  attest 
that  they  were  equally  awake  to  the  principle  of  encouraging  manufactures, 
in  the  broadest  sense.  If  they  did  not  carry  it  farther  into  practice,  it  is  be- 
cause a  proper  discrimination  saw,  in  the  circumstances  of  that  early  day, 
whether  as  regarded  the  state  of  the  world  from  without,  or  our  own  inter- 
nal condition,  no  sufficient  motive  for  giving  to  the  principle  a  more  ex- 
tended application.  But  if  this  species  of  industry  should  not  be  prematurely 
gone  into,  so  neither  ought  the  laws  to  neglect  it  too  long.  Excellence  is  of 
slow  growth.  Rarely  is  it  quick  or  spontaneous  in  the  material,  any  more 
than  in  the  moral  world.  Time  is  an  agent  indispensable  towards  inducting 
a  people  into  the  full  knowledge  of  the  manufacturing  arts.  They  are  com- 
plex; they  are  difficult.  They  are  to  be  learned  only  by  stages,  throughout 
a  long  course  of  application  and  efforts,  as  mind  is  evolved  by  education  ; 
institutions  for  promoting  which,  the  laws,  in  the  wisest  countries,  are  care- 
ful to  found  and  to  nurture.  When,  therefore,  neither  paucity  of  popula- 
tion nor  of  means  any  longer  hold  as  reasons  for  not  cultivating  these  arts 
amongst  us;  and  when  those  external  circumstances  have  passed  away, 
which  drew  nearly  all  of  our  population  into  commerce  or  into  husbandry, 
the  period  for  permanently  fixing  them  as  an  integral  interest  in  the  state 
seems  fully  to  have  arrived.  Whilst  we  repose  in  tranquillity,  the  season  is 
auspicious  for  entering  effectually  upon  the  work  of  establishing  those 
specially  recommended.  Should  war  happen,  it  is  not  easy  to  state  the  aug- 
mented resources  with  which  we  should  meet  its  exigencies,  with  these 
manufactures  flourishing  in  perfection,  any  more  than  to  portray  the  incon- 
venience which  we  should  know  in  their  absence.  It  is,  therefore,  from  the 
connexion  of  their  success  with  the  leading  interests  of  the  state,  in  peace  or 
war,  that  the  conviction  is  felt  that  it  would  be  expedient  to  secure  their 
success,  even  at  the  sacrifice  of  cheapness  to  the  individual  purchaser. 

But  no  such  consequence  is  to  be  apprehended.  If  it  were  a  question  of 
fostering  manufactures  for  which  the  circumstances  of  the  country  yielded 
not  the  abundant  facilities,  as  with  England  when  she  fostered  by  her  own 
laws  her  own  tonnage,  then,  indeed,  could  success  be  accomplished  only  by 
indefinite  forcing,  to  be  followed  by  indefinite  monopoly  in  price.  Such  is 
manifestly  not  the  case.  Manufactures  of  fine  cottons,  of  woollens  of  almost 
all  descriptions,  of  iron  articles,  and  of  those  from  hemp,  have  already 
arrived  at  a  point  in  the  United  States  justifying  the  conclusion  that  some 
additional  encouragement  from  Congress  is  alone  wanting  to  fix  them  upon 
lasting  and  profitable  foundations.  This  additional  encouragement  is  in- 
voked as  a  proper  offset  to  the  high  degree  of  success  which  foreign  indus- 
try has  attained  in  these  branches  by  the  effect  of  capital  and  skill,  long  pre- 
existing in  older  nations,  and  long  aided  by  their  laws.  These  are  advantages, 
not  intrinsic,  but  accidental ;  yet  they  cannot  be  countervailed  but  by  effi- 
cient legislative  aid  to  our  own  establishments  in  the  beginning.  This 
afforded,  and  there  is  the  strongest  reason,  from  past  experience,  to  feel  assured 
that  American  industry  and  resources,  stimulated  into  full  competition,  will 
supply  the  commodities  cheaper  in  price,  as  well  as  better  in  quality,  than 
they  have  heretofore  come  to  us  from  other  countries.  The  competition, 
increasing  with  time,  will  unfold  effects  more  and  more  useful.  Every 
branch  of  manufacture  brought  into  successful  operation  is  apt  to  become  the 
parent  of  others.  New  materials  are  discovered,  new  combinations  of  skill 


1827.]  SECRETARY  OF  THE  TREASURY.  403 

struck  out,  new  aptitudes  developed.  Industry  becomes  awakened,  where 
before  it  was  inactive,  carrying  the  country  forward  in  individual  wealth,  in 
general  comforts,  and  in  financial  power.  For  promoting  the  last  durably, 
all  expedients  must  prove  fallacious  that  are  not  based  upon  prosperous  labor 
pervading  all  classes  at  home.  The  consumption  of  the  products  of  every 
kind  of  home  labor  would  necessarily  increase  with  the  increasing  amount 
of  production,  and,  under  more  encouragement  given  to  manufactures  in  the 
branches  recommended,  might  be  expected  to  yield  an  excess  that  would  flow 
into  our  export  trade,  augmenting  its  amount  and  the  amount  of  its  returns. 
As  regards  cotton  articles,  such  is  the  exuberance  of  the  raw  material  in  the 
United  States,  that  it  cannot  be  assuming  too  much  to  suppose  that  the  day 
is  not  remote  when  they  will  largely  supply  other  countries  of  the  world 
with  these  fabrics.  Already  they  have  begun  to  do  so,  to  some  extent,  with 
those  of  the  coarser  species.  European  science,  applied  to  the  manufactur- 
ing arts,  has  indeed  returned  to  India,  in  the  manufactured  state,  the  native 
cotton  of  India  ;  but  it  will  be  the  effect  of  our  own  policy  if  a  similar  traf- 
fic be  long  permitted  to  go  on  between  Europe  and  the  United  States.  That 
the  latter  will  continue,  under  all  circumstances,  to  supply  Europe  with  a 
full  portion  of  raw  cotton,  cannot  be  doubted,  from  the  present  and  growing 
state  of  that  manufacture  in  Europe.  That  they  might  also  be  enabled,  by 
the  policy  recommended,  to  vie  with  any  nation  in  sending  even  to  the  mar- 
kets of  Europe  articles  manufactured  from  this  material,  is  an  opinion  which 
is  believed  to  rest  upon  no  exaggerated  estimate  of  their  manufacturing 
ability,  however  dormant  it  may  be  in  reference  to  such  a  result  now.  That 
this  invaluable  raw  material,  but  thirty  years  ago  scarcely  known  to  our  own 
fields,  any  more  than  to  the  British  loom,  is  destined  to  draw  out  a  far  greater 
portion  of  the  productive  labor  of  this  country  than  it  has  yet  put  into 
action,  and  mark  an  era  in  its  manufacturing,  as  it  has  already  done  in  its 
agricuhural  riches,  is  an  anticipation  which  rational  calculations  of  the  future 
may  justify.  What  is  said  of  our  cotton  manufactures,  may,  it  is  believed, 
be  said  with  scarcely  less  confidence,  eventually,  though  perhaps  not  imme- 
diately, of  those  of  wool.  The  latter,  from  being  more  complicated  in  their 
whole  process,  and  more  difficult  and  costly  in  the  skill  necessary  to  their 
elaboration,  naturally  require  more  time  to  be  reared  to  perfection.  They 
claim  on  this  account,  and  claim  the  more  imperiously,  the  immediate  and 
decisive  succor  of  the  laws. 

The  opinion  that  these  and  other  manufactures  would  come  to  be  afforded 
to  us  better  in  quality  when  obtained  at  home,  cannot  be  passed  over  with 
only  the  simple  expression  of  it.  It  is  of  a  nature  entitling  it  to  some  further 
notice.  Amongst  the  disadvantages  of  manufactures  not  being  more  univer- 
sally established  in  the  United  States,  we  are  to  rank  that  of  their  inhabitants 
being  obliged  to  use  wares  of  a  low  quality  from  abroad.  It  is  known  thai 
a  long  list  of  articles  is  sent  to  us  from  both  England  and  France,  if  not  from 
other  countries,  which  in  those  countries  would  be  rejected  by  a  large  class 
of  consumers.  Furthermore,  it  is  true  that  an  article  injured  in  the  making, 
in  reference  to  the  highest  character  of  workmanship,  will,  notwithstanding, 
be  sometimes  shipped  to  this  market,  in  the  hope  of  finding  for  it  bidders  that 
could  not  so  readily  be  commanded  in  Europe.  If  it  be  said  that  the  wealth 
of  this  country  does  not  at  present  yield  a  class  of  purchasers  for  European 
articles  of  the  highest  workmanship,  the  answer  recurs,  that,  by  multiplying 
our  own  workshops,  we  should,  at  the  proper  time,  be  supplied  with  like 
articles.  It  ought  not  to  be  supposed  that  the  resources  of  our  own  country, 


404  REPORTS  OF  THE  [1827. 

and  the  ingenuity  of  our  own  workmen,  could  not,  under  adequate  incen- 
tives, supply  them  as  excellent  in  quality,  and  as  perfect  in  finish,  as  those 
made  elsewhere.  And,  although  it  may  not  now  be  convenient  to  any  con- 
siderable class  of  consumers  in  this  country  to  make  a  call  for  articles  of 
this  highest  stamp  of  manufactured  excellence  at  the  foreign  prices,  it  is 
fully  believed  that  the  rivalry  of  numerous  artisans  at  home  would  raise  up 
skill  to  a  point  that  would  produce  such  articles,  whilst  it  would  bring  down 
the  prices  to  limits  that  would  put  them  into  circulation.  It  has  not  escaped 
observation,  that  in  American  manufactures  that  have  already,  by  the  aid 
of  the  laws,  obtained  a  preference  to  the  foreign,  there  is  no  inferiority,  as 
compared  with  the  best  standards  of  the  same  species  of  manufactures  pro- 
duced and  consumed  in  the  foreign  country.  By  opening  full  scope  to  the 
competition  and  talents  of  our  own  artisans,  the  standard  of  excellence,  as 
well  as  the  faculty  of  discrimination,  would  be  raised  to  a  higher  tone  than 
when  the  one  is  formed,  and  the  other  exercised,  as  is  now  too  often  the 
case,  upon  the  secondary  productions  of  other  countries. 

In  appropriate  connexion  with  these  remarks,  it  may  be  stated,  as  a  fact 
also  known,  that  the  raw  cotton  of  the  first  quality  and  price,  which  is  sent 
from  the  United  States  to  Europe,  is  not  that  which  is  returned  to  the  United 
States  when  manufactured.  On  the  contrary,  it  is  this  species  which  is  for 
the  most  part  retained  for  consumption  in  Europe ;  Avhilst  fabrics  wrought 
from  the  inferior  cotton  are  sent  off  to  foreign  markets  generally,  and  to 
those  of  the  United  States  amongst  the  number.  Further  legislative  assist- 
ance to  manufactures  at  this  juncture,  coming,  as  it  would,  after  an  interval 
that  has  left  time  for  the  judgment  of  the  nation  to  pass  upon  the  good  effects 
of  the  tariff  of  1824,  as  far  as  it  has  proved  adequate,  would  impress  the  con- 
viction at  home  and  abroad  that  the  manufacturing  system  was  to  be  incor- 
porated with  the  well  understood  and  durable  policy  of  the  nation.  Be- 
sides other  advantages  from  this  conviction,  we  might  reasonably  expect  to 
witness  that  of  seeing  a  new  class  of  emigrants  come  to  the  United  States. 
They  would  consist  not  merely  of  unemployed  journeymen  from  foreign 
workshops,  however  useful  these  may  be ;  but,  in  all  probability,  of  master 
manufacturers  of  capital  and  standing.  How  valuable  emigrants  of  this  de- 
scription would  prove,  how  they  would  help  to  quicken  the  progress  of  the 
country  in  manufacturing  skill  and  general  riches,  is  attested  by  the  experi- 
ence of  all  nations,  the  wisdom  of  whose  laws  has  superadded  such  emigrants 
to  their  own  population.  The  effect  of  their  coming  would  not  be  to  injure 
our  own  manufacturers.  It  would  benefit  them.  It  would  increase  their 
numbers.  It  would  raise  more  speedily  the  whole  class,  by  blending  it 
more  thoroughly  with  all  the  other  interests  of  the  state.  The  foreign  artisans, 
whom  Britain  sedulously  drew  to  her  shores  at  an  early  day,  fully  peopled 
as  the  whole  of  her  circumscribed  territory  then  was,  in  comparison  with 
ours  now,  rank  among  the  causes  that  first  and  most  prominently  elevated 
her  condition  among  nations.  The  effects  of  their  ingenious  industry  exerted 
a  meliorating  influence  upon  social  life,  by  investing  it  with  new  means  of 
accommodation  and  embellishment,  and  was  soon  followed  by  the  largest 
additions  to  the  rural  and  commercial  prosperity  of  the  whole  island.  That 
the  productiveness  and  perfection  of  English  agriculture,  at  the  present  day, 
is  owing  to  the  size  and  power  of  her  manufacturing  classes,  is  a  truth  not  dis- 
puted. It  is  these  classes  to  whose  hands  the  harvests  of  her  soil  are  carried, 
whether  gathered  from  its  surface,  or  extracted  in  exhaustless  mineral  wealth 


1827.]  SECRETARY  OF  THE  TREASURY.  405 

from  beneath  it.  and  who  become  the  customers  of  it  all — the  ready,  con- 
stant, unfailing  customers. 

There  is  an  inducement  to  increase  legislative  protection  to  manufactures, 
in  the  actual  internal  condition  of  the  United  States,  which  is  viewed  with 
an  anxiousness  belonging  to  its  peculiar  character  and  intrinsic  weight.  It 
is  that  which  arises  from  the  great  extent  of  their  unsold  lands.  The  mag- 
nitude of  the  interests  at  stake  in  this  part  of  our  public  affairs  ought  not  to 
appal  us  from  approaching  it.  It  should  rather  impel  us  to  looklit  it  with 
the  more  earnest  desire  to  arrive  at  correct  opinions  on  any  course  of  legisla- 
tion that  may  affect,  primarily  or  remotely,  an  interest  so  full  of  importance. 
The  maxim  is  held  to  be  a  sound  one,  that  the  ratio  of  capital  to  population 
should,  if  possible,  be  kept  on  the  increase.  When  this  takes  place,  the  de- 
mand and  compensation  for  labor  will  be  proportion  ably  increased,  and  the 
condition  of  the  most  numerous  classes  of  the  community  become  improved. 
If  the  ratio  of  capital  to  population  be  diminished,  a  contrary  state  of  things 
will  be  the  result.  The  manner  in  which  the  remote  lands  of  the  United 
States  are  selling  and  settling,  whilst  it  may  possibly  tend  to  increase  more 
quick!  y  the  aggregate  population  of  the  country,  and  the  mere  means  of  sub- 
sistence, does  not  increase  capital  in  the  same  proportion.  It  is  a  proposition 
too  plain  to  require  elucidation,  that  the  creation  of  capital  is  retarded,  rather 
than  accelerated,  by  the  diffusion  of  a  thin  population  over  a  great  surface  of 
soil.  Any  thing  that  may  serve  to  hold  back  this  tendency  to  diffusion  from 
running  too  far  and  too  long  into  an  extreme,  can  scarcely  prove  otherwise 
than  salutary.  Moreover,  the  further  encouragement  of  manufactures  by 
legislative  means  would  be  but  a  counterbalance,  and  at  most  a  partial  one, 
to  the  encouragement  to  agriculture  by  legislative  means,  standing  out  in  the 
very  terms  upon  which  the  public  lands  are  sold.  It  is  not  here  intended  to 
make  the  system  of  selling  off  the  territorial  domain  of  the  Union  a  subject 
of  any  commentary,  and  still  less  of  any  complaint.  The  system  is  inter- 
woven beneficially  with  the  highest  interests  and  destiny  of  the  nation.  It 
rests  upon  foundations,  both  of  principles  and  practice,deep  and  immoveable ; 
foundations  not  to  be  uprooted  or  shaken.  But  our  gravest  attention  may. 
on  this  account,  be  but  the  more  wisely  summoned  to  the  consideration  of 
correlative  duties,  which  the  existence  of  such  a, system  in  the  heart  of  the 
state  imposes.  It  cannot  be  overlooked,  that  the  prices  at  which  fertile 
bodies  of  land  may  be  bought  of  the  Government,  under  this  system,  operate 
as  a  perpetual  allurement  to  their  purchase.  It  must,  therefore,  be  taken  in 
the  light  of  a  bounty,  indelibly  written  in  the  text  of  the  laws  themselves,  in 
favor  of  agricultural  pursuits.  Such  it  is  in  effect,  though  not  in  form. 

Perhaps  no  enactment  of  legislative  bounties  has  ever  before  operated 
upon  a  scale  so  vast,  throughout  a  series  of  years,  and  over  the  face  of  an  en- 
tire nation,  to  turn  population  and  labor  into  one  particular  channel,  prefer- 
ably to  all  others.  The  utmost  extent  of  protection  granted  to  manufactures 
or  commerce,  by  our  statutes,  collectively,  since  the  first  foundation  of  the 
Government,  has  been,  in  its  mere  effect  of  drawing  the  people  of  the  United 
States  into  those  pursuits,  as  nothing  to  it.  No  scale  of  imposts,  no  prohi- 
bitions or  penalties,  no  bounties,  no  premiums,  enforced  or  dispensed  at  the 
custom-house,  has  equalled  it.  It  has  served,  and  still  serves,  to  draw,  in  an 
annual  stream,  the  inhabitants  of  a  majority  of  the  States,  including  amongst 
them  at  this  day  a  portion  (not  small)  of  the  western  States,  into  the  settlement 
of  fresh  lands,  lying  still  farther  and  farther  off.  If  the  population  of  these 
States,  not  yet  redundant  in  fact,  though  appearing  to  be  so,  under  this  le- 


406  REPORTS  OF  THE  [1827. 

gislative  incitement  to  emigrate,  remained  fixed  in  more  instances,  as  it  pro- 
bably would  by  extending  the  motives  to  manufacturing  labor,  it  is  believed 
that  the  nation  at  large  would  gain,  in  two  ways :  first,  by  the  more  rapid  ac- 
cumulation of  capital ;  and  next,  by  the  gradual  reduction  of  the  excess  of 
its  agricultural  population  over  that  engaged  in  other  vocations.  It  is  not 
imagined  that  it  would  ever  be  practicable,  even  if  it  were  desirable,  to  turn 
this  stream  of  emigration  aside  ;  but  resources  opened,  through  the  influence 
of  the  laws,  in  new  fields  of  industry,  to  the  inhabitants  of  the  States  already 
sufficiently  peopled  to  enter  upon  them,  might  operate  to  lessen,  in  some 
degree,  and  usefully  lessen,  its  absorbing  force.  The  eye  of  legislation,  intent 
upon  the  whole  good  of  the  nation,  will  look  to  each  part,  not  separately  as  a 
part,  but  in  conjunction  with  the  whole.  The  rapidity  with  which,  after  all, 
a  civilized  population,  founding  new  and  sovereign  communities,  will  grow 
up  in  those  exuberant  portions  of  territory,  presents  considerations  favorable 
to  the  main  policy  inculcated.  This  population,  carrying  with  it  the  wants 
and  habits  of  society,  will  create  a  demand  for  manufactures,  which  must,  at 
least  for  some  time,  be  supplied  from  other  sources.  It  will  hence  form  the 
natural  market  of  purchase  and  consumption  for  those  produced  in  other 
parts  of  the  Union,  rather  than  in  foreign  countries.  By  this  intercourse 
we  may  hope  to  see  multiplied  the  commercial  and  pecuniary  ties  which  it 
is  fit  should  grow  up  and  be  cherished  throughout  the  whole  federal  family, 
superadding  themselves  to  all  other  ties,  and  harmonizing  and  compacting 
the  elements  of  a  great  empire.  Should  it  still  be  apprehended  by  any,  that 
evils  will  be  generated  in  a  state  of  society  where  large  manufacturing 
classes  co-exist  with  a  full  population — to  such  minds,  the  reflection  must 
prove  consolatory  and  re-assuring,  that  in  the  public  lands  a  check  to  these 
evils  will  be  at  hand  for  ages  to  come.  This  immense  domain,  besides  em- 
bodying all  the  ingredients,  material  and  moral,  of  riches  and  power,  through- 
out a  long  vista  of  the  future,  may,  therefore,  also  be  clung  to,  under  the 
various  springs  and  conjoint  movements  of  our  happy  political  system,  as  a 
safeguard  against  contingent  dangers.  Its  very  possession  is  conceived  to 
furnish  paramount  inducements,  under  all  views,  for  quickening,  by  fresh 
legislative  countenance,  manufacturing  labor  throughout  other  parts  of  the 
Union.  It  is  a  power  to  be  turned  to  the  account  of  manifold  and  transcendent 
blessings,  rather  than  reposed  upon  for  aggrandizing  too  exclusively  the  in- 
terest of  agriculture,  fundamental  as  that  must  ever  be  in  the  state.  Agri- 
culture itself  would  be  essentially  benefited ;  the  price  of  lands  in  all  the  ex- 
isting States  would  soon  become  enhanced,  as  well  as  the  produce  from  them, 
by  a  policy  that  would  in  anywise  tend  to  render  portions  of  their  present 
population  more  stationary,  by  supplying  new  and  adequate  motives  to  their 
becoming  so.  And,  as  it  is,  the  laws  that  have  largely,  in  effect,  throughout 
a  long  course  of  time,  superinduced  disinclinations  to  manufacturing  labor, 
by  their  overpowering  calls  to  rural  labor,  in  the  mode  of  selling  off  the  pub- 
lic domain,  the  claim  of  further  legal  protection  to  the  former  kind  of  labor, 
at  this  day,  seems  to  wear  an  aspect  of  justice  no  less  than  of  expediency. 
Finally :  the  great  plans  of  internal  improvement,  so  wisely  in  prosecution, 
or  contemplated,  in  different  portions  of  the  country,  will  lose  much  of  their 
object  and  value  if  activity  be  not  imparted  to  manufacturing  industry.  The 
increased  facilities  of  conveyance  which  these  plans  are  intended  to  effect, 
presuppose,  as  their  basis,  the  necessity  of  transferring  the  produce  of  the 
country  from  place  to  place.  How  such  transfers  will  be  increased  by  mul- 
tiplying the  products  of  manufacturing  labor,  is  apparent.  New  resources 


1827.]  SECRETARY  OF  THE  TREASURY.  407 

for  this  kind  of  labor  may  be  expected  to  rise  up,  as  these  plans  are  in  pro- 
gress •  whether  by  bringing  to  light  occult  treasures,  or  by  affording,  through 
improved  transportation,  the  means  of  use  to  those  already  known.  And 
then,  as  manufacturing  enterprise,  acting  upon  a  greater  variety  and  abun- 
dance of  materials,  shall  be  seen  to  enlarge  its  spheres,  how  much  more  re- 
ciprocally beneficial  will  not  its  exchanges  become  with  the  produce  of  the 
land  ?  It  is  this  state  of  things  that  will  emphatically  bind  together  the 
farmer,  the  manufacturer,  and  the  merchant,  in  one  indissoluble  connexion. 
Towns  and  villages  may  be  expected  to  rise  up,  in  good  time,  under  such  a 
policy,  lining  the  borders  of  our  canals,  as  of  our  natural  streams.  Scenes 
of  stirring  industry  will  strike  upon  the  eye,  flowing  from  various  and  subdi- 
vided labor;  the  aggregate  results  of  all  which  will  stand  out  in  the  advanc- 
ing cultivation  and  embellishments  of  the  earth,  and  extended  prosperity 
and  happiness  of  our  people.  This  is  the  broad  policy  suited  to  a  nation 
destined  by  natural  gifts  to  reach  the  heights  of  civilization  and  power. 
Such  a  nation  rejects,  as  too  confined,  the  counsels  that  would  limit  her  to 
the  walks  of  agriculture,  of  commerce,  or  manufactures,  singly;  seeing  that 
her  resources  and  aptitudes  of  all  kinds  confer  upon  her  the  warrant  of 
pre-eminence  in  each.  Unless  in  this  combination,  we  have  beheld  no  state 
enjoy  any  other  than  an  imperfect  or  transitory  greatness. 

Whilst  the  efficient  encouragement  of  manufactures  is  earnestly  dwelt 
upon  as  conducive  to  the  fiscal  strength  and  general  prosperity  of  the  Union, 
the  claims  of  foreign  commerce  press  not  less  forcibly  upon  our  attention. 
Each  interest  is  alike  entitled,  within  proper  bounds,  to  the  fostering  super- 
intendence of  the  legislative  power.  Amongst  the  expedients  for  augment- 
ing the  foreign  trade  of  a  country,  otherwise  than  in  the  exports  of  its  own 
productions,  none  are  believed  to  be  more  important  than  the  warehousing 
system.  It  was  this  system  that  greatly  contributed  to  the  commercial  riches 
of  some  of  the  European  states  of  the  middle  ages,  and  that  is  now  enlarg- 
ing the  commercial  dominion  of  nations  of  the  present  day.  The  situation 
of  the  United  States,  locally  ;  the  number  and  position  of  their  ports,  along 
so  extended  a  line  of  coast;  the  tonnage  of  which  they  are  actually  in  pos- 
session, with  the  commercial  experience  of  their  people,  point  them  out  as 
peculiarly  fitted  to  derive  advantage  from  this  system,  and  serve  to  recom- 
mend for  it  more  liberal  enactments  than  any  of  which  it  has  yet  been  the 
subject.  By  our  laws,  as  they  now  stand,  the  merchant  is  compelled  to  re- 
export, within  a  twelvemonth,  the  foreign  commodity  which  he  has  import- 
ed, or  lose  the  benefit  of  drawing  back  the  duty  he  has  paid  upon  it  to  the 
Government.  Hence,  he  loses  all  opportunity,  after  this  limit  of  time,  of 
sending  the  commodity  to  seek  foreign  markets,  when  the  market  at  home 
may  fail.  The  restriction  put  upon  him  in  this  respect  ought,  it  is  con- 
ceived, to  be  done  away,  by  extending  the  time  during  which  he  might  ex- 
ercise the  right  of  re-exportation.  It  is  not  believed  that  the  increased 
quantity  of  foreign  merchandise,  which  such  an  alteration  in  the  laws  might 
be  the  means  of  bringing  to  the  country,  would  interfere  with  the  interests 
of  home  manufactures,  under  the  protection  claimed  for  the  latter,  and  the 
guards  with  which  they  might  be  surrounded.  The  result  might  be  expect- 
ed to  prove  otherwise.  At  present,  whenever  a  redundancy  of  foreign  goods 
is  seen  in  the  country,  (as  will  happen  occasionally  in  all  trading  countries, 
from  the  impossibility  of  adapting  precisely  the  supply  to  the  demand,) 
the  excess,  if  not  sent  abroad  within  the  year,  is  thrown  upon  the  home 
market,  at  whatever  reduction  of  price.  This  operates  to  the  injury  both  of 


408  REPORTS  OF  THE 

'•~.~iy.  v    p 

the  home  manufacturer  and  the  importer.  By  enlarging  the  time  of  re-ex 
portation,  with  privilege  ~of  drawback,  such  excess,  whenever  existing, 
would  be  more  likely  to  seek  a  vent  in  other  countries,  and  with  improved 
chances  of  finding  it  profitable.  More  especially  might  the  prospects  of 
this  trade  in  re-exportations  be  increased,  if  no  transit  duty  existed  on  for- 
eign merchandise  passing  through  oiir  ports  ;  the  necessary  charges  being 
also  kept  at  the  lowest  possible  point.  This  is  a  policy  which  the  wisest  com- 
mercial nations  have  observed.  An  increased  trade  in  re-exportations,  by 
increasing  the  carrying  trade  of  the  United  States,  may  be  expected  to  in- 
crease their  tonntige  ;  thus  giving  new  activity  to  ship-building,  so  highly 
important  and  valuable  a  branch  of  manufactures  to  the  country.  The  as- 
pect of  the  times  recommends  to  favorable  consideration  the  alteration  in  the 
drawback  system  proposed.  Political  and  commercial  revolutions,  occur- 
ring all  around  us,  remind  us  of  the  expediency  of  reviewing  our  own  com- 
mercial laws,  in  points  where  these  revolutions  have  affected,  or  may  affect, 
the  operation  of  them.  We  have  seen  the  principal  part  of  this  continent 
change  the  relations  which  it  held  to  Europe.  We  have  seen,  as  the  effect 
of  this  and  other  causes,  ancient  channels  of  trade  deserted,  colonial  mo- 
nopolies give  way,  and  another  system  open.  A  new  commercial  era  is  be- 
gun, of  which  this  hemisphere  is  to  be  the  principal  scene.  We  have  be- 
held the  nations  of  Europe  watching  the  course  of  these  changes,  and  ac- 
commodating their  policy — especially  the  warehousing  policy — to  the  new 
commercial  wants  and  contingencies  which  have  grown  up,  or  are  antici- 
pated. We  have  seen,  above  all,  the  leading  commercial  power  of  Europe, 
whose  wakeful  eye  is  abroad  throughout  the  commercial  world,  extend  this 
very  policy,  under  new  and  advantageous  facilities,  to  her  insular  positions, 
in  seas  close  to  our  borders.  This  she  has  done  with  the  purpose,  not  con- 
cealed, of  availing  herself  of  these  changes,  and  of  meeting,  in  the  spirit  of 
fair  commercial  competition,  similar  measures  which  she  naturally  sup- 
posed would  go  into  effect  on  the  side  of  the  United  States.  No  such  mea- 
sures have  been  taken  by  the  United  States.  In  the  midst  of  the  changes 
adverted  to,  our  own  commercial  legislation  remains,  so  far  as  any  bearing 
upon  this  new  commercial  era;  is  concerned,  at  the  point  where  it  stood 
more  than  five-and-twenty  years  ago.  This  single  exception  is  in  the  act  of 
the  last  session  of  Congress,  authorizing  the  importation  of  brandy  in  casks 
of  smaller  size  than  was  permitted  by  the  act  of  1799  ;  an  act  obviously  de- 
signed to  improve  our  export  trade  in  this  article  to  the  new  states  of  this 
continent.  The  merchant,  like  the  manufacturer,  and  other  interests  of  the 
state,  requires  at  proper  times  the  assisting  hand  of  legislation ;  regulation, 
in  one  form  or  other,  being  the  great  end  of  government,  and  useful  or  baf- 
fling to  individual  enterprise,  as  it  is  wisely  or  improvidently  exerted. 

Should  the  wisdom  of  Congress  deem  an  alteration  in  the  laws,  with  a 
view  to  enlarge  the  privilege  of  re-exportation,  expedient,  an  authority  to 
build  additional  warehouses  in  some  of  the  principal  seaport  towns  would 
be  a  necessary  adjunct  to  the  alteration.  The  local  accommodation  for 
merchandise  that  must  go  into  store,  under  the  existing  laws,  is  insufficient. 
Larger  and  better  constructed  edifices  are  required,  even  for  the  present 
wants  of  our  commerce,  and  would  become  altogether  indispensable  under 
an  extension  of  the  warehousing  system.  A  commerce  which  yields  to  the 
national  treasury  a  revenue  of  "twenty  millions  of  dollars  a  year,  under  a 
tariff  far  more  moderate,  even  since  1824,  than  that  which  has  marked  the 
career  of  any  great  state  of  modern  times,  is  entitled  to  adequate  and  liberal 


1827.]  SECRETARY  OF  THE  TREASURY.  409 

provisions  for  the  machinery  necessary  for  carrying  it  on.  Its  local  estab- 
lishments should  have  reference,  as  well  to  the  security  of  the  revenue,  as  to 
the  reasonable  accommodation  of  the  merchant,  and  the  prompt  despatch  of 
business.  It  is  probably  not  too  much  to  affirm,  that  of  the  foreign  mer- 
chandise, which,  under  the  present  commercial  code  of  the  Union,  is  de- 
posited in  warehouses,  more  than  one-half  is  unduly  exposed  to  depredation, 
to  frauds,  and  to  fire,  from  the  nature  and  insecurity  of  the  present  buildings. 
They  are,  besides,  too  often  situated  in  places  remote  from  the  custom- 
houses and  other  commercial  establishments,  and  inconvenient  otherwise  to 
the  transaction  of  daily  commercial  business.  Under  circumstances  such  as 
these,  the  propriety  of  drawing  the  attention  of  Congress  to  the  defects  of  the 
warehousing  system  seems  sufficiently  justifiable. 

Where  interests  are  multifarious,  as  in  free,  populous,  and  opulent 
communities  must  be  the  case,  the  hand  of  Government  must  be  variously  ex- 
tended. Sometimes  it  is  wisely  applied  to  the  effective  regulation  of  some 
of  these  interests,  and  sometimes  it  becomes  as  necessary  to  lighten  its  pres- 
sure upon  others.  Not  only  is  it  recommended  to  lessen  the  restriction 
which  our  laws  have  so  long  imposed  upon  the  merchant,  in  an  extensive 
branch  of  the  foreign  trade,  but  it  is  also  conceived  that  there  are  articles 
entering  into  the  list  of  our  imports,  the  duties  upon  which  it  would  be  ex- 
pedient to  reduce.  Amongst  these,  it  is  thought  proper  to  mention  teas  and 
wines,  as  being  prominent.  •  -,;.: 

The  use  of  tea  has  become  so  general  throughout  the  United  States,  as  to 
rank  almost  as  a  necessary  of  life.  When  to  this  we  add  that  there  is  no 
rival  production  at  home  to  be  fostered  by  lessening  the  amount  of  its  import- 
ation, the  duty  upon  it  may  safely  be  regarded  as  too  high.  Upon  some  of 
the  varieties  of  the  article,  it  considerably  exceeds  one  hundred  per  cent., 
and  is  believed  to  be  generally  above  the  level  which  a  true  policy  points 
out.  A  moderate  reduction  of  the  duty  would  lead  to  an  increased  consump- 
tion of  the  article,  to  an  extent  that,  in  all  probability,  would,  in  the  end, 
benefit  rather  than  injure  the  revenue.  Its  tendency  would  be  to  enlarge 
our  trade  in  exports  to  China;  a  trade  of  progressive  value,  as  our  cottons  and 
other  articles  of  home  production  (aside  from  specie)  are  more  and  more 
entering  into  it.  It  would  cause  more  of  the  trade  in  teas  to  centre  in  our  own 
ports  ;  the  present  rate  of  duty  driving  our  tea  ships  notunfrequently  to  seek 
their  markets  in  Europe — not  in  the  form  of  re-exportations,  but  in  the  di- 
rect voyage  from  China.  It  would  also  serve  to  diminish  the  risk  of  the 
United  States  ultimately  losing  any  portion  of  a  trade  so  valuable,  through 
the  policy  and  regulations  of  other  nations. 

The  duty  upon  wines  is  also  believed  to  be  higher  than  a  wise  commer- 
cial and  national  policy  dictates.  The  experience  of  our  own,  as  well  as 
other  countries,  has  shown  that  high  duties  upon  wines  do  not  prove  bene- 
ficial to  the  revenue.  General  experience  also  shows  that  the  consumption 
of  wine  tends  to  diminish  the  use  of  ardent  spirits.  These  are  inducements 
for  keeping  the  duties  upon  wines  low.  They  are  strengthened  by  the  con- 
sideration, that,  by  lowering  them,  we  shall  increase  beneficially  our  trade  to 
the  countries  whence  we  obtain  wines.  Some  of  these  countries  are  unable 
to  take  our  productions,  unless  their  wines  be  received  as  an  equivalent. 
They  are,  at  the  same  time,  prepared  to  take  them  untrammeled  by  positive 
or  virtual  prohibitions.  It  seems  but  just  that  we  should  take  freely  the 
productions  of  nations  that  take  ours  freely.  But,  in  point  of  fact,  the  pre- 
sent rates  of  our  tariff  favor  most,  in  many  and  essential  things,  the  produc- 
tions of  nations  that  favor  ours  least.  The  rate  of  duty  upon  wines  is  not  only, 


410  REPORTS  OF  THE  [1827. 

in  many  instances,  very  high,  but  very  unequal,  as  regards  the  different  de- 
scriptions of  wines  and  the  countries  producing  them.  The  whole  subject 
is  thought  to  demand  revision.  Upon  the  superior  wines  of  France,  upon 
those  of  the  Rhine,  upon  those,  generally,  of  Spain,  Portugal,  the  Italian 
states,  and  perhaps  some  other  countries,  the  duties,  it  is  believed,  might  be 
advantageously  brought  down.  The  manufacture  of  wine  in  the  United 
States  does  not,  at  this  juncture,  comprehend  any  such  large  interest  as  to 
interpose  serious  objections  to  the  policy  recommended.  The  opinion  may 
also  be  hazarded,  that,  in  proportion  as  the  taste  for  wine  comes  to  prevail 
over  that  for  ardent  spirits,  under  the  encouragement  of  low  duties  upon 
those  imported  from  abroad,  will  a  better  basis  be  laid  for  the  prosecution,  at 
a  future  day,  of  this  branch  of  industry  at  home.  Its  prosecution  might  go 
on,  hand  in  hand,  with  lower  duties  on  foreign  wines,  even  at  the  present 
time  ;  a  very  small  amount  of  capital  being  necessary  to  the  production  of 
wines  at  home. 

A  few  remarks  upon  the  state  of  the  trade  between  the  United  States  and 
the  British  colonies,  since  the  interdiction  put  upon  it  by  Great  Britain,  will 
close  the  more  general  observations  of  this  report. 

Sufficient  time  has  scarcely  elapsed  to  enable  us  to  determine,  with  pre- 
cision, the  course  that  this  trade  will  ultimately  take,  as  regards  the  amount 
of  supplies,  the  channels  through  which  they  will  chiefly  pass,  and  the  pro- 
portions of  American  and  British  tonnage  likely  to  be  employed  in  their 
transportation.  The  British  interdict  of  July,  1826,  left  an  interval  before 
its  actual  operation.  This  did  not  commence  until  the  1st  of  December  of 
that  year.  The  interval,  it  is  understood,  was  improved  in  accumulating  in 
the  British  West  India  ports  supplies  of  provisions,  and  other  necessary  ar- 
ticles, from  the  United  States.  Geographical  causes,  in  their  nature  un- 
changeable, render  it  manifest  that  such  supplies  can  be  sent  to  the  British 
islands  in  more  abundance,  and  on  cheaper  terms,  from  the  United  States, 
than  from  parts  of  the  world  more  remote,  or  from  climates  less  favorable 
to  their  production.  Nevertheless,  the  British  Government,  true  to  its  in- 
variable maxim  of  encouraging  the  industry  of  its  own  subjects  in  preference 
to  that  of  foreigners,  laid  duties  upon  these  supplies  when  coming  from  the 
United  States,  designed  to  countervail  the  greater  cheapness  with  which 
they  could  be  furnished  .over  similar  supplies  from  the  British  colonies  of 
North  America.  It  was  to  no  purpose  that  Britain  was  urged,  in  protracted 
negotiations,  to  forego  this  discrimination  in  favor  of  her  own  subjects.  She 
steadily  adhered  to  it :  affording  a  fresh  and  signal  example  to  other  nations, 
that  to  protect  the  agricultural  as  well  as  the  manufacturing  labor  of  her  own 
people,  in  whatever  region  situated,  is  a  point  in  her  policy,  to  Which  that  of 
buying  cheap  from  strangers  knows  when  and  how  to  yield.  As  the  British 
North  American  colonies  were  enabled,  with  the  aid  of  these  protecting 
duties,  to  furnish  a  portion  of  the  supplies  necessary  to  the  British  islands, 
leaving  the  United  States  to  furnish  the  residue,  whilst  the  direct  intercourse 
between  the  latter  and  those  islands  remained  open,  it  is  not  believed  that 
the  trade,  under  ordinary  circumstances,  will  be  materially  affected  in  amount 
by  the  direct  intercourse  being  closed.  The  continued  necessity  of  draw- 
ing the  major  part  of  those  supplies  from  the  United  States  was  seen  in  the 
fact  of  Quebec  having  been  made  ah  entrepot  for  their  flour  and  other  articles 
at  an  early  day  after  the  commencement  of  the  interdict ;  and.  afterwards,  by 
an  act  of  the  British  Parliament,  which  -admits,  duty  free,  various  products 
of  the  United  States  into  Canada,  whence  their  exportation  to  the  islands  is 


1827.]  SECRETARY  OF  THE  TREASURY.  411 

legalized,  as  of  (he  proper  products  of  Canada.  It  is  by  the  establishment 
of  such  depots  that  the  desire  of  Great  Britain  is  also  evinced  to  draw  to 
herself  a  preponderating  share  of  the  carrying  trade  between  her  islands  and 
the  United  States.  It  is  through  these  circuitous  channels — also  through 
New  Brunswick  and  Nova  Scotia,  through  the  ports  and  islands  of  inter- 
mediate powers,  as  St.  Jago  de  Cuba,  Carthagena,  St.  Bartholomew's,  St.  Eus- 
tatius,  St.  Thomas — that  Jamaica  and  the  Windward  islands  will  chiefly 
derive  from  the  United  States  the  supplies  that  they  have  heretofore  had 
from  them,  and  still  continue  to  want.  It  is  even  known  that  biscuit  has 
been  shipped  from  Philadelphia  for  Jamaica,  by  way  of  Liverpool ;  and 
the  flour  of  the' United  States,  under  bonds  in  the  warehouses  of  Liverpool, 
will  also,  it  is  thought,  find  its  way  to  consumption  in  the  larger  islands  of 
the  British  West  Indies.  The  Bahamas  will  probably  experience  most  in- 
convenience from  the  course  of  this  trade  being  forced  into  these  indirect 
channels,  from  their  relative  inability  to  sustain  the  increased  expense  with 
which  it  will  be  burdened.  This,  we  may  presume,  will  be  shared  by  both 
parties  ;  the  transhipments  and  other  intermediate  agencies  necessary  to  keep 
the  trade  in  activity  being,  to  a  certain  extent,  common  to  both.  What  will 
be  the  relative  proportion  of  the  tonnage  of  the  two  nations  employed  in, 
carrying  on  this  trade,  cannot,  at  present,  be  stated  with  confidence.  It  is 
not  probable  that  that  of  the  United  States  will  suffer,  where  the  compe- 
tition can  be  made  equal ;  but  it  is  possible  that  some  diminution  of  their 
shipping  may  be  eventually  witnessed,  in  favor  of  the  flag  of  some  third 
power.  It  is  the  declared  policy  of  Britain  to  produce  such  a  result,  rather 
than  allow,  by  any  arrangements  which  she  can  control,  the  tonnage  of  a 
nation  already  as  large  as  that  of  the  United  States  to  become  larger.  Next 
to  the  augmentation  of  her  own  tonnage,  it  is  the  aim  of  the  British  laws  to 
bring  into  employment  the  tonnage  of  the  smaller  maritime  powers  of  the 
world.  If  the  anticipation  be  correct,  that  the  British  islands  will  continue 
to  receive,  indirectly,  their  supplies  from  the  United  States,  without  mate- 
rial diminution,  the  revenue  will  not  suffer ;  since  our  exports,  through 
whatever  channels  they  reach  the  islands,  maybe  expected  to  be  followed, 
by  equivalent  returns.  It  may  be  repeated,  however,  that  further  time  is 
necessary  for  establishing  definite  conclusions  upon  this  and  the  other 
points  adverted  to.  It  is  ascertained  that  the  imports  into  the  United  States 
from  the  whole  of  the  West  India  islands,  for  the  first  six  months  of  the 
present  year,  fall  below  the  average  rate  of  those  of  the  first  six  months  of 
the  three  years  preceding,  including  importations  from  the  British  islands. 
On  the  other  hand,  our  exports  to  the  whole  of  the  West  Indies,  during  the 
first  six  months  of  1827,  have  exceeded  their  average  amount  for  the  same 
period  during  the  three  years  preceding,  including  exports  to  the  British 
islands. 

The  estimates,  in  detail,  of  the  revenue  for  the  ensuing  year,,  will  now  be 
given.  For  the  general  observations  upon  the  home  industry  and  foreign 
trade  of  the  country  that  have  been  gone  into,  the  indulgence  of  Congress 
is,  with  the  utmost  deference,  solicited,  under  the  motives  that  have  prompt- 
ed them.  All  financial  plans  must  ultimately  be  dependant  upon  the  flourish- 
ing state  in  which  a  sagacious  and  comprehensive  policy  may  aid  in  placing 
the  great  agricultural,  manufacturing,  and  commercial  interests  of  the  na- 
tion ;  not  in  a  spirit  of  partisanship  for  either,  but  by  weighing  co-equally 
the  claims  of  each,  and  striving  to  secure  the  enriching  results  of  all.  It 
is  in  the  anxious  endeavor  and  humble  hope  of  exhibiting  them,  under  this 


412 


REPORTS  OP  THE 


[1827 


alliance,  to  the  correcting  and  controlling  wisdom  of  Congress,  that  this 
report  has  been  prepared. 

The  gross  amount  of  duties  which  accrued  on  imports  and  tonnage, 
.from  the  1st  of  January  to  the  30th  of  September  last,  is  estimated  at  twen- 
ty-one million  two  hundred  and  twenty-six  thousand  dollars.  The  gross 
amount  that  will  accrue  for  the  last  quarter  of  the  year,  is  estimated  at  five 
million  seven  hundred  and  seventy-four  thousand ;  making  an  aggregate 
of  twenty-seven  millions  for  the  entire  year. 

The  debentures  for  drawbacks  issued  during  the  first  three  quarters  of 
the  year  amounted  to  $3,381,942  79  ;  and  the"  amount  outstanding  on  the 
30th  September  was  $2,516,966  45;  of  which  $1,245,057  17  are  charge- 
able upon  the  revenue  of  1828. 

The  amount  of  duty  bonds  in  suit,  on  the  30th  of  September  last,  was 
$4,136,812  64 ;  which  is  more,  by  $128,929  88,  than  was  in  suit  on  the 
same  day  of  the  year  preceding. 

In  estimating  the  probable  amount  of  duties  that  will  be  received,  as 
compared  with  the  gross  amount  secured  on  the  importations  of  the  year, 
the  necessary  deductions  are  to  be  made,  not  only  for  drawbacks,  but  for 
the  expenses  of  collection,  and  various  losses  that  may  happen.     Making 
what  is  judged  to  be  a  full  allowance  on  all  these  accounts,  for  the  present 
occasion,  the  receipts  from  the  customs  in  1828  are  esti- 
mated at  $20,372,700 
Those  from  the  sales  of  the  public  lands, 

are  estimated  at  -.  1,400,000 

From  bank  dividends       -  420,000 

And  from  all  other  sources  107,300 

Making  an  aggregate  of 


The  expenditure  for  1828  is  estimated  as  follows,  viz : 


$22,300,000  00 


Civil,  miscellaneous,  and  diplomatic 

Military  service,  including  fortifications, 
ordnance,  Indian  department,  revolu- 
tionary and  military  pensions,  arming 
the  militia,  and  arrearages  prior  to  the 
1st  of  January,  1817  - 

Naval  service,  including  the  gradual  in- 
crease of  the  navy 

Public  debt 

Making  a  total  of 


$1,828,385  14 


And  leaving  an  excess  of  receipts  for  the  year,  over  its 
expenditure,  of 


19,947,125  44 


$2,352,874  56 


The  estimate  of  revenue  from  all  sources,  for  1828,  has  been  made 
850,000  dollars  lower  than  that  for  1827.  This  has  been  done,  to  guard,  as  far 
as  possible,  against  unfavorable  contingencies.  Nevertheless,  the  present 
estimate  is  formed  on  a  larger  amount  of  duties,  secured  by  bond  on  mer- 
chandise imported,  than  the  estimate  for  1827.  Hence  there  is  reason, 
from  all  present  appearances,  to  believe  that,  although  the  estimate  for  1828 
is  less  than  that  for  1827,  the  receipts  will  prove  greater. 
All  which  is  most  respectfully  submitted. 

RICHARD  RUSH. 

TREASURY  DEPARTMENT,  December  8,  1827. 


1827.] 


SECRETARY  OF  THE  TREASURY. 


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1827.J 


SECRETARY  OF  THE  TREASURY 


415 


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REPORTS  OF  THE 
E. 


[1827. 


STATEMENT  of  moneys  received  into  the  Treasury,  from  all  sources 
other  than  customs  and  public  lands,  during  the  year  1826. 

From  arrears  of  old  direct  tax  $1,514  28 

new  direct  tax  5,124  48 

new  internal  revenue  21,589  93 

fees  on  letters  patent  9,420  00 

cents  coined  at  the  mint  17,041  00 

postage  of  letters  300  14 

fines,  penalties,  and  forfeitures  1,382  44 

surplus  emoluments  of  officers  of  the  customs  37,299  20 

interest  on  balances  due  by  banks  to  the  United  States  720  73 

passage  money  of  American  seamen  returned  50  00 
received  under  the  act  to  abolish  the  United  States' 

trading  establishments  with  the  Indians  2.959  25 
moneys  previously  advanced  on  account  of  treaty 

with  Spain  327  45 

dividends  on  stock  in  the  Bank  of  the  United  States  -  402,500  00 

$500,228  90 

balances  of  advances  made  in  the  War  Department, 
repaid  under  the  third  section  of  the  act  of  1st 
May,  1820  25,088  45 

$525,317  35 


TREASURY  DEPARTMENT, 

Register's  Office,  November  28,  1827. 

JOSEPH  NOURSE,  Register. 


1827.J 


SECRETARY  OF  THE  TREASURY. 


417 

.li  23$$i» 

F. 

feel  vn  '  *  uiJiK-.'iivji'i 

STATEMENT  of  the  expenditures  of  the  United  Slates,  for  the  year 

1826. 


CIVIL,  MISCELLANEOUS,  AND  DIPLOMATIC,  VIZ  : 

~-  •-       $493,356  45 


" 


Legislature 

Executive  departments   - 

Officers  of  the  mint 

Surveying  department     - 

Commissioner  of  the  Public  Building 

Governments  in  the  Territories  3  the 

United  States 
Judiciary 

Annuities  and  grants 
Mint  establishment 
Unclaimed  merchandise 


Light-house  establishment 


Surveys  of  public  tends  - 

Registers  and  receivers  of  land  offices 

Preservation  jf  the  public  archives  in 

Florida 

Land  claims  in  Florida  Territory 
Land  claims  in  St.  Helena  land  district  - 
Roads  within  the  State  of  Ohio  - 
Roads  within  the  State  of  Indiana 
Roads  and  canals  within  the  State  of  Mis- 
sissippi 
Roads  and  canals  within  the  State  of 

Alabama 
Roads  and  canals  within  the  State  of 

Missouri 

Payment  to  Ohio,  of  the  nett  proceeds  of 
lands  sold  under  the  3d  section  of  the 
act  of  the  28th  February,  1823 
Repairing  the  post  road  in  the    Indian 
country,  between  Jackson  and  Colum- 
bus, in  the  State  of  Mississippi 
Repayment  for  lands  erroneously  sold  by 

the  United  States 
Marine  hospital  establishment 
Public  buildings  in  Washington 
Bringing  the  votes  for  President  and  Vice 

President  of  the  United  States 
Appropriation  of  prize  money 
Payment  of  balances  due  to  officers  of  old 

internal  revenue  and  direct  tax 
Payment  of  balances  to  collectors  of  new 

internal  revenue 
Stock  in  the  Chesapeake  and  Delaware 

Canal  Company 

Stock  in  the  Dismal  Swamp  Canal  Company 
VOL.  ii.— 27 


489,776  07 
9,600  00 
16,718  82 
1.699  94 

36.158  82 
209,455  38 

2,150  00 

34,068  27 

356  06 

188,849  72 

46,769  65 

2,993  96 

750  00 
9,723  48 
4,487  16 
9,799  71 
7,176  97 

5,888  13 
12,958  28 


$1,256.745  48 


VT,i 


1,385  64 


aoacnbt 


r  9:1  10 


342  40 
51,236  98 
91,271  97 

41  75 
4,297  45 

35  70 

428  02 

107,500  00 
150,000  00 


:*•' 


Jio'-I 


118 


REPORTS  OF  THE 


[1S27. 


Stock  in  the  Louisville  and  Portland 

Canal  Company  $30,000  00 

Payment  of  claims  for  property  lost      ..  -  288  75 

Payment  of  claims  ftnr  buildings  destroy- 
ed, per  act  3d  March,  1825  -  208,311  46 

Miscellaneous  expenses                           .  106,777  75 

Diplomatic  department  -                        .  152,476  90 

Mission  to  the  Congress  of  Panama         -  9,00000 

Contingent  expenses  of  foreign  intercourse  18,627  07 

Relief  and  protection  of  American  sear»en  20,061  15 

Treaty  of  Ghent  (6th  and  7th  articles)  \  10.500  00 

Treaty  of  Ghent  (1st  article)  10^000  00 
Payment  of  claims  under  the  9th  article 

of  the  treaty  with  Spain  9,967  88 

Treaties  with  Mediterranean  powers      -  9.086  08 


MILITARY  ESTABLISHMENT. 

Pay  of  the  army  -    ,  1,012.24366 

Subsistence                     -  254,220  41 

Quartermaster's  department  301,370  66 

Forage   -                          -  32,253  90 

Clothing  255,770  74 

Bounties  and  premiums  9,394  T)2 

Expenses  of  recruiting   -  9,041  37 

Medical  department  21,454  71 

Purchase  of  woollens  for  1827    -  20.000  00 

Contingencies    -  10.787  68 

Military  Academy.  West  Point   -  2o',309  32 

Armories  355,117  06 

Arsenals  49,317  86 

Arsenal  at  Vergennes      -  6,400  00 

Arsenal  at  Augusta  6,392  95 

Ordnance  58,766  63 

Armament  of  new  fortifications  -  10,662  93 

Arming  and  equipping  militia    -  186,165  71 

Maps,  plans,  &c.  for  the  War  Department  84  87 

Repairs  and  contingencies  of  fortifications  9,243  96 

Fort  Monroe       -  -          106,100  00 

Fort  Calhoun     -  77  400  00 

Fort  Delaware   -  18,479  75 

Fort  at  Mobile  Point     :  --'  94,714  99 

Fort  Adams  89,221  25 

Fort  Hamilton   -  78,308  00 

Fort  at  Rigolets  and  Chef  Menteur    '     -  81,32929 
Fort  Jackson     -                                  :-'  ."'''        75,940  58 

Fort  Constitution  ...            2,500  00 

Fort  Beaufort     -  845  00 

Fort  at  Cape  Fear                       -  57,800  00 

Fort  Bienvenue  50,000  00 

Fort  at  Bogue  Point     $*        .  12,100  00 


$1,110,713  23 


232,719  OS 


$2,600,177  79 


SECRETARY  OF  THE  TREASURY. 


419 


Purchase  of  Throg's  Point  -  -  $15,000  00 
Deepening  the  harbor  of  Presque  Isle  9.095  00 
Repairs  of  Plymouth  beach  -  11,00000 
Preservation  of  islands  in  Boston  harbor  32,950  00 
Building  pier  at  the  mouth  of  Buffalo  creek  -  10,000  00 
Building  pier  at  Newcastle,  Delaware  104  01 
Building  pier  on  SteePs  Ledge,  Belfast,  Me.  -  600  00 
Survey  of  public  piers  at  Chester,  Pa.  28  28 
Removing  obstructions  in  the  mouth  of  Hu- 
ron river,  Ohio  -  1,500  00 
Removing  obstructions  in  Grand  river  1.000  00 
Survey  of  Saugatuck  river  and  harbor,  Conn.  400  00 
Survey  of  Piscataqua  river,  Maine  -  20000 
Survey  of  the  harbor  of  Edgartown,  &c.  -  500  00 
Survey  of  Sandusky  bay,  Ohio  400  00 
Survey  of  Oswego  bay  and  harbor.  New  York  300  00 
Survey  of  Laplaisance  bay,  Michigan  200  00 
Removing  obstructions  in  the  mouth  of  Ash- 
tabula  creek,  Ohio  -  ,  1,000  00 
Removing  obstructions  in  Cunningham  creek, 

Ohio  1,000  00 

Survey  of  the  Swash,  in  Pamlico  sound,  N.  C.  1,000  00 

Improving  the  Ohio  and  Mississippi  rivers     -  16,00218 

Surveys,  &c.,  roads  and  canals  32,887  22 

Continuation  of  the  Cumberland  road             -  125,469  00 

Road  from  Ohio  to  Detroit  14,107  45 

Road  from  Missouri  to  New  Mexico  -  15,000  00 

Road  from  Memphis  to  Little  Rock   -  9,204  00 

Road  from  Pensacola  to  St.  Augustine  2,069  00 

Road  from  Little  Rock  to  Cantonment  Gibson  2,441  74' 

Road  fromColerain  to  Tampa  Bay    -  6,000  00 

Road  from  Cape  Sable  to  Suwanee    -  927  85 

Florida  canal  16,423  29 
Balances  due  to  certain  States  on  account  of 

militia  J  7.039  51 

Interest  due  to  the  State  of  Maryland  66,563  22 

Interest  due  to  the  city  of  Baltimore  -  21,710  35 

Interest  due  to  the  State  of  New  York  40,264  86 

Interest  due  to  the  State  of  Delaware  6,530  00 

Invalid  and  half-pay  pensions                          -  251.399  01 

Revolutionary  pensions                                   -  1,305.194  82 

Ransom  of  American  captives  in  the  late  war  985  IS 

Payment  for  property  lost,  &c.  168  25 
Relief  of  officers,  &c-,  engaged  in  Seminole 

campaign  -  3,764  99 

Relief  of  sundry  individuals  -  76,649  12 

Arrearages                                                       -  15,459  50 

Civilization  of  Indians                                     -  14,914  09 

Pay  of  Indian  agents                                      -  29,860  32 

Pay  of  sub-agents      -  12,131  59 

Presents  to  Indians    -  16,387  50 

Contingencies  of  Indian  department  -            -  130,542  12 


420 


REPORTS  OF  THE 


[1827- 


Compensation  to  citizens  of  Georgia  under 

the  Creek  treaty  of  1821  $23,000  00 

General  councils  with  Indians  on  Lake  Su- 
perior 27,000  00 

Claims  against  Osages  2,407  71 

Running  a  line  dividing  the  Territory  of 
p^lorida  from  Georgia 

Removal  of  Creek  Indians  west  of  the  Mis- 
sissippi -  564  04 

Relief  of  the  Florida  Indians  7,249  75 

Treaty  with  the  Florida  Indians  3,218  00 

Creek  treaty  of  1825  20,813  88 

Creek  treaty  of  1826  78.658  00 

Choctaw  treaty  2,056  51 

Choctaw  schools     -  .  2.804  00 

Holding  treaties   with  the   Choctaws  and 

Chickasaws  15,000  00 

Effecting1  the  treaties  with  the  Osages  and 
Kanzas  -  18,306  18 

Holding  treaties  with  the  Miami  and  Pot- 

tawatamie  Indians,  <fcc.  -  15,000  00^ 

Negotiating  and  carrying  into  effect  certain 

Indian  treaties    -   "  80,262  29* 

Annuities  to  Indians  243,542  93 

6.250,693  91 
From  which  deduct  the  following  repayments : 


Gratuities 

Fortifications 

Survey  of    the   coast  of  the 

United  States 
Survey  of   Marblehead    and 

Holmes'sHole 
Extinguishment    of     Indian 

titles  in  Michigan  - 
Purchase  of  three  tracts  of  land 

in  Tuscarawas  county*  Ohio 


NAVAL 

Pay  of  the  navy  afloat 
Pay  of  the  navy  shore  stations 
Provisions 
Repairs  of  vessels  - 
Inclined  plane  docks,  &c. 
Ship-houses 
Navy  yard,  Portsmouth 
Navy  yard,  Boston 
Jfavy  yard,  New  York 
Navy  yard,  Philadelphia    - 
Navy  yard,  Washington/ 
Navy  yard,  Norfolk 
Navy  vard,  Pensacola 


$454  73 
3,791  31 

2,586  00 

54  76 

507  76 

63  32 


7,457  88 


-$6,243,236  03 


ESTABLISHMENT. 

-.  1,025,968  56 

131,823  56 

289,560  88 

485,970  85 

10,017  41 

44,296  52 

11,216  16 

40,000  00 

53,098  58 

30,490  26 

32,480  74 

54,06388 

40,200  00 


1827.] 


SECRETARY  OP  THE  TREASURY. 


Medicines  and  hospital  stores                   '  ^-T  $32,833  18 

Contingent,  not  enumerated,  for  1824  304  15 

Contingent,  not  enumerated,  for  1825  673  88 

Contingent  for  1826                                 V  -  238,855  18 

Contingent,  not  enumerated,  for  1826  1,217  80 

Gradual  increase  of  the  navy                    '•'";-  793,70492 

Ordnance  and  ordnance  stores                  _.,%„  ,36,31284 

Ten  sloops  of  war                                    [';£  506,163  84 

Superintendents,  artificers,  &c.  53,630  13 

Laborers  and  fuel  for  engine  13,461  97 

Survey  of  Savannah,  Brunswick,  &c.  1,299  43 

Suppression  of  piracy  2,559  62 

Prohibition  of  slave  trade  -  22,220  81 

Relief  of  Edward  Lee  2,81250 

Pay  and  subsistence  of  marine  corps  219,686  73 

Clothing  for  the  marine  corps  25,960  47 

Medicines  for  the  marine  corps       -  2,283  28 

Military  stores  for  the  marine  corps  1,559  70 

Contingent  expenses  of  the  marine  corps   -""  14,096  23 

Fuel  for  the  marine  corps  9,321  45 

Barracks  for  the  marine  corps  5,838  23 

4.233,983  74 

From  which  deduct  the  following  repay- 
ments, viz : 

Navy  yards,   docks,    and 

wharves  -    $2,843  23 

Contingent  prior  to  1824  -  8,520  05 
Contingent  for  1824  -  1,43122 
Contingent  for  1825  58  09  - 

Arrearages  of  contingent, 

marine  corps    -  -      2,228  70 


$4,218,902  45 


PUBLIC    DEBT. 

Interest  on  the  funded  debt  -  3,975,542  95 

Redemption  of  6  per  cent  stock  of  1813 

(7£  millions)  -  5,062,402  50 

Redemption  of  6  per  cent,  stock  of  1813 

(16  millions)      -  -  2.002,306  71 


Redemption  ef  7  per  cent,  stock  of  1815 
Reimbursement  of  Mississippi  stock 
Principal  and  interest  of  Treasury  notes  - 
Paying  certain  parts  of  domestic  debt 


25  00 
450  00 
327  17 

27  86 
.  11,041,082  19 


24,103,398  46 


TREASURY  DEPARTMENT, 

Register's  Office,  November  28,  1827. 

JOSEPH  NOURSE,  Register. 


422 


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SECRETARY  OF  THE  TREASURY. 


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5'B    & 


424  REPORTS  OF  THE  [1827. 

.Y.r*"J^/;S.;;  •     "-'FiT    -V      '  '  ;•' 

H. 

STATEMENT  of  moneys  received  into  the  Treasury,  from  all  sources 
other  than  customs  and  public  lands,  from  the  1st  of  January  to  the 
30*A  September,  1827. 

From  dividends  on  stock  in  the  Bank  of  the  United  States    $420.000  00 

awards  under  the  first  article  treaty  of 

Ghent,  for  slaves  and  other  property    $602,480  00 

arrears  of  new  direct  tax  2,626  90 

new  internal  revenue  18,149  23 

fees  on  letters  patent    -  8,130  00 

cents  coined  at  the  mint  14,376  32 

postage  of  letters  101  00 

fines,  penalties,  and  forfeitures  20  00 

surplus  emolument  of  officers  of  the 

customs  27,880  49 

interest  on   balances  due  by  banks  to 
the  United  States 

nett    proceeds    of   vessels   condemned 

under  the  slave  trade  acts     -  4,791  18 

it  person  unknown,  stated  to  be  on  ac- 
count of  duties  on  imports  and  tonnage  6  00 

681,561  12 

balances  of  advances  made  in  the  War  Department, 
repaid  under  the  third  section  of  the  act  of  1st  May, 
1820  -  -  _••_-..  .  32,344  98 


$1,133,906  10 

TREASURY  DEPARTMENT, 

Register's  Office,  November  28,  1827. 

JOSEPH  NOURSE,  Register, 


1327.] 


SECRETARY  OF  THE  TREASURY. 


42° 


$936,205  07 


I. 

STA  TEMRNT  of  the  expenditures  of  the    United  States,  from 

1st  of  January  to  the  3Qth  of  September,  1827. 

CIVIL,  MISCELLANEOUS,  AND  DIPLOMATIC,  VIZ : 

Legislature  ^,  -  $308,589  25 

Executive  departments  -  394,437  74 

Officers  of  the  mint  7,200  00 

Surveying  department  -  21,011  54 
Commissioner  of  the  Public  Buildings  in 

Washington  -  1,195  06 
Governments  in  the  Territories  of  the 

United  States  -  ,  -  36,077  40 

Judiciary  167,694  08 

Annuities  and  grants      -  1,600  00 

Mint  establishment  35,588  86 

Unclaimed  merchandise  263  92 

Light-house  establishment  203,678  68 

Surveys  of  public  lands  -  48,593  15 

Registers  and  receivers  of  land  offices  2.631  14 
Preservation  of  the  public  archives  in 

Florida  1,125  00 

Land  claims  in  Florida  Territory  1,971  24 

Land  claims  in  St.  Helena  land  district  -  1,502  78 

Roads  within  the  State  of  Ohio  -  2,452  90 

Roads  within  the  State  of  Indiana  7,352  54 

Roads  and  canals  in  the  State  of  Alabama  6,540  36 

Roads  and  canals  in  the  State  of  Missouri  1,981  45 

Roads  and  canals  in  the  State  of  Mississippi  4.717  11 
Repairing  the  post-road  between  Chata- 

hoochie  and  Line  creek,  Alabama  6,000  00 

Marine  hospital  establishment     -  46,511  04 

Public  buildings  in  Washington  135,727  35 

Appropriation  of  prize  money  2,202  50 
Payment  of  balances  to  collectors  of  new 

internal  revenue  2,559  73 
Stock  in  the  Louisville  and  Portland  Ca- 
nal Company  -  30,000  00 
Payment  of  claims  for  property  lost  191  25 
Payment  of  claims  for  buildings  destroyed  4,218  45 
Miscellaneous  expenses  -  48,060  29 

Diplomatic  department  -  85,260  75 

Mission  to  the  Congress  of  Panama  17,022  08 

Contingent  expenses  of  foreign  intercourse  18,609  00 

Relief  and  protection  of  American  seamen  25,531  90 

Treaty  of  Ghent,  (6th  and  7th  articles)  -  7,500  00 

Treaty  of  Ghent,  (1st  article)     -  ,  10,206  44 

Claims  on  Spain  1,817  72 

Treaties  with  Mediterranean  powers       -  ^  21,505  54 


the 


595,469  74 


426 


REPORTS  OF  THE 


[182- 


Awards  under  the  1st  article  of  the  treaty 

of  Ghent  $294,392  23 

MILITARY  ESTABLISHMENT. 

Pay  of  the  army              -                         -  $722,788  60 

Subsistence  171,199  40 

Forage  -  34,992  30 

Quartermasters  department                    £  ^22600  13 
Arrearages  of  quartermaster's  depart.      ^ 

Arrearages  of  army  17,741  03 

Bounties  and  premiums  11,163  87 

Purchasing  department  150,239  60 

Expenses  of  recruiting    -  8,460  14 

Purchase  of  woollens  for  1828   -  10,000  00 

Ordnance  15,115  57 

Arming  and  equipping  the  militia  156,603  03 

Hospital  department  *"  21,147  84 

Armories  281,047  27 

Arsenals  31,564  96 

Arsenal  at  Vergennes      r  8)600  00 

Arsenal  in  Georgia  14,286  69 

Arsenal  at  St.  Louis  15,000  00 

Arsenal  at  Augusta,  Maine  2,081  60 

Contingencies    -  10,232  30 

Repairs  and  contingencies  of  fortifications  22,918  73 

Fort  Monroe       -  73.643  97 

Fort  Calhoim     -  38,526  24 

Fort  Adams  83,015  00 

Fort  Hamilton    -                                      ,  58,034  09 

Fort  Jackson  72,144  78 

Fort  Delaware  1  28 

Fort  at  Cape  Fear  29,930  00 

Fort  at  Beaufort  44,364  42 

Fort  at  Bienvenue          -  40,000  00 

Fort  at  Mobile  Point       -  72,951  46 

Fort  at  Rigolets  -  30,000  00 

Armament  of  new  fortifications  -  39,054  40 

Surveys,  &c.  of  roads  and  canals  47,405  70 

Continuation  of  the  Cumberland  road     -  118,000  00 

Preservation  of  the  Cumberland  road  9,000  00 

Repairs  of  the  Cumberland  road  510  00 

Road  from  Memphis  to  Little  Rock  2,000  00 

Road  from  Little  Rock  to  Canton't  Gibson  2,000  00 

Road  from  Fort  Smith  to  Fort  Towson  -  2,000  00 
King's  road,  from  the  Georgia  line,  (by 

St.  Augustine  to  New  Smyrna)  3,000  00 

Improving  the  Ohio  and  Mississippi  rivers  18,216  00 

Improving  the  navigation  of  theOhio  river  9,000  00 

ImprovingHyannis  harbor,  Massachusetts  1,000  00 

Improving  Cleaveland  harbor  Ohio  1,500  00 

Improving  Pascagoula  harbor,  Miss,  river  8.000  00 

Deepening  the  harbor  of  Presque  Isle     -  5.484  81 


$481,845  66 


SECRETARY  OF  THE  TREASURY. 


427 


Preservation  of  islands  in  Boston  harbor 
Repairs  of  Plymouth  beach 
Removing  obstructions  in  Huron  creek,  Ohio  - 
Removing  obstructions  in  Cunningham  creek, 

Ohio 

Removing  obstructions  in  Ashtabula  creek,  Ohio 
Removing  obstructions  in  Grand  river  creek,  O. 
Removing  obstructions  in  Mobile  harbor,  Ala. 
Building  piers  on  Steel's  ledge,  Belfast,  Maine  - 
Building  piers  at  Buffalo  creek 
Piers,  beacon.  &c.,  in  the  harbor  of  Saco,  Maine 
Examining  piers  at  Port  Penn,  Marcus  Hook, 

and  Fort  Miffliii     - 
Survey  of  a  canal  from  the  Atlantic  to  the  Gulf 

of  Mexico    -  -  -  -  - 

Connecting  the  Detroit  and  the  river  Raisin 

with  the  Maumee  and  Sandusky  roads 
Piers  at  the  mouth  of  Oswego  harbor,  New 

York          tf'  ,: 
Piers  at  the  mouth  of  Dunkirk  harbor,  New 

York  ^  - 

Piers  at  Laplaisance  bay,  Michigan 
Removing  obstructions  in  Saugatuck  river,  &c. 
Boundary  lines  between  Georgia  and  Florida 
Erection  of  a  wharf  at  Fort  Wolcott,  Rhode 

Island 
Purchase  of  a  house  and  lot  of  land,  Eastport, 

Maine 

Purchase  of  lots  at  St.  Augustine,  Florida. 
Barracks  at  Savannah 
Barracks  at  Michilimackinac   - 
Military  cantonment  near  St.  Louis     - 
System  of  cavalry,  artillery,  and  infantry  exer- 
cise -         .   - 
Settlement  of  Georgia  militia  claims    - 
Military  Academy.  West  Point 
Maps,  plans,  &c..  War  Department     - 
Suppression  of  Indian  aggressions  on  frontiers 

of  Georgia  and  Florida 
Revolutionary  pensions 
Invalid  and  half-pay  pensions 
Pensions  to  widows  and  orphans 
Surveying  the  harbor  of  Church's  cove,  R.  I.  - 
Surveying  the  harbor  of  Stonington,  Conn, 
Surveying  the  roads  from  Detroit  to  Saginaw, 

Fort  Gratiot,  and  Huron  lake 
Opening  and  constructing  the  Detroit  and  Chi- 
cago roads 
Relief  of  officers,  &c.,  engaged  in  Seminole 

campaign    -  J':  - 

Interest  due  the  State  of  Pennsylvania 
Relief  of  Captain  Bigger's  company  of  rangers 


- 


$9.115  27 
2,184  90 
3;500  00 

1,000  00 
9,698  00 
4,620  00 
53605  78 
400  00 
5,000  00 
4,450  00 

100  00 

2,755  00 

12,000  00 

3,533  06 

3,000  00 

1,000  00 

1,500  00 

3,745  80 

500  00 

1,800  00 

600  00 

11,414  40 

2,000  00 
10,108  18 

1,675  24 

50,600  00 

24,895  00 

62  00 

10,887  81 

796,381  93 

172,033  86 

8,802  47 

200  00 

200  00 

1,500  00 
20,000  00 

747  01 

17,577  60 

4,474  41 


428 


REPORTS  OF  THE 


[1827, 


Payment  of  claims  for  property  lost     -  $40  00 

Relief  of  sundry  individuals                             -  10,61380 

Carrying  into  effect  certain  Indian  treaties       -  149,141  06 

Rations  to  Florida  Indians      -                         -  30,015  96 

Relief  of  Florida  Indians                                   -  12,75025 
Running  the  line  of  land  assigned  to  Florida 

Indians  330  56 
Presents  to  Indians  -  -  13,390  45 
Contingencies  of  Indian  department  -  98,377  94 
Creek  treaties  -  96,464  51 
Treaty  with  the  Choctaw  and  Chickasaw  In- 
dians -  2,445  37 
Effecting  certain  Indian  treaties,  act  20th  May, 

1826  2,800  00 

Removal  of  the  Creeks  west  of  the  Mississippi  29,080  82 

Civilization  of  Indians  8,629  84 

Pay  of  Indian  agents                                         •-••  25,60665 

Pay  of  sub-agents                                                -  11.840  36 

Indian  annuities                       -                         -  206,443  24 

Treaty  with  the  Choctaws,  3d  March,  1821     -  148  00 

Choctaw  schools,  treaty  18th  October,  1S20     -  7,074  57 


4,751,426  31 


From  which  deduct  the  following  repayments : 

Fortifications  -  $53  19 

Survey  of  Marblehead  and   Holmes's 

hole  -  .  -    95  82 

Road  from  Pensacola  to  St.  Augustine  546"  00 
Road  from  Colerain  to  Tampa  bay      -     84  00 
Holding  treaties  with  Indians  in  In- 
diana -      2  27 
Road  from  Ohio  to  Detroit      -            -  373  88 


1,155  16 


NAVAL  ESTABLISHMENT. 


Pay  of  the  navy  afloat 

Pay  of  the  navy  shore  stations 

Provisions 

Repairs  of  vessels 

Navy  yards,  docks,  &c. 

Navy  yard,  Pensacola 

Medicines  and  hospital  stores  - 

Ordnance  and  ordnance  stores 

Ten  sloops  of  war 

Repairs  of  sloops  of  war 

Gradual  increase  of  the  navy 

Gradual  improvement  of  the  navy 

Prohibition  of  the  slave  trade 

Superintendents,  artificers,  &c. 


$1,053,576  21 

-  135,730  14 

-  276,009  45 

-  344,936  57 

-  174,039  53 

-  52,516  21 

-  26,631  84 

-  36,874  00 

-  184,804  24 

-  20,181  38 

-  625,952  51 

-  68,095  88 

-  26,651  59 

-  55,676  02 


1,750,271  15 


1827.] 


SECRETARY  OF  THE  TREASURY. 


429 


Suppression  of  piracy 

Survey  of   the    harbors    of  Savannah, 

Brunswick,  &c. 
Arrearages  prior  to  1827 
Surveys  and  estimates  for  dry  docks 
Contingent,  prior  to  1824 
Contingent  for  1825 
Contingent,  not  enumerated,  1826 
Contingent  for  1827 
Contingent,  not  enumerated,  1827 
Pay,  &c.,  marine  corps  - 
Clothing,  marine  corps   - 
Fuel,  marine  corps 
Medicines,  marine  corps 
Barracks,  marine  corps  - 
Military  scores,  marine  corps 
Contingent,  marine  corps 
Contingent  arrearages,  marine  corps 
Contingent,  additional,  1826,  marine  corps 


From  which  deduct  the  following  repay- 
ments : 

-  $'67  16 

58  33 

-  579  62 

-  575  52 
Contingent,  not  enumerated,  1825  108  88 

2,260  10 


$1,162  65 

1,503  00 

13,686  90 

2,707  27 

10,486  60 

216  66 

3,384  31 

191,528  56 

929  37 

127.257  48 

11,848  86 

3,413  31 

717  55 

149  41 

402  00 

8,619  27 

2.2SS  70 

'308  05 

3.462.225  52 


Building  barges 
Five  schooners 
Swords  and  medals 
Contingent  for  1824 


-  \ 


Contingent  for  1826 

tj 


PUBLIC   DEBT. 

Interest  on  the  funded  debt 
Redemption  of  six  per  cent,  stock  of  1813. 

(loan  of  16  millions)    - 
Interest  on  Louisiana  stock 
Reimbursement  of  Mississippi  stock 
Paying  certain  parts  of  domestic  debt 
Paying  the  principal  and  interest  of  Trea- 
sury notes 


3,649  61 

— $3,458,575  91 

*    f  i  -i- 

2,652,983  49 

5.007,303  69 
3,562  30 
742  48 
21  12 

8,410  36 


From  which  deduct  the  following  repay- 
ment: 

Redemption  of  six  per  cent,  stock  of  1813, 
(7^  millions) 


7,673,023  44 


01 


TREASURY  DEPARTMENT, 

Register's  Office,  November  28,  1827. 


$17,895,390  96 


JOSEPH  NOURSE,  Register. 


430  REPORTS  OF  THE  [1827. 

No.  1. 

STATE  ME  NT  of  the  public  debt  on  the  1st  of  October,  1827. 

Three  per  cent,  stock     •  ~,  -  $13,296.247  70 

Six  per  cent,  stock  of  1813  -  $4,244,5.87"  07 

Six  per  cent,  stock  of  1814  -    13,096,542  90 

Six  per  cent,  stock  of  1815  -  -     9.490,099  10 

26,831,229  07 
Five  per  cent,  stock,  (subscription  to  Bank 

United  States)  -'  -      7,000,00000 

Five  per  cent,  stock  of  1820  999,999  13 

Five  per  cent,  stock  of  1821  -      4.735,296  30  ' 

Exchanged  live  per  cent,  of  1 822  56,704  77 

12,792,00*0  20 

Four  and  a  half  per  cent,  stocks  of  1824  -  10,000,000  00 
Exchanged  4i  per  cent,  stock  of  1824  -  4,454.727  95 
Exchanged  4|  per  cent,  stock  of  1825  -  1,539.336  16 

15,994,064  11 


Total    $68,913,541  08 

Amount  of  the  debt  on  the  1st  of  October.  1826,  (per  statement  No.  3.) 
which  accompanied  the  Secretary's  report  of  the  12th  of  December. 
1826  -  -  $75.923,151  47 

Deduct  six  percent. stock  paid  off,  viz: 

On  the  1st  January,  1827          -  -  $2.002,306  71 

On  the  1st  July,  1827    -  -  -     5,0^,303  68 

' 7,009,610  39 

Leaves  the  amount,  on  the  1st  of  October,  1S2«",  as  above  stated    68,913,541  08 
From  which,  by  deducting  the  amount  to  be  paid  at  the 

close  of  the  present  quarter  -       1,500,163  16 

Will  leave,  as  the  amount  of  the  putoc  debt  on  the  1st  of 
January,  1828  -  -  $67,413,377  92 

The  public  debt  on  the  1st  of  January,  1825,  amounted  to   $83,710,572  60 
Add  4^  per  cent,  stock  issued  since,  under  the  act  of  26th 

May,  1824  -  $5,000,000  00 

And  3  per  cent,  stock  16  -25 

5,000,016    5 

$88,710,588  85 

Deduct  payments  of  principal,  viz: 
In  1825  -  -    7,725,034  88 

In  1826  -    7,064,709  21 

In  1827,  including  payment  at  the  close  of 

the  year  ~  6,507.466  84 

'- 21,297,210  93 

Amount,  as  above,  on  the  1st  of  January,  1828    $67,413,377  92 

TREASURY  DEPARTMENT,  Register's  Office,  Dec.  1,  1827. 

JOSEPH  NOURSE,  Register. 


1S27.]  SECRETARY  OF  THE  TREASURY.  431 

No.  2. 

ESTIMATED  AMOUNT  of  Treasury  notes  outstanding  on  the  1st  of 

October,  1827.. 

Total  amount  issued,  (as  per  No.  4  of  last  report)    -  $36,680,794 

Cancelled  and  reported  on  by  the  First  Auditor  36,669,854 


Outstanding 


Consisting  of  small  Treasury  notes  -  $2,180 

notes  bearing  interest  -  8,760 


$10,940 


TREASURY  DEPARTMENT, 

Register's  Office,  December  S,  1827. 

JOSEPH  NOURSE,  Register. 


No.  3. 

STATEMENT  of  the  stock  issued  under  t/te  act  of  Congress  entitled 
"  An  act  supplementary  to  the  act  for  the  indemnification  of  certain 
claimants  of  public  lands  in  the  Mississippi  Territory"  passed  on  the 
3d  of  March,  1815. 

Amount  of  claims  awarded,  per  statement  No.  5  of  the  last 
report  -  -  $4,282,151 


Whereof  there  was  paid  in  for  lands,  per  said  report         -  $2.447,539  39 
Payments  at  the  Treasury  to  the  30th  Sep- 

tember, 1826,  per  said  statement  -  $1,827,215  56 

Payments  from  1st  October,  1826,  to  the 

30th  September,  1827  -  -  742  48 

--     1,827,958  04 
Balance  outstanding  on  1st  October,  1827.  consisting  of— 

Certificates  outstanding  6,609  09 

Awards  not  applied  for  -  44  60^ 

6,653  69 


$4,282,151 

TREASURY  DEPARTMENT, 

Register's  Office,  December  8.  1827. 

JOSEPH  NOURSE,  Register. 


432  REPORTS  OF  THE  [1827. 


TREASURY  DEPARTMENT, 

May  16,  182S. 

SIR  :  I  have  the  honor  to  transmit  a  letter  of  the  Register  of  the  Trea- 
sury, accompanied  by  statements,  marked  B  and  C;  which  were  referred  to 
in  the  statement  marked  A,  annexed  to  the  annual  report  of  this  depart- 
ment on  the  state  of  the  finances,  dated  the  8th  of  December  last.  State- 
ment B  exhibits,  in  detail,  the  duties  on  merchandise,  tonnage,  &c. ;  and 
statement  C  exhibits  the  amount  of  tonnage  employed  in  the  foreign  trade 
of  the  United  States. 

T  have  the  honor  to  be,  very  respectfully. 

Your  obedient  servant. 

RICHARD  RUSH. 
The  Hon.  the  PRESIDENT  OF  THE  SENATE. 


SECRETARY  OF  THE  TREASURY. 


433 


B. 

A  STA  TEMENT  exhibiting  the  values  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1826, 
(consisting  of  the  difference  betiveen  articles  paying  duty,  imported, 
and  those  entitled  to  drawback,  re-exported  ;)  and  also,  of  the  neit  reve- 
nue whicW  accrued  that  year,  from  duties  on  merchandise,  tonnage, 
passports,  and  clearances. 


MERCHANDISE  PAYIXG  DUTIES  AD  VALOREM. 

5,031  dollars,  at  12   per  cent.  - 

1  ,  296,  182  dollars,  at  12|  per  cent.  - 
3,8-24,710  dollars,  at  15    per  cent.  - 
4,592,965  dollars,  at  20   percent.  - 
17,012,114  dollars,  at  25   per  cent.  - 
1,416,  166  dollars,  at  30'  percent.  - 
5^835,605  dollars,  at  33i  per  cent/  - 
3,327  dollars,  at  35"  per  cent.  - 
92,64-2  dollars,  at  40  percent.   - 
340,782  dollars,  at  50   per  cent.  - 

$603  7-3 
162,022  75 
573,706  50 
918,593  00 
4,403,028  50 
424,849  80 
1,945,201  67 
1,164  45 
37,056  80 
170,391  00 

$8  636  618  19 

35,019,524 

DUTIES  OX  SPECIFIC  ARTICLES. 

1.  Wines,        2,  767,  893  gallons,  at  25.71  cents,'  average  - 
2.  Spirits,        3,322,380  gallons,  at  43.54  cents,  average  - 
Molasses,  13,661,635  gallons,  at    5,     .cents 
3.  Teas,          8,816,225  pounds,  at  34.32  cents,  average   - 
Coffee,      26,449,35(5  pounds,  at    5       cents     .- 
4.  Sugar,       73,451,591  pounds,  at   3.06  cents,-  average  - 
5.  Salt.            3,104,668  pounds,  at  20       cents''  •  -..-', 
6.  All  other  articles   - 

711,790  10 
1,446,559  00 
'683,081  95 
3,0-26,140  42 
1,322,467  80 
2,246.942  11 
620,933  60 
1,953,944  10 

12,011,859  08 

Deduct  duties  refunded,  after  deducting  therefrom  duties  on 
merchandise,  the  particulars  of  whjch  oould  not  be  ascer- 
tained, and  difference  in  calculation       V'  ,''..'  ;' 

; 

20,648,477  27 
14,795  51 

> 

Add  2j  per  cent,  retained  on  drawback 
10  per  cent,  extra  duty  on  foreign  vessels 
discriminating  duty  on  French  vessels  - 
interest  on  custom-house  bonds  - 
storage  received 

140,^39  89 
18,140  94 
1,067  57 
14,632  14 
3,628  03 

20,633,681  76 
177  708  57 

Duties  on  merchandise 
Duties  on  tonnage 
Light  money  - 

128,553  84 
21,516  71 

20,811,390  33 
150  070  55 

Passports  and  clearances 

5*v-  S     -     '  • 

11,716  00 

Deduct  drawback  on  domestic  refined  sugar 
drawback  on  domestic  distilled  spirits 
dra-wback  under  the  convention  with  France 

2,627  57 
6.561  03 
N  30  83 

20,973,176  88 
9  219  43 

Gross  revenue 
Expenses  of  collection 

- 

20,963,957  45 
715,903  15 

Nett  revenue  - 

:-'.-'•• 

20,248,054  30 

VOL.  ii.— 28 


434 


REPORTS  OF  THE 

Explanatory  Statements  and  Notts. 


[1827. 


1.  Wines  — 
Madeira    ,  -  .      -    - 
Burgundy  and  Champagne 
Sherry  and  St.  Lucar 
Lisbon,  Oporto,  &c. 
Tene  rifle,  Fay'al,  &c. 
Claret,  &e.  bbttled  - 
All  other     - 

2.  Spirits— 
From  grain,  Isi  proof 
2d    do. 
3d    do. 
4th  do. 
5th  do. 
Other  materialsSd    do. 
3d    do. 
4th  do. 
Above  5th  do. 

Deduct  exported  O.  spirits  5th  proof 

3.  Teas— 
Bohea 
Souchong    - 
Hyson  skin,  &c. 
Hyson  and  young  hyson 
Imperial 
Extra  duty  en  teas  imported  from 
other  places  than  China 

4.  Sugar— 
"Brown 
White,  clayed,  &c.  - 

5.  Salt- 
Imported        -  '         bushels 
Exported        -           bushels 
Bounties  and  allowances  re- 
duced into  bushels,  at  20 
cents 

\ 

128,515  gallons,  at  100  cents  - 
15,99-2  gallons,  at  100  cents  - 
28,041  gaillons,  at    60  cents  - 
308,  557  gal  !  on  s,  at    50  cents  - 
166,317  gallons,  at   40  cents  - 
7*7,217  gallons,  at    30  cents  - 
2,043,254  gallons,  at    15  cents  - 

$128,515  00 
15,992  00 
16,824  (50 
154,278  50 
66,526  80 
23,165  10 
306,488  10 

2,767,893 

711,790  10 

331  ,827  gallons,  at  42  cents    -   ' 
1  7  ,  167  gallons,  at  45  cents    - 
39,  903  gallons,  at  48  cents    - 
6,931  gallons,  at  52  cents    - 
8,516  gallons,  at  60-  cents    - 
685,822  gallons,  at  38  cents    - 
1  ,003,874  gallons,  at  42  cents    - 
1  ,234,468  gallons,  at  48  cents    - 
2,371  gallons,  at  70  cents    - 

139,367  34 
7,725  15 
19,153  44 
3,604  12 
5,109  60 
260,612  36 
421,627  OS 
592,544  64 
1,659  70 

3,  330,  879  gallons 
8,499  gallons,  at  57  cents    - 

1,451,403  43 

4,844  43 

3,322,380  gallons 

1,446,559  00 

•  _         .      f 

188,321  pounds,  at  12  cents    - 
1  ,550,016  pounds,  at  25  cents    - 
2,  205,  586  pounds,  at  28  cents    - 
4,407,  145  pounds,  at  40  cents    -  ' 
485,157  pounds,  at  50  cents    - 

22,598  52 
387,504  00 
617,564  08 

1,762,858  00 
232,578  50 

3,037  32 

8,  816,  225  pounds 

3,026,110  42 

c 

69,  112,185  pounds,  at3  cents    - 

4.  339,  4  14  pounds,  a.t  4  cents     -.- 

2,073,365  55 
173,576  56 

73,  451,  599  pounds 

2,246,942  11 

-  4,297,861  at  20  cents      - 
44,777 

1,148,416 

..-  .  ...      i  193  193  at  20  cents 

859,572  20 

238,638  60 
620,933  60 

3,  104,  668  at  20  cents      - 

SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


435 


6.  All  other  articles. 

Quantity. 

Rate  of 
duty. 

Duties. 

Cents. 

Carpeting  —  Brussels,  Wilton,  &c. 
Venetian  and  ingrain 

-     yards 
do. 

54,380 
618,793 

50 

25 

$27,19000 
154,698  25 

all  other 

-       do. 

10,303 

20 

2,060  60 

Cotton  bagging       - 

-       do. 

1,787,507 

3f 

67,031  52 

Vinegar       -                              ;;?v- 

-     gallons 

35,862 

8 

2,868  96 

Beer,  ale,  and  porter,  bottled 

do. 

61,880 

20 

12,376  00 

in  casks  •"  "  - 

-     '"  do. 

7,516 

15 

1,127  40 

Oil  —  spermaceti      -           «S*1- 

-       do. 

_ 

25 

whale,  and  other  fish 

-,     'do. 

563 

15 

84  45 

olive,  in  casks 

'-       do. 

25,109 

25 

6,27725 

castor  -           -           W'j 

r-     *do. 

«.         _ 

40 

linseed 

-       do. 

137,730 

25 

34,432  50 

hempseed        - 

-      do. 

_ 

25 

rapeseed 

-      do. 

_ 

25 

Cocoa                      -           - 

-     pounds 

1,646,691 

2 

32,933  82 

Chocolate    -           -        '.*"•*;.' 

-       do. 

2,256 

4 

90  24 

Sugar,  candy 

-       do. 

491 

12 

58  92 

loaf  - 

-"  '    do. 

1,866 

12 

223  92 

other,  refined          £   ' 

do. 

623 

10 

62  30 

Fruits  —  Almonds    r 

.  «,  .  do. 

521,483 

3 

15,644  49 

Currants    -           -  . 

-'  '    do. 

442,419 

3 

13,272  57 

Prunes  and  plums       ~      - 

Figs 

-       do. 
do. 

141,464 

479,048 

4 
3 

5,653  56 
14,371  44 

Raisins,  jar,  and  Muscatel 

v    .   do. 

,     2,561,923 

4 

102,476  92 

other       f;' 

'.'&       do. 

2,309,296 

3 

69,278  88 

Candles,  tallow 

•:  -       do. 

_ 

5 

w.ar          -                  >r*'i 

do. 

165 

6 

9  90 

spermaceti 
Cheese 

'-   -  do. 
-       do. 

33 
37,839 

8 
9 

2  64 
3,405  51 

Soap            - 

-      .do. 

Tallow     .  -,                      -         £-"  ' 

'  -       .do. 

272,949 

1 

2,729  49 

Lard 

do. 

212 

3 

6  36 

Beef  and  pork 
Hams  and  other  bacon 

do. 
do. 

44,697 

3 

1,340  91 

Butter 

.-  .    do. 

2,707 

5 

135  35 

Saltpetre,  refined    - 
Camphor,  crude     .-           -~/,  .  -{  ;  '•  ~ 
refined    - 

do. 
-       do. 
do. 

7,040 
60,887 
3,335 

3 
8 
12 

211  20 
4,870  96 
402  60 

Salts,  Epsom 
Spices—  Cayenne  pepper    -    ,  "•  ^  - 
Ginger 

do. 
do. 

*&"    do. 

•     6,787 
137 
2,673 

4 
15 
2 

271  46 
2095 
53  46 

Mace.                -    - 

do-  - 

Nutmegs    -           -   • 

do. 

Cinnamon 

--       do. 

10,596 

25 

2,649  00 

Cloves 

.       do. 

56,002 

25 

14,000  50 

Pepper 
Pimento 

-       do. 
-       do. 

651,078 
222,404 

8 
6 

52,086  24 
13,344  24 

Cassia 

-  -    do. 

536,  962 

6 

32,217  72 

Tobacco,  manufactured     - 

-       do. 

13,573 

10 

1,357  30 

do 

Indigo          -           -           -       •$-' 
Cotton         -        $~- 

-       do. 
-       do- 

696,876 
27,176 

15 
3 

104,531  40 

815  28 

Gunpowder            -           -      ,f;<» 
Bristles        - 

do. 

-       do. 

38,441 
160,900 

8 
3 

3,075  28 
4,827  00 

Glue             „.-. 

..  -       do. 

12,024 

5 

601  20 

Paints  —  ochre,  dry  -                   g~ 
in  oil          -           -   ' 

-       do. 
do. 

903,040 
5,359 

•  I.: 
li 

9,030  40 
80  38 

white  and  red  lead            - 
whitinCT      *           ""^       • 

-       do. 
do. 

1,690,936 
3:0,843 

1 

67,637  44 
3,708  43 

Lead—  pig,  bar,  and  sheet  -       •  -  , 

-       do. 

3,449,825 

2 

68,996  50 

436  REPORTS  OF  THE 

Explanatory  Statements  and  Notes — Continued. 


[1827 


G.  All  other  articles. 

Cluantity. 

Rate  of 

duty. 

Duties. 

Cents. 

Lead,  shot  - 

pounds 

52,853 

3* 

$1,849  8f> 

Cables,  tarred 

do. 

Cordage,  tarred      - 

do. 

untarred  - 

do. 

60,887 

5 

3,044  35 

Twine,  untarred  yarn,  &c. 

do. 

233,438 

5 

11,671  90 

Corks 

do. 

128,466 

12 

15,415  92 

Copper  —  rods  and  bolts 

do. 

38,230 

4 

1,529  20 

nails  and  spikes  -• 

do. 

1,163 

4 

46  52 

Fire-arms  —  muskets 

No. 

rifles    - 

do. 

161 

250 

402  50 

Iron  and  steel  wire,  not  above  JNo.  18 

pounds 

639,657 

5 

31,982  85 

above  No.  18  - 

do.    ' 

218,776 

9 

19,689  84 

tacks,  brads,  &c.,  not  above  16  oz.     • 

M. 

16,400 

5 

820  00 

above  16  oz. 

pounds 

1,351 

5 

67  55 

nails   - 

do. 

191,562 

5 

9,578  10 

spikes 

do. 

26,791 

4 

1,071  64 

chain  cables  - 

do. 

.      381,294 

3 

11,438  88 

mill  cranks     - 

do. 

205 

4 

8  20 

mill  saws 

No. 

1,508 

100 

1,508  00 

anchors 

pounds 

67,452 

g 

1,349  04 

anvils 

do.  , 

445,946 

2 

8,918  92 

blacksmith's  hammers 

do. 

14,593 

2i 

364  82 

castings,  vessels  of     - 

-do. 

445,392 

li 

6,680  88 

other 

do. 

630,396 

f 

6,303  8t> 

round  and  brazier's  rods 

do. 

409,179 

3 

12,275  37 

nail  and  spike  rods    - 

do. 

395,595 

3 

11,867  85 

sheet  and  hoop 
slit  and  rolled 

do. 
do. 

2,243,526 
8,006 

3 
3 

67,305  78 
240  18 

Pi§      - 

'   cwt. 

35,769 

50 

17,884  50 

bar,  rolled 

do. 

79,316 

150 

118,974  00 

hammered                   '  - 

do. 

385,095 

90 

346,585  50 

Steel            -           -          ... 

do. 

15,727 

100 

15,727  00 

Hemp          - 

do. 

72,451 

175 

126,789  25 

Alum 

do. 

4 

250 

10  00 

Copperas     - 

do.    - 

4,536 

200 

9,072  00 

Wheat  flour 

do. 

39 

50  ' 

19  50 

Coal 

bushels 

1,012,092 

6 

60,725  52 

Wheat 

do. 

1,157 

25 

289  25 

Oats 

do. 

12,759 

10 

1,275  90 

Potatoes 

do. 

67,177 

10 

6,717  70 

Paper—  folio  and  4to  post  - 

pounds 

4,772 

20 

954  40 

foolscap 

do. 

printing 

4o. 

1,548 

10 

154  80 

sheathing  - 

,  do.    - 

9,119 

3 

273  57 

all  other     - 

do.    , 

40,396 

15 

.  6,059  40 

Books  —  printed  previous  to  1775   - 
in  other  languages 

do. 
do. 

111,236 

4 

4,449  44 

Latin  and  Greek,  bound  - 

do. 

7,941 

15 

1,191  15 

in  boards 

do. 

2,761 

13 

-    .  358  93 

all  other,  bound     - 

do. 

9,859 

30 

2,957  70 

in  boards 

do. 

40,708 

26 

10,584  08 

Glass—  cut,  and  not  specified 

do. 

23,341 

3 

700  23 

all  other 

do. 

911,828 

2 

18,236  56 

apothecaries'  vials,  not  above  4  oz. 

gross 

5,144 

100 

5,144  00 

not  above  8  oz. 

do. 

497 

125 

621  25 

to  '.ties,  not  above  one  quart 

do. 

24,576 

200 

49,152  00 

two  quarts 

do. 

459 

250 

1,147  50 

four  quarts 

do. 

22 

SOO 

66  00 

window,  not  above   8  by  10 

100sq.fr. 

767 

SOO 

2,301  00 

,  10  by  12 

do. 

441 

350 

1,543  50 

1827.]  SECRETARY  OF  THE  TREASURY.  437 

Explanatory  Statements  and  Notes — Continued. 


6.  All  other  articles. 

•\                                            v  •  -• 

Quantity. 

Rate  of 
duty. 

Duties. 

Cents. 

GJass  —  window.,  above  10  by  12 

-  100  sq.  feet 

•2,961 

400 

$11,84400 

uncut,  in  plates  - 

do. 

264 

400 

1,056  oa 

demijohns 

No. 

60,088 

25 

15,022  00 

Fish  —  dried  or  smoked  - 

quintals 

605 

100 

605  00 

salmon      -           -        .  ,'rn' 

barrels 

1,889 

200 

2,978  00 

mackerel  - 

do. 

89 

150 

133  50 

all  other   - 

do. 

234 

100 

234  00 

Shoes  and  slippers,  silk 

pairs 

1,042 

30 

312  60 

prunelle    - 

da 

1,968 

25 

267  00 

leather,  men's,  &c.        v  - 

do. 

.  .>.        3,843 

25 

960  75 

children's 

-'             do. 

Boots  and  bootees 

do. 

151 

150 

226  50 

Segars     -           -           - 

M. 

15,617 

250 

39,042  50 

Plaving  cards      -                        -     . 

packs 

1,354 

30 

40620 

Russia  duck 

pieces 

2 

-200 

4  00 

2,063,127  43 

Deduct  excess 

of  exportation  over  importation  : 

Castor  oil   - 

59  gallons,  at   40  cents. 

$23  60 

Candles,  tallow 

15,371  pounds,  at     Scents 

768  55 

Soap 

18,277  pounds,  at     4  cents 

731  08 

Beef  and  pork 

-    202,299  pounds,  at     2  cents 

4,044  58 

.Mace 

10,149  pounds,  at  100  cents 

10,149  00 

.  , 

[Nutmegs    - 

3,655  pounds,  at   60  cents 

2,193  00 

Snuff 

471  pounds,  at    12  cents 

56  52 

Cable?,  tarred 
Cordage,  tarred     - 

55,891  pounds,  at     4  cents 
-    205,322  pounds,  at     4  cents 

2,235  64 
8,212  88 

Muskets 

2,185  No.        at  150  cents 

3,277  50 

Paper 

-    445,194  pounds,  at    17  cents 

75,682  98 

Books  printed  previous  to 
1775        _                       -        8,054  pounds,  at     4  cents 

322  16 

Shoes,  children's  - 

670  pairs,     at    15  cents 

100  50 

Hempseed  oil 

4,074  gallons,  at    25  cents 

1,018  50 

Biue  Vitriol            - 

•-        9,171  pounds,  at     4  cents 

366  84 

109  183  33 

Carried  to  statement  B 

- 

$1,953,944  10 

438  REPORTS  OF  THE  [1827. 

C. 

A  STATEMENT  exhibiting  the  amount  of  American  and  foreign 
tonnage,  employed  in  the  foreign  trade  of  the  United  States,  during 
the  year  ending  on  the  3lst  day  of  December,  1826. 

American  tonnage  in  foreign  trade  »  Tons  910,635 

Foreign  tonnage  in  foreign  trade  120,716 

Total  tonnage  employed  in  the  foreign  trade  of  the 

United  States  1,031,351 

Proportion  of  foreign  tonnage  to  the  whole  amount  of 
the  tonnage  employed  in  the  foreign  trade  of  the 
United  States  -  '.-  *  -  -  -  11.7  to  100 


TREASURY  DEPARTMENT, 

Register's  Office,  May  15,  1828. 

JOSEPH  NOURSE,  Register, 


1S28.J  SECRETARY  OF  THE  TREASURY.  439 

REPORT  ON  THE  FINANCES. 

DECEMBER,  1828. 


In  laying  before  Congress  the  annual  report  from  the  Treasury  for  the 
present  year,  the  occasion  is  deemed  a  fit  one  for  presenting,  in  connexion 
with  it.  a  brief  retrospect  of  the  principal  financial  operations  and  results  of 
the  three  years  preceding. 

As  preliminary,  it  may  be  proper  to  remark,  that  the  receipts  for  the 
present  year  are  likely  to  reach  a  sum  greater  than  that  at  which  they 
were  estimated  when  Congress  assembled  last  year:  whilst  the  expenditures, 
always  confined  within  limits  prescribed  by  the  law,  have  not  gone  beyond 
those  limits.  The  only  exception  to  this  previous  limitation  upon  expendi- 
ture applies  to  the  public  debt,  .for  the  reduction  of  which  larger  sums  may 
be  paid  than  are  regularly  set  apart  for  the  service  of  the  year,  provided 
there  be  surplus  funds  in  the  Treasury  to  admit  of  it.  This  has  proved  to 
be  the  case  during  the  present  year. 

In  the  summary  retrospect  which  it  is  proposed  to  give,  the  state  of  the 
public  debt  will  claim  the  first  attention.  Such  is  the  interest  which  the 
nation  is  known  to  take  in  its  extinguishment,  that  what  is  done  at  the 
Treasury,  from  year  to  year,  under  the  injunctions  of  the-laws,  towards  this 
end,  cannot  be  too  distinctly  set  forth.  Amongst  the  highest  duties  of  a 
nation,  is  faithfully  to  keep  to  its  pecuniary  engagements  ;  and  there  need 
be  no  better  demonstration  of  its  pecuniary  ability,  than  when  it  is  seen  to 
pay  off  with  promptitude  and  punctuality  its  funded  debt. 

There  was  paid  in  1825,  on  account  of  the  debt,  the  sum  of  twelve  million 
ninety-nine  thousand  and  forty-four  dollars  and  seventy-eight  cents.  This 
sum  was  not  all  derived,  as  will  be  seen  hereafter,  from  surplus  revenue. 
In  182'5,  there  were  paid  $  11,039,444  60,  all  from  surplus  revenue ;  in  1827, 
$10,001,585  98,  from  surplus  revenue;  and  in  1828,  there  will  have  been 
paid,  by  the  close  of  the  year,  also  from  surplus  revenue,  $12,163,566  90; 
making  for  the  four  years,  forty-five  million  three  hundred  and  three  thou- 
sand six  hundred  and  forty-two  dollars  twenty-six  cents.  Of  this  sum 
$30,373,188  01  were  applied  to  the  principal,  and  $14,930,454  25  to  the 
interest  of  the  debt;  the  whole  of  the  former  having  gone  towards  the  re- 
duction of  that  part  of  it  which  bears  an  interest  of  six  per  cent. 

The  act  of  Congress  of  the  3d  of  March.  1817,  commonly  called  the 
sinking  fund  act,  appropriates  the  annual  sum  often  millions  of  dollars  for 
the  purpose  of  gradually  sinking  or  paying  off  the  public  debt  of  the  nation. 
This  sum  includes  all  payments  on  account  of  interest,  which  are  invariably 
made  from  quarter  to  quarter,  leaving  the  remainder  to  be  applied,  as  far  as 
it  will  go,  to  the  reduction  of  the  principal.  Up  to  the  year  1825,  the  ex- 
pectations of  this  act  had  not,  in  one  sense,  been  always  fully  met.  The 
annual  interest  was  ever  scrupulously  paid  as  the  quarter  came  round ;  but 
there  had  not  been  during  every  year  a  sufficient  residue  to  be  applied  to  the 
principal,  to  make-  up  the  entire  sum  often  millions  of  dollars.  Sometimes, 
too,  there  was  not  a  sufficient  amount  of  debt  redeemable  under  the  laws,  in 


440  REPORTS  OF  THE  [1828. 

the  course  of  a  year,  to  allow  of  the  full  payment  of  ten  millions,  even  if  the 
surplus  funds  of  the  Treasury  had  been  equal  to  the  operation.  The  inabili- 
ty of  the  Treasury,  where  it  may  have  existed,  to  reduce  the  principal  of  the 
debt,  every  year,  by  the  precise  amount  contemplated  in  the  sinking  fund 
act,  neither  broke  faith  nor  caused  complaint  with  the  public  creditor ;  for 
whatever  the  considerations  of  public  policy  that  have  made  the  rapid  extin- 
guishment of  the  debt  a  favorite  object  with  the  nation,  it  is  known  that  the 
public  creditor  regards  it,  individually,  as  a  hardship  to  be  paid  off.  His  re- 
liance upon  the  faith  and  resources  of  the  nation  is  so  unbounded,  that  he 
prefers  to  let  his  capital  stock  remain  in  its  hands,  subject  only  to  his  calls 
for  the  interest.  But  since  the  close  of  1825,  such  has  been  the  state  of  the 
Treasury,  from  the  increasing  solidity  of  the  national  resources,  that,  not  only 
has  the  annual  requisition  of  the  sinking  fund  act  been  complied  with,  but 
still  more  has  been  done.  At  the  beginning  of  that  year,  the  whole  sum  paid 
under  the  act,  during  the  seven  years  of  its  operation  in  reduction  of  the  prin- 
cipal of  the  debt,  (the  operation  of  the  act  not  having  regularly  commenced 
until  1818.)  fell  short,  by  a  sum  exceeding  three  millions  of  dollars,  of  the 
amount  that  it  would  have  reached,  had  the  full  ten  millions  been  paid  in  prin- 
cipal and  interest,  during  each  of  the  seven  years  in  question.  Since  the 
close  of  1825,  (or,  more  correctly,  since  the  commencement  of  1826,)  this 
deficiency  has  been  countervailed,  by  such  an  excess  of  annual  payments 
towards  the  principal  of  the  debt,  as  to  leave,  in  the  language  of  the  Trea- 
sury, no  arrears  now  due  to  the  sinking  fund,  or  none  of  importance.  In 
other  words,  looking  back  upon  the  whole  time  that  has  elapsed  since  the 
sinking  fund  act  went  into  operation,  it  can  new  be  stated,  that,  taking 
one  year  with  another,  there  have  been  made  (with  the  exception  of  a  small 
fractional  sum)  the  full  average  payments  of  ten  millions  of  dollars  annually, 
in  principal  and  interest,  on  account  of  the  public  debt.  This  result  has 
been,  in  a  great  degree,  produced  by  the  payments  which  will  have  been  made 
during  the  present  year  in  redaction  of  the  principal.  Five  million  four 
hundred  and  sixty-three  dollars  and  twelve  cents  were  paid  on  the  1st  of 
July,  and  it  is  intended  to  pay  $4,050,780  77  on  the  1st  of  January ; 
making  for  the  whole  year,  including  a  small  balance  of  Treasury  notes  to 
be  paid  off,  and  a  minute  fraction  of  the  old  registered  debt,  nine  million 
.sixty-one  thousand  four  hundred  and  ninety-six  dollars  nineteen  cents.  The 
Committee  on  Finance  of  the  Senate,  in  their  valuable  report  to  that  body 
in  April  last,  on  the  state  of  the  public  debt,  referring  to  the  foregping  pay- 
ment which  it  was  then  in  contemplation  to  make  on  the  1st  of  July,  ex- 
pressed their  hope  that  a  considerable  reduction  of  the  arrears  due  to  the 
sinking  fund  would  probably  be  effected  in  the  course  of  this  year.  The 
hope  is  amply  realized.  The  large  amount  of  the  payment  to  be  made  on 
the  1st  of  January  was  justified,  in  the  opinion  of  the  commissioners  of 
the  sinking  fund,  by  the  receipts  into  the  Treasury  since  the  payment  in 
July  was  resolved  upon,  which  were  greater  than  had  been  anticipated,  and 
by  those  that  were  reasonably  anticipated  for  the  fourth  quarter  of  the  year. 
The  total  sum  that  will  have  been  paid  on  account  of  the  debt,  from  the 
1st  of  January,  1817,  the  year  in  which  the  sinking  fund  act  passed,  to 
the  1st  of  January  next,  will  be  one  hundred  and  forty-six  million  six 
hundred  and  sixty-nine  thousand  seven  hundred  and  seventy-three  dollars 
forty  eight  cents.  Of  this  sum,  $88,834,108  66  were  paid  on  account  of 
principal,  and  $57,835,664  82  on  account  of  interest.  The  extra  payments 
on  account  of  the  principal,  (more  than  could  have  tee  i  covered  by  the  an- 


1S26.]  SECRETARY  OF  THE  TREASURY.  441 

nual  appropriation  of  ten  millions,)  comprehend  sums  obtained  on  loan  at  a 
lower  interest  than  six  per  cent,,  to  replace  stock  paid  off  at  that  interest, 
and  sum?  that  had  accumulated  in  the  Treasury  in  1817,  partly  under  the 
effect  of  the  double  duty  system,  before  the  prospective  operation  of  the  act 
began.  The  national  debt  has  been  positively  lessened  in  amount  by  the 
sum  of  sixty-five  million  one  hundred  and  twenty-nine  thousand  eight 
hundred  and  twenty-nine  dollars  and  thirty-eight  cents,  since  the  1st  of 
January,  1817,  by  surplus  funds.  The  whole  of  this  last  mentioned  sum, 
so  paid  off,  was  borrowed  at  six  per  cent^  or  more  than  six,  with  the  ex- 
ception of  a  small  amount  of  Treasury  notes  and  some  Mississippi  stock. 
It  is  facts  like  these  that  attest  the  true  character  and  value  of  a  sinking  fund. 
None  can  be  effectively  such,  but  where  income  exceeds  expenditure;  and 
where  a  clear  surplus  from  the  former  is  steadily  applied  to  the  diminution 
of  the  debt.  Such  is  the  sinking  fund  act  of  the  United  States,  and  such 
have  been  the  results  of  its  operation;  results  which  it  cannot  be  otherwise 
than  acceptable  to  the  nation  to  learn.  The  whole  remaining  debt  that  the 
nation  will  owe  on  the  1st  of  January  ensuing,  will  be,  in  its  nominal 
amount,  fifty-eight  million  three  hundred  and  sixty-two  thousand  one  hun- 
dred and  thirty-five  dollars  seventy-eight  cents.  Bnt  from  this  amount 
should  be  taken  seven  millions  of  dollars,  being  so  much  of  apparent  debt 
only,  in  the  shape  of  subscription  to  the  stock  of  the  Bank  of  .the  United 
States,  the  nation  owning  a  like  sum  in  the  slock  of  the  bank,  upon  which 
dividends  are  punctually  paid.  Of  the  sum  that  will  remain,  namely, 
.$51,362,135  76,  the  old  revolutionary  three  per  cents  constitute  more  than 
thirteen  millions  of  dollars.  By  this  exhibition  of  the  state  of  the  debt,  it 
will  be  seen  to  how  small  an  amount  it  has  fallen,  under  a  faithful  enforce- 
ment of  the  sinking  fund  act,  in  the  space  of  eleven  years.  In  the  past  ef- 
fects of  this  act  we  have  the  pledge  of  its  future  efficacy.  As  each  successive 
year  increases  the  proportion  of  principal  that  is  paid  off",  diminishing  that 
of  interest,  it  is  easy  to  anticipate  in  how  short  a  time  the  nation,  under  the 
continued  action  of  the  fund,  will  be  released  from  all  charges  whatever,  on 
account  of  the  debt,  by  its  final  extinguishment.  Assuming  its  stated  ap- 
propriation of  ten  millions  to  be  forerun  in  the  same  proportion  in  future 
years  as  it  has  been  this  year,  the  debt  will,  in  effect,  be  totally  paid  off  in 
little  more  than  four  years. 

An  evidence  of  the  stable  resources  of  a  country,  actual  and  prospective, 
is  to  be  found  in  the  prices  which  its  funded  debt  bears  in  the  money  market. 

A  financial  exposition  and  review,  like  the  present,  naturally  embraces 
some  general  allusion  to  this  point.  The  stocks  of  the  United  States  keep 
at  an  elevation  above  par,  indicative  of  the  high  credit  of  the  Government; 
the  more  remarkable,  from  the  consideration  that,  they  are  redeemable  at 
short  periods,  and  quickly  redeemed,  in  fact,  as  the  periods  arrive.  The 
three  per  cents,  being  those  which  it  is  presumed  will  ba  redeemed  last,  a 
circumstance  known  always  to  enhance  the  value  of  slock,  where  public 
confidence  attaches  to  it.  stand,  accordingly,  at  the  highest  rate;  being  a 
favorite  stock  abroad  as  well  as  at  home.  For  the  last  four  years,  this  por- 
tion of  the  public  stock  has  been  at  a  price  ranging,  in  the  main,  from  80  to 
85 ;  nor  has  it  been  always  obtainable,  such  is  the  demand  for  it.  even  at  that 
rate.  The  heavy  fall  of  stocks  in  England,  towards  the  close  of  1825,  af- 
fected those  of  this  country  less  than  might  have  been  anticipated,  from  the 
connexions  of  business  between  the  two  countries;  and  serves  to  show  the 
value  of  those  of  this  Government,  even  under  untoward  occurrences,  in 
that  great  centre  of  the  commercial  world. 


442  REPORTS  OF  THE  [1828. 

The  precise  amount  and  kinds  of  stock  of  which  the  public  debt  will 
consist  on  the  1st  of  January  next,  with  the  periods  of  redemption,  will  be 
seen  in  detail  in  the  document.  No.  1,  annexed  to  this  report.  It  is  not 
deemed  necessary  to  say  any  thing  more  under  this  head,  except  barely  to 
add,  that  the  $5,000,463  12,  that  were  paid  off  on  the  1st  of  July  last,  con- 
sisted of  $2,744,423  91  of  the  six  per  cent,  stock  created  by  the  act  of  Con- 
gress of  the  8th  of  February  1813,  being  all  that  was  left  of  that  stock; 
and  of  $2,256,039  21  of  the  six  per  cent  stock  created  by  the  act  of  the 
24th  of  March,  1814.  The  $4,050,780  77  intended  to  be  paid  at  the  close 
of  the  present  year,  consist  of  the  six  per  cent,  stock,  also  created  by  the  last 
mentioned  act,  but  denominated  the  loan  of  the  22d  of  August,  1814;  being, 
in  like  manner,  all  that  remains  unpaid  of  that  particular  loan. 

The  general  state  of  the  foreign  commerce  of  the  country  will  nex^ 
given.  This  will  best  make  known  the  surplus  productions  of  its  soil,  and 
those  other  sources  of  its  industry  which  constitute  the  basis  of  its  foreign 
commerce.  The  importations  into  the  United  Stales,  during  the  last  four 
years,  amount  in  value  to  three  hundred  and  fifty  million  two  hundred  and 
two  thousand  four  hundred  and  sixty-nine  dollars.  Those  for  a  portion  of 
the  present  year  are  here  given  by  probable  estimate,  rather  than  certain 
knowledge.  The  exportations  for  the  same  four  years,  calculated  in  the 
same  way,  amount  to  three  hundred  and  thirty-seven  million  two  hundred 
and  two  thousand  four  hundred  and  twenty-six  dollars;  of  the  latter, 
$233,069,035  were  of  domestic  produce  and  manufacture,  and  $104,133,391 
were  re-exportations  of  foreign  commodities.  The  importations  for  the  four 
years  preceding,  or  from  1821  to  1824,  (both  inclusive,)  amounted  to  three 
hundred  and  three  million  nine  hundred  and  fifty-five  thousand  five  hun- 
dred and  thirty-nine  dollars;  and  the  exportations  to  two  hundred  and 
eighty  seven  million  eight  hundred  and  twenty  thousand  three  hundred 
and  fifty  dollars.  Of  the  latter,  $191,350,881  were  of  domestic  produce  and 
manufacture,  and  $96,469,469  re-exportations  of  foreign  articles. 

The  receipts  into  the  Treasury  during  the  last  four  years,  (these  being  al- 
ways chiefly  dependant  upon  the  importations,)  amount  to  ninety-seven  mil- 
lion nine  hundred  and  fifty-seven  thousand  five  hundred  and  fifty-nine 
dollars  and  eighty-six  cents.  Those  for  the  present  year  are  here  also  given, 
in  part,  by  estimate.  The  estimates  may  deviate  from  accuracy,  but  not  to 
an  extent  to  thwart  the  general  conclusions  that  are  in  view.  The  expend- 
itures for  the  same  time,  calculated  in  the  same  way,  may  be  stated  at 
ninety-five  million  five  hundred  and  eighty -five  thousand  five  hundred  and 
eighteen  dollars  and  eighty-five  cents.  Of  this  sum,  besides  what  was  ap- 
plied to  the  public  debt,  about  fourteen  millions  will  have  been  expended  on 
internal  works  designed  to  improve  the  condition  of  the  country,  or  other- 
wise on  objects  not  belonging  to  the  mere  annual  support  of  Government, 
in  its  civil,  military,  and  naval  establishments.  The  receipts  for  the  four 
years  that  preceded  were  eighty-four  million  seven  hundred  and  twenty- 
eight  thousand  and  ten  dollars  and  seventy-one  cents ;  and  the  expenditures 
eighty-three  million  nine  hundred  and  seventy-nine  thousand  eight  hun- 
dred and  seventy-four  dollars  and  seventy-nine  cents.  Ten  millions  of  dol- 
lars obtained  by  loans,  are  included  in  the  receipts  of  the  four  years  last  men- 
tioned ;  and  five  millions,  so  obtained,  came  into  the  Treasury  during  the 
first  year  of  the  other  series,  viz :  in  1825.  This  loan  of  five  millions  was  pro- 
cured under  an  act  of  Congress  of  May,  1824,  at  four  and  a  half  per  cent.,  not 
from  any  deficiency  of  revenue,  but  for  thepurpose  of  payingan  equal  amount 


1828.]  SECRETARY  OF  THE  TREASURY.  443 

of  the  public  debt  at  six  per  cent.  It  explains  what  was  said  of  the  payment 
that  was  made  on  account  of  the  debt  in  1825  not  having  all  been  from  sur- 
plus revenue.  The  loans,  amounting  to  ten  millions,  embraced  in  the  first 
series  of  four  years,  were  obtained  with  a  view  [exclusive  of  the  sum  applied 
to  the  purchase  of  Florida)  to  similar  changes  in  the  debt.  It  has  been  the 
policy  of  the  Treasury  Department  to  recommend,  from  time  to  time,  these 
changes  of  stock,  from  a  high,  to  stock  bearing  a  lower  rate  of  interest ;  it 
appearing  to  be  unjust  to  the  nation,  that,  under  an  entire  alteration  of  cir- 
cumstances since  the  time  when  it  may  have  borrowed  money,  it  should  con- 
tinue to  pay  more  in  the  shape  of  interest  than  individuals  pay ;  the  credit 
of  the  nation  transcending  that  of  individuals  as  much  as  do  its  resources. 

This  remark  necessarily  implies  the  right,  on  the  part  of  the  Government, 
so  to  change  its  stock,  from  the  time  of  redemption  having  arrived,  to  that 
which  bears  a  high  interest ;  and  which  may,  therefore,  without  objection, 
be  paid  off  by  a  new  loan  obtained  at  a  reduced  interest. 

Deducting  the  amount  of  receipts  from  these  beneficial  loans  during  the 
two  periods  reviewed,  the  absolute  increase  of  revenue,  during  the  second 
period,  is  found  to  exceed  eighteen  millions  of  dollars.  The  whole  of  this  in- 
crease has  been  in  the  customs.  It  amounts,  in  each  year,  to  an  average  of 
more  than  twenty-four  per  cent.  Whilst  the  increase  in  receipts  has  been 
at  this  rate,  the  increased  expenditure,  aside  from  what  has  been  paid  to- 
wards the  reduction  of  the  debt,  has  been  less  than  ten  per  cent.,  and  the 
latter  has  been  chiefly  caused  by  internal  improvements.  The  increase  in 
receipts  may  be  accounted  for,  in  part,  but  not  at  all  to  this  extent,  by  the 
increased  duties  under  the  tariff  of  1824.  The  imports,  during  the  four  years 
ending  with  1828,  exceed  those  of  the  preceding  four  years  by  an  average 
of  more  than  fifteen  per  cent,  in  each  year.  The  exports  of  domestic  pro- 
duce, for  the  four  years  ending  with  1828,  exceed  those  of  the  four  years 
ending  with  1824  by  an  average  of  more  than  twenty-one  per  cent,  in  each 
year.  The  increase  in  the  consumption  of  foreign  articles,  during  the  same 
time,  has  been,  on  an  average,  upwards  of  eighteen  per  cent,  in  each  year. 

It  is  believed  that  the  shipping  of  the  United  States  will  be  found  to  have 
increased,  during  the  last  four  years,  in  a  fair  ratio  with  their  commerce  and 
revenue.  The  returns  under  this  headj  are  not  sufficiently  complete,  at  the 
present  moment,  to  speak  with  precision.  It  is  certain  that  the  whole  mer- 
cantile shipping  of  the  Union,  including  that  employed  in  the  coasting  trade, 
as  well  as  all  that  is  embarked  in  foreign  commerce  and  the  fisheries,  exceeds 
at  this  time  fifteen  hundred  thousand  tons.  That  of  no  other  nation  is  pro- 
bably as  large,  England  excepted.  In  1818,  the  tonnage  of  the  Union  was 
but  little  more  than  twelve  hundred  thousand.  Its  greatest  increase  since 
that  year,  was  in  one  of  the  years  under  examination,  viz :  in  1826.  The 
profits  of  freight  upon  this  large  amount  of  tonnage,  the  ships  of  the  United 
States  being  almost  exclusively  the  carriers  of  the  commerce  of  the  nation, 
centre  at,  home,  and  make  a  large  addition  to  the  stock  of  capital  at  home. 

The  foregoing  statements  indicate  a  steady  advance  in  the  national  pros- 
perity. The  reality  of  this  advance  is  only  to  be  measured  by  aggregate  re- 
sults, ascertained  at  proper  intervals  of  time.  It  is  useful  to  present  such  re- 
sults. They  show  the  general  condition  of  the  country,  viewed,  not  in  parts, 
but  under  one  undivided  whole.  They  attest  the  positive  growth  of  its 
riches,  and  the  rapidity  of  the  growth  by  comparison.  They  afford  resting 
points  for  doubtful  opinions,  when  all  desire  to  arrive  at  those  that  may  ap- 
pear best  supported  by  results.  No  single  eye  can  take  them  all  in.  unassist- 


444  REPORTS  OF  THE  [1828. 

ed  by  the  authentic  returns  which  it  is  the  province  of  the  Government,  and 
chiefly  of  the  department  of  the  Treasury,  to  watch  over  and  promulgate,, 
endeavoring  also  to  trace  them  to  their  causes.  A  state  whose  natural  re- 
sources and  territory  are  abundant,  whose  institutions  are  free,  and  whose 
interests  are  diversified,  may  witness  occasional  and  temporary  pressure  upon 
some  of  those  interests,  whilst  all  the  great  branches  of  its  industry  are  in 
course  of  sure  development.  But  transient  inconvenience  is  lost  in  the 
aggregate  prosperity,  and  must,  in  the  end,  participate  in  that  prosperity.  It 
is  thus  that  great  states,  under  successful  systems  of  legislation,  go  onward 
in  their  career  of  riches  and  power.  Not  only  has  there  been  a  marked  in- 
crease of  importations  and  revenue  in  the  United  States,  during  the  last  four 
years,  and  of  exportation  of  domestic  commodities,  but  a  like  diminution  in 
re-exportations.  The  latter  is  very  striking ;  and  justifies  the  inference,  not 
merely  of  an  increased  desire  to  import  for  the  purpose  of  meeting  the  con- 
tingencies of  trade  or  speculation,  but  of  an  increased  ability  in  the  country 
to  purchase  and  use  foreign  fabrics.  The  increased  consumption  of  the  lat- 
ter, and  the  increase  in  revenue,  have  exceeded  the  ratio  of  the  increase  of 
duties  under  the  tariff  of  1824,  and  the  presumed  increase  of  population  also. 
The  exports  of  domestic  products  have  increased  more  lhan  four-fold  faster 
than  the  increase  of  population,  as  given  by  the  census  at  periods  the  most 
favorable.  These  facts  cannot  mislead.  They  point  to  an  unequivocal  in- 
crease, so  far,  in  the  prosperity  ©f  the  nation.  Statistical  testimonials  for  a 
single  year,  or  for  more  than  one,  may  rise  or  fall  in  amount,  from  causes 
that  postpone  all  permanent  conclusions ;  but  where  they  are  seen  to  go  on 
in  an  increasing  train,  throughout  a  succession  of  years,  it  is  rational  to  as- 
cribe them  to  causes  beginning  to  assume  a  fixed  character.  If  we  review  the 
last  four  years  as  a  period  of  time  in  commercial  history,  we  find  little  in  the 
circumstances  of  the  world,  either  from  general  war,  or  otherwise,  to  affect 
foreign  markets  beyond  the  ordinary  fluctuations  incident  to  trade  at  all 
times.  The  extraordinary  operations  in  the  cotton  market,  that  fell  upon 
the  first  of  these  years,  viz :  1825,  are  not  conceived  to  impair  the  applica- 
bility of  the  remark,  because  there  has  been  time  enough  for  diminished  ex- 
portations,  as  a  consequence  of  the  large  exportations  of  that  year.  No  term, 
indeed,  of  eight  years,  since  the  establishment  of  the  Government,  has  been 
so  exempt  from  the  influence  of  external  events  that  disturb  the  regular  ope- 
rations of  national  industry  and  commerce,  as  the  last  eight.  None,  there- 
fore, could  be  so  fairly  taken  for  the  'comparative  statements  that  have  been 
made.  It  does  not  escape  recollection,  that  from  1791  to  1815,  there  were 
epochs  when  the  foreign  commerce  of  the  country  advanced  with  even  more 
rapidity  than  is  here  stated — when  it  was  greater^absolutely,  and  therefore 
greater  in  proportion  to  the  population  of  the  country.  But.  during  that 
long  interval,  there  prevailed  in  Europe,  with  scarcely  a  perceptible  inter- 
ruption, desolating  wars,  which  created  an  unparalleled  demand  for  our 
staple  productions,  and  brought  them  up  to  extravagant  prices.  This,  with 
our  neutral  attitude,  which  gave  to  our  carrying  trade  a  scope  almost  un- 
bounded, raised  exportations  and  importations  to  an  artificial  pitch,  that  can 
never  be  recurred  to  as  a  standard  of  comparison  for  commerce,  under  cir- 
cumstances more  ordinary  and  regular.  It  is  known  that,  during  portions 
of  that  interval,  our  trade  in  foreign  produce  far  exceeded  that  in  domestic. 
It  is  wholly  otherwise  now.  The  mere  profits  on  our  tonnage  at  that 
earlier  day  of  the  republic,  by  the  capital  which  it  introduced,  gave,  of  itself, 
the  capacity  for  an  enlarged  consumption  of  foreign  articles,  on  a  compara- 
•  tively  smaller  basis  of  population. 


1328.]  SECRETARY  OF  THE  TREASURY.  445 

The  increased  consumption  of  foreign  articles  in  the  United  States,  dar- 
ing the  last  four  years,  as  compared  with  the  four  that  preceded,  may,  it  is 
believed,  be  ascribed,  in  no  inconsiderable  degree,  to  the  advances  which 
home  labor  has  been  making  in  various  ways,  in  the  country,  since  1824. 
The  creation  and  sub-division  of  home  labor  must  bring  new  wealth  to 
this  country,  as  they  ever  have  to  other  countries  ;  and  with  it  an  increased 
ability  to  buy  articles  of  all  kinds.  The  reports  from  this  department, 
within  these  four  years,  have  respectfully,  but  earnestly,  urged  upon  Con- 
gress the  expediency  of  fostering  manufacturing  labor,  under  the  conviction, 
deeply  entertained,  that  in  its  success  is  largely  to  be  found  the  true  ground- 
work of  financial  power.  It  will  ultimately  unfold  the  means  of  providing 
revenue  for  the  public  wants,  when  war  or  other  external  events,  not  to  be 
controlled,  may  abridge  foreign  commerce.  How  difficult  it  has  been, 
heretofore,  to  obtain  any  efficient  supplies  of  revenue  from  sources  of  inter- 
nal industry  and  wealth,  when  such  vicissitudes  have  happened,  the  finan- 
cial history  of  the  country  in  times  past  sufficiently  makes  known,  impart- 
ing admonition  for  the  future.  The  department  has  no  less  strenuously 
inculcated  the  policy  of  important  amendments  in  our  commercial  code,  by 
lowering  the  duties  upon  foreign  articles  that  were  indicated,  especially 
teas ;  by  removing  the  shackles  which  bind  down  the  merchant  in  his  trade 
of  re-exportation ;  and  by  a  liberal  extension  of  the  warehousing  system, 
which,  with  the  abolition  of  all  transit  duties,  might  more  and  more  tend 
to  bring  the  productions  of  all  parts  of  the  world  into  deposite  at  our  ports, 
thence  to  be  distributed,  and  principally  by  our  own  ships,  wherever  mar- 
kefs  might  invite  them.  It  was  believed  that,  with  the  establishment  of 
manufactures  at  home,  foreign  commerce  would  ultimately  expand  ;  but  it 
continues  to  be  believed  that  the  latter  will  never  get  to  its  full  height  in 
the  United  States,  until  aided  by  the  laws  in  the  ways  recommended. "  The 
merchant,  like  the  manufacturer,  requires,  at  proper  junctures,  the  helping 
hand  of  Congress,  and  may  suffer  without  it.  Hence  it  has  been  the  ob- 
ject, as  it  was  the  duty,  of  the  department,  to  invoke  legislative  favor  for 
both  these  great  interests,  under  the  belief  that  they  flourish  most  when 
they  flourish  together;  that,  in  proportion  as  both  flourish,  in  conjunction 
with  agriculture,  the  invariable  feeder  of  both,  is  the  public  Treasury  most 
likely  to  be  kept  full ;  and  that  all  plans  of  finance  that  do  not  take  the  co- 
operating prosperity  of  these  three  primary  interests  of  the  state  as  their 
foundation,  must  prove  fallacious  or  short-lived.  Such  were  the  counsels 
of  a  departed  statesman,  whose  name  peculiarly  lives  in  the  records  of  this 
department ;  who  was  first  placed  at  its  head,  directing  its  operations  with 
a  forecast  so  luminous  as  still  to  throw  a  guiding  light  over  the  path  of  his 
successors.  His  comprehensive  genius,  looking  into  futurity,  and  embrac- 
ing in  its  survey  all  the  interests  that  go  to  make  up  the  full  strength  and 
riches  of  a  great  empire,  saw  the  truth,  now  in  course  of  corroboration  by 
our  own  experience,  that  the  protection  and  increase  of  manufacturing 
labor,  far  from  stopping  the  springs  of  our  commercial  power,  would  but 
multiply  and  diffuse  them. 

Enough  of  time  has  not  elapsed  to  warrant  any  decided  judgment  upon 
the  practical  operation  of  the  tariff  of  1828.  There  seems  no  present  rea-> 
son  for  supposing  that  it  will  lessen  exportations.  If  not,  no  scale  of  duties 
which  it  has  created  will  diminish  the  foreign  trade,  or  the  revenue  of  the 
nation.  It  is  manifestly  what  we  send  abroad  that  must,  in  the  end,  give 
the  true  measure  of  what  we  are  to  receive  from  abroad. 


446  REPORTS  OF  THE  [1828. 

The  moneys  received  into  the  Treasury  during  the  last  four  years  amount, 
as  has  been  already  estimated,  to  more  than  ninety-seven  millions  of  dollars. 
It  belongs  to  this  retrospect  to  state,  that  in  the  application  of  the  whole  of 
this  sum  to  the  various  objects  of  expenditure  designated  by  the  laws,  no 
embarrassments  or  delays,  injurious  to  the  public  service,  have  happened. 
All  moneys  have  been  paid  at  the  time,  and  at  the  place,  where  they  were 
required  to  be  paid,  arid  to  the  persons  entitled  to  receive  them.  This  capa- 
city in  the  Treasury  to  apply  the  public  funds  at  the  proper  moment,  in  every 
part  of  a  country  of  such  wide  extent,  has  been  essentially  augmented  by 
the  Bank  of  the  United  States.  The  department  feels  an  obligation  of  duty 
to  bear  its  testimony,  founded  on  constant  experience  during  the  term  in 
question,  to  the  useful  instrumentality  of  this  institution  in  all  the  most  im- 
portant fiscal  operations  of  the  nation.  In  faithful  obedience  to  the  condi- 
tions of  its  charter,  and  aided  by  its  branches,  it  has  afforded  the  necessary 
facilities  for  transferring  the  public  moneys  from  place  to  place,  concentrat- 
ing them  at  the  point  required.  In  this  manner  all  payments  on  account  of 
the  public  debt,  whether  for  interest  or  principal ;  all  on  account  of  pensions  ; 
all  for  the  civil  list,  for  the  army,  for  ,the  navy,  or  for  whatever  other  pur- 
pose wanted  in  any  part  of  the  Union,  have  been  punctually  met.  The 
bank  is  also  the  depository,  with  its  branches,  for  the  public  moneys,  from 
whatever  sources  of  revenue  received  ;  aiding,  too,  in  their  collection  :  there- 
by giving  safety  to  the  keeping,  as  well  as  promptitude  and  certainty  to  the 
disbursement,  of  the  public  treasure.  It  receives  the  paper  of  the  State  banks 
paid  on  public  account  in  the  interior,  as  well  as  elsewhere,  and,  by  placing 
it  to  the  credit  of  the  United  States  as  cash,  renders  it  available  wherever  the 
public  service  may  require.  By  this  course — a  course  not  enjoined  by  its 
charter — it  widens  the  field  of  business  and  usefulness  to  the  State  banks. 
Such,  also,  is  the  confidence  reposed  in  the  stock  of  the  Bank  of  the  United 
States,  that  it  serves  as  a  medium  of  remittance  abroad,  in  satisfaction  of 
debts  due  from  our  citizens  to  those  of  other  countries,  which  otherwise 
would  make  a  call  upon  the  specie  of  the  country  for  their  discharge.  Nor 
are  these  all  the  uses  of  this  institution,  in  which  the  Government  partici- 
pates. It  is  the  preservation  of  a  good  currency  that  can  alone  impart  sta- 
bility to  property,  and  prevent  those  fluctuations  in  its  value,  hurtful  alike  to 
individual  and  to  national  wealth.  This  advantage  the  bank  has  secured 
to  the  community,  by  confining  within  prudent  limits  its  issues  of  paper, 
whereby  a  restraint  has  been  imposed  upon  excessive  importations,  which 
are  thus  kept  more  within  the  true  wants  and  capacity  of  the  country.  Some- 
times (judiciously  varying  its  course)  it  enlarges  its  issues,  to  relieve  scarcity, 
as  under  the  disastrous  speculations  of  1825.  The  State  banks,  following, 
or  controlled  by,  its  general  example,  have  shaped  their  policy  towards  the 
same  salutary  ends :  adding  fresh  demonstrations  to  the  truth,  that  under  the 
mixed  jurisdiction  and  powers  of  the  State  and  national  systems  of  govern- 
ment, a  national  bank  is  the  instrument  alone  by  which  Congress  can  effect- 
ively regulate  the  currency  of  the  nation.  When  the  Congress  of  the  revo- 
lution, under  the  severest  pressure  of  financial  difficulty,  established,  in  1781, 
the  Bank  of  North  America;  when  the  superintendent  of  finance  of  that  pe- 
riod predicted  that  it  would  "  become  as  useful  to  commerce  and  agriculture 
in  peace,  as  to  the  Government  during  warf  when  the  same  public  offi- 
cer, speaking  from  an  arduous  and  enlightened  experience,  subsequently 
said  that,  without  that  bank,  imperfect  as  was  its  organization,  "  the  business 
of  the  Department  of  Finance  could  not  have  been  'performed;''  it  affords 


1828.]  SECRETARY  OF  THE  TREASURY.  447 

a  testimony,  the  memory  of  which  is  conceived  to  be  not  wholly  irrelevant 
to  that  which  is  here  intended  to  be  borne,  to  the  kindred  but  better  institu- 
tion of  our  day.  The  policy  of  Congress  having  established  a  financial  con- 
nexion between  the  Bank  of  the  United  States  and  the  Government  of  the 
Union,  it  is  conceived  to  devolve  upon  the  officer  of  the  latter,  whose  post 
charges  him  with  a  close  observance  of  that  connexion,  to  report  to  Congress 
its  practical  effects.  The  benefits  of  a  remedy  become  often  most  apparent 
by  a  recollection  of  the  evils  which  called  for  it.  A  paper  currency  too  re- 
dundant, because  without  any  basis  of  coin,  or  other  effective  check,  and  of 
no  value  as  a  medium  of  remittance  or  exchange,  beyond  the  jurisdiction  of 
the  State  whence  it  had  been  issued  ;  a  currency  that  not  unfrequently  im- 
posed upon  the  Treasury  the  necessity  of  meeting,  by  extravagant  premiums 
the  mere  act  of  transferring  the  revenue  collected  at  one  point,  to  defray  un- 
avoidable expenditures  at  another  :  this  is  the  state  of  things  which  the  Bank 
of  the  United  States  has  superseded.  In  the  financial  operations  of  the  na- 
tion, as  in  the  pecuniary  transactions  between  man  and  man,  confidence  has 
succeeded  to  distrust,  steadiness  to  fluctuation,  and  reasonable  certainty  to 
general  confusion  and  risk.  The  very  million  of  dollars  of  funds  not  effec- 
tive, of  which  the  Treasury  for  many  years  has  been  obliged  to  speak,  is  but 
a  remnant  of  the  losses  arising  from  the  shattered  currency,  which  the  bank, 
by  a  wise  management  of  its  affairs,  has  cnred.  In  conclusion,  the  mode  of 
its  agency,  in  large  payments  of  the  principal  of  the  debt,  is  not  to  be  over- 
looked. By  its  arrangements  for  them,  it  avoids  the  inconvenience  of  too 
great  an  accumulation  of  money  in  the  vaults  of  depositeused  by  the  Govern- 
ment, and  of  the  vacuum  that  would  succeed  its  too  sudden  distribution.  It 
does  this  by  anticipating,  as  the  periods  of  payment  approach,  the  disburse- 
ment of  a  considerable  portion  of  the  stock,  in  the  form  of  discounts  in  favor 
of  those  who  are  to  be  paid  off;  thereby  enabling  them  otherwise  to  employ 
their  capital,  as  opportunities  may  offer,  beforehand.  In  this  manner  heavy 
payments  of  the  debt  are,  in  effect,  made  gradually,  instead  of  the  whole  mass 
being  thrown  at  once  upon  the  money  market,  which  might  produce  inju- 
rious shocks.  So  prudently  in  this,  and  other  respects,  does  the  bank  aid  the 
operation  of  paying  off  the  debt,  that  the  community  hardly  has  a  conscious- 
ness that  it  is  going  on. 

An  act  of  Congress  was  passed  on  the  24th  of  last  May.  directing  the  Sec- 
retary of  the  Treasury  to  subscribe,  in  the  name  and  for  the  use  of  the 
United  States,  for  ten  thousand  shares  of  capital  stock  of  the  Chesapeake  and 
Ohio  Canal  Company — an  enterprise  designed  to  open  the  shortest  outlet  be- 
tween the  waters  of  the  Ohio  and  the  Atlantic  ocean.  This  duty  has  been 
performed  ;  and  it  is  satisfactory  to  be  able  to  state,  that  the  national  work 
which  it  is  designed  to  advance — aworkdistinguishedfromkindredenterprises 
to  which  Congress  has  heretofore  lent  its  powerful  aid,  by  its  connexion 
with  the  national  metropolis — has  been  commenced.  A  considerable  portion 
of  the  line  of  the  canal  is  in  progress  of  excavation,  and  under  circumstances 
that  promise  well  towards  the  successful  prosecution  of  the  whole  work. 
In  its  completion,  a  large  and  enriching  increase  of  home  trade  in  this  part 
of  the  Union,  diffusing  its  commercial  and  fiscal  benefits  to  other  parts,  and 
much  of  it  concentrating  in  a  district  under  the  peculiar  and  exclusive  care 
of  Congress,  cannot  but  be  witnessed. 

The  retrospect  intended  is  here  closed.  It  looked  to  but  two  things :  1st, 
a  condensed  statement  of  the  leading  facts  belonging  to  the  history  of  the 
department  at  the  termination  of  one  of  those  periods  of  time  into  whick 


448  REPORTS  OF  THE  [1828, 

the  constitution  has  divided  the  movements  of  the  Government ;  and,  second- 
ly, to  a  general  reference  to  the  principles  of  public  policy,  which  have  guided 
the  present  incumbent  in  the  performance  of  its  leading  duties.  So  deeply 
do  the  finances  of  a  state  always  enter  into  the  estimate  of  its  prosperity — 
often  of  its  very  existence — that  he  has  at  no  time  felt  himself  at  liberty  to 
take  a  restricted  view  of  the  law  commanding  him  to  make  an  annual  report 
to  Congress  "on  the  subject  of  finance;"  but  puts  himself  upon  the  in- 
dulgence of  that  body  for  having  coupled  with  this  annual  performance  of 
his  duty  principles  and  recommendations  which  he  believes  eventually  cal- 
culated, in  the  language  of  that  law.  to  improve  and  increase  the  finances 
of  the  Union. 

The  report  will  now  proceed  to  slate  the, receipts  and  expenditures  of  the 
past  and  present  years,  as  far  as  ascertained,  and  an  estimate  of  those  for  the 
year  ensuing 

The  actual  receipts  from  all  sources  during  the  year  1827,  amounted,  as 
will  be  seen  in  document  No.  2,  to  twenty-two  million  nine  hundred  and 
sixty-six  thousand  three  hundred  and  sixty-three  dollars  andninety-six  cents: 
which,  with  the  balance  in  the  Treasury  on  the  1st  of  January  of  that  year, 
of  six  million  three  hundred  and  fifty-eight  thousand  six  hundred  and  eighty- 
six  dollars  and  eighteen  cents,  gives  an  aggregate  of  twenty-nine  million 
three  hundred  and  twenty-five  thousand  and  fifty  dollars  and  fourteen  cents. 
Of  the  sum  received  as  above,  during  1827,  the  customs  yielded  upwards  of 
nineteen  millions  and  a  half,  and  the  sales  of  the  public  lands  nearly  one 
million  and  a  half.  The  expenditures  of  the  United  States,  for  the  same 
year,  amounted  to  twenty-two  million  six  hundred  and  fifty-six  thousand 
seven  hundred  and  sixty-four  dollars  and  four  cents.  The  same  document 
will  supply  a  specification  of  the  particulars,  and  show  a  balance  in  the  Trea- 
sury on  the  1st  of  January,  1828,  of  six  million  six  hundred  and  sixty-eight 
thousand  two  hundred  and  eighty-six  dollars  and  ten  cents. 

The  actual  receipts  during  the  first  three  quarters  of  1828,  (document  No. 
3,)  are  supposed  to  have  amounted  to  eighteen  million  six  hundred  and  thir- 
ty-three thousand  five  hundred  and  eighty  dollars  and  twenty-seven  cents : 
and  those  of  the  fourth  quarter,  it  is  supposed,  will  amount  to  five  million  four 
hundred  and  sixty-one  thousand  two  hundred  and  eighty-three  dollars  and 
forty  cents ;  making  the  total  receipts  for  1828  twenty-four  million  and 
ninety-four  thousand  eight  hundred  and  sixty-three  dollars  and  sixty- 
seven  cents ;  which,  added  to  the  balance  in  the  Treasury  on  the  1st  of 
January,  as  above  stated,  gives  an  aggregate  of  thirty  million  seven  'hun- 
dred and  sixty-three  thousand  one  hundred  and  forty-nine  dollars  and 
seventy-seven  cents.  The  expenditures  of  the  first  three  quarters  of  the 
year,  (same  document,)  are  supposed  to  have  amounted  to  eighteen  million 
two  hundred  and  forty-four  thousand  nine  hundred  and  seven  dollars''  and 
ninety-one  cents ;  and  those  for  the  fourth  quarter,  it  is  supposed,  will  amount 
to  seven  million  three  hundred  and  ninety-two  thousand  six  hundred  and 
three  dollars  and  seventy-two  cents;  making,  for  the  whole  year, twenty-five 
million  six  hundred  and  thirty-seven  thousand  five  hundred  and  eleven  dol- 
lars and  sixty-three  cents.  This  expenditure  includes,  as  the  items  in  the 
document  will  show,  upwards  of  twelve  millions  on  account  of  the  debt ;  and 
will  leave  in  the  Treasury,  on  the  1st  of  January,  1829,  an  estimated  balance 
of  five  million  one  hundred  and  twenty-five  thousand  six  hundred  and  thirty- 
eight  dollars  and  fourteen  cents.  This  balance  will  be  subject  to  the  appro- 
priations of  moneys  for  the  service  of  1828,  that  have  not  as  yet  been  called 


1828.]  SECRETARY  OF  THE  TREASURY.  449 

for,  a  sum  estimated  at  three  million  five  hundred  thousand  dollars ;  and 
includes  the  one  million  of  dollars  in  funds  not  now  effective,  as  heretofore 
explained. 

ESTIMATE  OP  REVENUE  AND  EXPENDITURE  FOR  1829. 

The  gross  amount  of  duties  secured  by  custom-house  bonds,  during  the 
first  three  quarters  of  the  present  year,  is  estimated  at  twenty-two  million 
nine  hundred  and  ninety-seven  thousand  dollars  ;  and  the  amount  that  will 
be  secured,  during  the  fourth  quarter,  at  five  millions  ;  making  an  aggre- 
gate, for  the  whole  year,  of  twenty-seven  million  nine  hundred  and  ninety- 
seven  thousand  dollars.  The  debentures  for  drawback  of  duty,  issued 
during  the  first  three  quarters,  amounted  to  $2,962,584  55,  and  the  amount 
outstanding  on  the  last  day  of  the  third  quarter  was  $2,261,798  05,  of 
which  $1,045,144  46  are  chargeable  upon  the  revenue  of  1829.  The  amount 
of  bonds  in  suit  at  the  close  of  the  third  quarter  was  $4,624,278  75  ;  which 
exceeds,  by  $487,466  11,  the  amount  that  was  in  suit  on  the  corresponding 
day  of  1827. 

Making  the  proper  deductions  on  the  foregoing  and  other  accounts  from 
the  gross  amount  of  duties  secured  in  1828,  the  revenue  to  be  received  from 
the  customs  in  1829  may  be  estimated  at  twenty-one  million  five  hundred 
thousand  dollars  ;  that  from  the  sales  of  the  public  lands  may  be  put  down  at 
o,ne  million  ;  that  from  bank  dividends  at  four  hundred  and  ninety  thou- 
sand dollars ;  and  that  from  incidental  sources  at  about  one  hundred  and 
fifty  thousand  dollars  ;  making  a  total  of  twenty-three  million  one  hundred 
and  forty  thousand  dollars.  The  expenditures  are  estimated  thus :  For  the 
whole  civil  list,  including  miscellaneous  objects,  and  the  ten  millions  for  the 
debt,  twelve  million  one  hundred  and  sixty  thousand  dollars  ;  for  the  mili- 
tary establishments,  and  objects  in  connexion  with  them,  five  million  and 
sixty  thousand  ;  and  for  the  naval,  four  million  four  hundred  and  twenty 
thousand;  making,  in  the  whole,  twenty-one  million  six  hundred  and 
forty  thousand  dollars ;  and  giving  an  excess  of  receipts  for  the  year  1829, 
over  its  expenditure,  of  one  million  five  hundred  thousand  dollars. 

The  receipts  for  1828  were  estimated  at  twenty-two  million  three  hun- 
dred thousand  dollars  ;  but  are  likely  to  amount,  in  point  of  fact,  to  above 
twenty-four  millions  of  dollars.  The  receipts  for  1829  are  estimated,  as  is 
seen  above,  at  twenty-three  million  one  hundred  and  forty  thousand  dol- 
lars. It  has  not  been  considered  safe  to  place  them,  by  any  decided  antici- 
pation, at  a  higher  sum;  yet  there  are  appearances  in  the  commercial  and 
political  world,  which,  in  their  further  development,  may  carry  the  actual 
receipts  of  1829  at  least  as  far  above  their  estimated  amount  as  is  likely  to 
be  the  case  with  those  of  1828.  If,  for  example,  without  alluding  to  other 
contingencies,  any  continued  or  further  activity  in  the  demand  for  grain  and 
flour  should  lead  to  heavier  exportations  of  our  produce  than  usual,  within 
a  few  months  to  come,  there  would  of  course  be  a  reflow  of  heavier  import- 
ations. The  revenue  of  1829  would  feel  the  effect  of  these,  in  increased 
receipts ;  because,  even  under  the  long  credits  allowed  on  duty  bonds,  a 
portion  of  the  duties  that  accrue  within  the  year  are  receivable  within  the 
year.  But  such  events  as  these,  although  fit,  perhaps,  to  be  incidentally 
hinted  at,  are  to  be  viewed  with  caution  as  the  groundwork  of  any  positive 
financial  calculations,  and  accordingly  have  not  been  adopted  in  that  senss 
upon  the  present  occasion. 
VOL.  ii.— 29 


450  REPORTS  OF  THE  [1828, 

Upon  the  whole,  in  bringing  this  report  to  a  close,  there  is  room  for  min- 
gling a  feeling  of  congratulation  to  the  national  legislature,  with  the  state- 
ments which  it  has  exhibited.  The  receipts  of  the  existing  year,  greater  by 
nearly  two  millions  of  dollars  than  had  been  foreseen,  with  a  prospect  of 
income  for  the  next  scarcely  less  abundant ;  the  receipts  of  the  last  four 
years  presenting  a  large  and  gratifying  excess  over  those  of  the  four  years 
preceding ;  the  foreign  commerce  of  the  country  in  a  state  of  solid  pros- 
perity, from  the  improving  condition  of  its  leading  departments  of  industry 
at  home,  and  consequent  increase  in  the  exportation  of  its  products  ;  the 
increase  of  its  tonnage,  that  foundation  of  naval  strength  as  well  as  com- 
mercial riches,  keeping  pace  with  the  increase  of  commerce  ;  the  public 
debt  annually  and  rapidly  decreasing,  under  the  application  of  surplus 
funds  annually  and  rapidly  increasing  ;  the  public  revenue  preserved  at  an 
equal  value  in  every  part  of  the  Union,  through  the  power  of  transfers 
promptly  made  by  the  Bank  of  the  United  States,  without  expense  or  risk 
to  the  nation,  and  the  currency  maintained  in  a  healthful  state  by  the  same 
institution : — such  is  the  great  outline  of  the  financial  and  commercial 
condition  of  the  country ;  a  condition  the  result  of  good  laws  faithfully 
administered,  and  of  the  aggregate  industry  of  an  enterprising  and  free 
people. 

All  which  is  respectfully  submitted. 

RICHARD  RUSH. 

TREASURY  DEPARTMENT, 

December  6, 1828. 


1823.] 


SECRETARY  OF  THE  TREASURY. 


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REPORTS  OF  THE 


[1828. 


B. 

A  STA  TEMENT  exhibiting  the  values  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1827, 
(consisting  of  the  difference  between  articles  paying  duty,  imported, 
and  those  entitled  to  drawback,  re-exported ;)  and,  also,  of  the  nett 
revenue  which  accrued  that  year,  from  duties  on  merchandise,  tonnage, 
passports,  and  clearances. 


MERCHANDISE    PAYING    DUTIES   AD  VALOREM. 

1,853  dollars,  at  12   percent.    -            .,.'.-           -           $22236 
2,023,963  dollars,  at  12i  pe,r  cent.    -                                   -      252,99538 
3,700,544  dollars,  at  15  percent.    -           -                       -      555,081  60 
7,24-2,123  dollars,  at  20  percent.    -                                   -  1,448,424  60 
25,139,978  dollars,  at  25  percent.    -           ,                       -6,284,99450 
1,989,754  dollars,  at  30  percent.    -                                    -      596,92620 
6,929,166  dollars,  at  33j  per  cent.    -           -                       -2,309,72200 
4,396  dollars,  at  35  percent.     -                                              1,53860 
78,639  dollars,  at  40  percent.    ....        31,45560 
442,387  dollars,  at  50  per  cent.    -                                    -      221,19350 

$11,702,554  34 

11,350,348  41 
23,052,902  75 

20,559  02 

47,552,803  dollars      -            -                                               $11,702,55434 

DUTIES    ON   SPECIFIC   ARTICLES. 

1.  Wines,        2,989,760  gallons,  average  23.68  cts.            -     $707,994  95 
2.  Spirits,        3,465,302  gallons,  average  4-4.66  cts.            -    1,547,76934 
Molasses,  13,127,933  gallons,  at             5       cts.            -       656,39665 
3.  Teas,           5,372,956  pounds,  average  33.52  cts.            -    1,800,84919 
Coffee,       31,895,217  pounds,  at              5      cts.            -    1,594,76085 
4.  Sugar,       55,123,515  pounds,  average    3.05  cts.            -    1,681,85047 
5.  Salt,             3,431,163  bushels.at             20      cts.            -       686,232  tt) 
6.  All  other  articles    -           -                                    -'.     •   -   2,674,49436 

Deduct  duties  refunded,  after  deducting  therefrom  duties  on  merchandise, 
the  particulars  of  which  could  not  be  ascertained,  and  difference  in  cal- 
culation       -                       -                       -           - 

Add  2J  per  cent,  retained  on  drawback         -                      -     $123,  106  79 
10  per  cent,  extra  duty  on  foreign  vessels                      -         28,461  07 
Discriminating  duty  on  French  vessels                                        591  54 
Interest  on  custom-house  bonds                                     -         10,904  28 
Storage  received                                   -       '-•-',        -'   '      2,28458 


23,032,343  73 
165,348  26 

Duties  on  merchandise 

Duties  on  tonnage       -           -           -           -  .     -  -  j-        -    $129,48837 
Light  money   -                                   -                   .^..'f         -         16,21339 

23,197,691  99 

145,701  76 
13.114  00 

Passports  and  clearances      ...       "v  •  ] 
L.  -.-  ^%»|  •-  •             *    * 

•  -                            '."••>  (•    .  ' 

Deduct  drawback  on  domestic  refined  sugar       :<p  ••!        -  ;   $11  ,  168  28 
drawback  on  domestic  distilled  spirits                                5,834  36 

23,356,507  75 
17,002  64 

Gross  revenue                                 I  - 

Expenses  of  collection          -          -         '"k'r             "~  ""-"""" 

,'    •                 *•           '  •                     s    fV  '  i   -  •  .         5  -  '  •  «  j 
Nett  revenue,  (A)       -    '  4  *  '  • 

—  —  —  •                                         ..  j  — 

23,339,505  11 
867,438  08 

$22,472,067  03 

1828.] 


SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes. 


453 


1.  Wines  —  Madeira           -       ,    •  j 
Burgundy  and  Champagne     - 
Sherry  and  St.  Lucar  - 
Lisbon,  Oporto,  &c.     •*  | 
Teneriffe,  Fayal,  &c. 
Claret,  &e.  bottled        -  } 
All  other                      >  } 

2.  Spirits—  Grain            -  1st  proof         «* 
2d    do.         "  V 
3d    do.          '  >-- 
4th  do. 
5th  do. 
Other  materials,  1st  and  2d'  do. 
3d    do.          .> 
4th  do.          ''fT. 
5th  do.           vf. 
Above  5lh  do. 

116,584  gallons,  at 
26,011      do. 
14,854      do. 
198,979      do. 
188,212      do. 
99,635      do. 
2,345,485      do. 

100  cents 
100  do. 
60  do. 
50  do. 
40  do. 
30  do. 
15  do. 

42  do. 
45  do. 
48  do 
52  do. 
60  do. 
38  do. 
42  do. 
48  do.  ' 
57  do. 
70  do. 

12  cents 
25    do. 
28   do. 
40  -do. 
50   do. 

3   do. 
4   do. 

20  cents 
20  do. 

$116,584  00 
26,011  00 
8,912  40 
99,489  50 
75,284  80 
29,890  50 
351,822  75 

2,989,760 

707,994  95 

582,342      do. 
6,254      do. 
59,022      do. 
4,506      do. 
36,032      do. 
398,288      do. 
768,076      do. 
1,600,429      do. 
10,122      do. 
231      do. 

244,583  64 
2,814  30 
28,330  56 
2,343  12 
21,619  20 
151,349  44 
3-22,591  92 
768,205  92 
5,769  54 
161  70 

3.  Teas—  Bohea    "}    • 
Souchong            -       ^    r.  *• 
Hyson  skin,  &c.  -           -   ._ 
Hyson  and  young  hyson 
Imperial                         *,- 

Add  extra  duty  on  teas  imported 
from  other  places  than  China 

4.  Sugar—  Brown              -           -    ,    ^ 
White 

"•*.    •            \       •• 

5.  Salt—  Imported 
Exported,              bushels    71.791 
Bounties  and  allowances 
reduced  into  bushels,  at 
20  cents          v^  f       1,075,324 

3,465,302 

1,547,769  34 

18,682  pounds,  at 
1,562,349      do. 
1,107,975      do. 
2,452,241      do. 
231,709      do. 

2,241  84 
390,587  25 
310,233  00 
980,896  40 
115,584  50 

1,036  20 

5,372,956 

.1      ,  •  • 

52,309,013      do. 
2,814,502      do. 

1,800,849  19 

1,569,270  39 
112,580  08 

55,123,515 

1,681,850  47 

4,578,278  bushels,  at 
1,147,115      do. 

915,655  60 
229,423  00 

3,431,163 

636,232  60 

454  REPORTS  OF  THE 

Explanatory  Statements  and  Notes — Continued. 


[1828, 


6.  All  other  articles. 

Quantity. 

Rate 
of 
duty. 

Duties. 

Cents. 

Carpeting,  Brussels,  Wilton,  &c. 

-     yards 

77,082 

50 

$38,541  00 

Venetian 

do. 

676,088 

25 

169,022  00 

all  other 

-       do. 

9,922 

20 

1,984  40 

Cotton  bagging     - 

do. 

4,376,701 

3? 

164.126  28 

Vinegar    - 

-   gallons 

33,403 

8 

2^672  24 

Beer,  ale,  and  porter,  in  bottles   - 
in  casks     - 

do. 
do. 

90,296 

7,465 

20 
15 

18,059  20 
1,119  75 

Oil  —  spermaceti 

do. 

1 

25 

25 

whale           -           -           - 

do. 

157 

15 

23  55 

olive                                     *  ' 

do. 

85,024 

25 

21,256  00 

castor 

-    -        do. 

100 

40 

40  00 

linseed 

do. 

37,816 

25 

9,454  00 

hempseed     - 

,  .       do. 

43 

25 

16  75 

Cocoa        - 

-   pounds 

326,735 

2 

6,534  70 

Chocolate 

do. 

2,581 

4 

103  24 

Sugar  —  candy       ».«.'-_. 

do. 

272 

12 

32  64 

loaf 

•   .-'      do. 

347 

12 

41  64 

other  refined 

do. 

61 

10 

6  10 

Fruits  —  almonds                          -           *• 

do. 

457,147 

3 

13,714  41 

currants 

..      do. 

97,362 

3 

2,920  86 

prunes  and  plums 
figs          -           -           -           - 

''-•'«'•      do. 
do. 

249,908 
1,136,728 

4 
3 

9,996  32 
34,101  84 

raisins,  jar                      - 

do. 

2,659,731 

4 

106,389  24 

other 

do. 

2,663,619 

3 

79,908  57 

Candles  —  tallow  - 

.-   -        do. 

44,431 

5 

2,221  55 

wax      *           -         ..- 

do. 

415 

6 

24  90 

spermaceti 

do. 

301 

8 

24U)8 

Cheese 

-  '      do. 

77,176 

9 

6,945134 

Soap                      -                        - 

do. 

216,108 

4 

8,644  32 

Tallow     - 

do. 

1,042,643 

1 

10,426  43 

Lard 

•    -'      do. 

30 

3 

90 

Beef  and  pork 

-     do. 

208,168 

2 

4,163  36 

Hams,  and  other  bacon  - 

do. 

4,454 

3 

133  62 

Butter 

-       do. 

2.882 

5 

144  10 

Refined  saltpetre 

do. 

27 

3 

81 

Vitriol,  blue  or  Roman    - 

do. 

56 

4 

2  24 

oil  of        -                       - 

do. 

900 

3 

27  00 

Camphor,  crude  - 

do.> 

30,446 

8 

2,435  68 

refined 

do. 

1 

12 

12 

Salts,  Epsom     .    - 

do. 

1,610 

4 

64  40 

Glauber 

-  .      do. 

78 

2 

1  56 

Spices  —  Cayenne  pepper 

-       do. 

514 

15 

77  10 

ginger    - 

-        do. 

304,670 

2 

6,093  40 

nutmegs       , 

.    -    .  -do. 

21,788 

60 

13,072  80 

cloves     - 

do. 

38,020 

25 

9,505  00 

pepper    - 

do. 

389,718 

8 

31,177  44 

pimento  - 

-        do. 

614,676 

6 

36,880  56 

Snuff 

do. 

503 

12 

60  36 

Indigo       •*                                   -           - 

do. 

450,791 

15 

67,618  65 

Cotton 

do. 

42,292 

3 

1,268  76 

Gunpowder 

-•      do. 

59,351 

8 

4,748  08 

Bristles     -                                   - 

-       do. 

275,557 

3 

8,266  71 

Glue          -                                   ...;. 

do. 

1,583 

5 

79  15 

Paints  —  ochre,  dry 

do. 

1,052,558 

1 

10,525  58 

in  oil 

do. 

13,490 

li 

202  34 

white  and  red  lead 

/-"     'do. 

1,807,179 

4 

72,287  16 

whiting  - 

do. 

657,218 

1 

6,572  18 

Lead  —  pig,  bar,  and  sheet       ,'   •»        ,.- 

-  .     do. 

4,403,014 

2 

88,060  28 

Cables,  tarred 

do. 

24,142 

4 

965  68 

1828.]  SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


455 


6.  All  other  articles  —  continued. 

Quantity. 

Rate 
of 
duty. 

Duties. 

Cents. 

Cordage  —  tarred            '  -    ,      -  - 

-    pounds 

392,911 

4 

$15,716  44 

untarred 

do. 

74,618 

5 

3,730  90 

Twine  —  untarred,  yarn  - 

do. 

334,177 

5 

16,708  85 

Corks        -                    \-.f 

do. 

173,682 

12 

20,841  84 

Copper  —  rods  and  bolts    - 

do. 

5,616 

4 

224  64 

nails  and  spikes 

do. 

2,392 

4 

95  68 

Fire-arms  —  rifles              ... 

-    '  No. 

11 

250 

27  50 

Iron  and  steel  wire,  not  above  No.  18 

-   pounds 

013,635 

5 

30,681  75 

above  No.  18 

do. 

258,426 

9 

23,258  34 

tacks,  not  above  16  oz.  per  M. 

do- 

24,133 

5 

1,206  65 

above  16  oz.  per  M.  -           ,-?'„ 

do. 

4,271 

5 

213  55 

nails         -    - 

-       da 

600,151 

5 

30,007  55 

spikes       ••-...        -                   •'•f'^'- 

.'--  >do. 

57,384 

4 

2,295  36 

chain  cables             -           -    f  t-  .*». 

--,-,.    do. 

435,505 

3 

13,065  IE 

mill  saws  i  ';-  ":        -            -        ••.«*&< 

-       No. 

1,464 

100 

1,464  OC 

anchors      ."!•!*•       r   '                    rl. 

-   pounds 

35,722 

2 

714  44 

anvils 

-       do. 

1,178,686 

2 

23,573  7S 

hammers  and  sledges                   '5«*t. 

do. 

56,757 

2i 

1,418  92 

castings,  vessels  of  -      ,     -   v  •-  .-*•' 

do. 

627,847 

1ft 

9,417  71 

other         -                  -.":.ffff- 

-       da 

489,381 

1 

4,893  81 

round  or  brazier's  rods 

do. 

680,366 

3 

20,410  9£ 

nail  and  spike  rods              -    • 

do. 

11,555 

3 

346  65 

sheet  and  hoop 

do. 

5,049,059 

3 

151,471  T 

slit  and  rolled 

-      'do. 

201,334 

3 

6,040  OS 

pig    -            -            -            -    .    T-'-'i 

~-.4«'    cwt. 

26,086 

50 

13,043  (K 

bar,  rolled    -                       -        •--,'-, 

do. 

170,146 

150 

255,219  (K 

hammered 

;-,      da 

536,936 

90 

483,242  4( 

Steel          -    '       -           - 

-    -       do. 

25,503 

100 

25,503  OC 

Hemp       -      v    ,-           "'-.""•,'    •'" 

-    -   do. 

119,354 

175 

208,869  5( 

Alum       -       i:.  *'i*'     •'Wvi  V.^v.i 

.*•-/-»    do. 

84 

250 

210  0( 

Copperas  -           -  .    :\  *.  *'    ,/+,_     '\-v,v» 

-,  .T,.    do. 

2,929 

200 

5,858  (X 

Wheat  flour 

-        do. 

32 

50 

16  (K 

Coal          - 

-   bushels 

1,077,536 

6 

64,652  1( 

Wheat     -  - 

-        do. 

1,180 

25 

295  0( 

Oats      ,-.!-:-•  rV_  . 

-  •      do. 

773 

10 

77  3C 

Potatoes    -           -           -           r       •    ."- 

•-    .  do. 

38,102 

10 

3,810  2( 

Paper—  folio  and  4to  post 
printing               - 

-   pounds 
do. 

12,994 

852 

20 
10 

2,598  8< 
85  2( 

Books  printed  previous  to  1775   - 
in  other  languages 

do. 
-*'    do. 

938 
90,899 

4 
4 

37  5: 
3,635  9 

Latin  or  Greek,  bound 
not  bound 

do. 
-    -    do. 

2,455 
3,182 

15 
13 

368  2. 
413  6 

all  other,  bound     -         *.  -  ^  •  f  •  :  ,  i 
not  bound 

do. 

.     -  .     do. 

12,982 
59,304 

30 
26 

3,894  & 
15,419  0 

Glass  —  col,  and  not  specified 
all  other  articles  of 

-.'  -       do. 
da 

28,832 
1,344,263 

3 
2 

864  9 
26,885  2 

apothecaries'  vials,  not  above  4  oz. 
8  oz. 

gross 
do. 

7,164 
1,074 

100 

125 

7,164  01 
1,342  & 

bottles,  not  above  1  quart 
1  gallon 

do. 
do. 

29,759 
36 

200 
300 

59,518  Oi 
108  0( 

demijohns 
window,  not  above  ft  by  10 
10  bv  12 

•  -        do. 
100  sq.ft. 
do. 

52,534 
964 
456 

25 
300 
350 

13,133  & 
2,892  Ol 
1,596  01 

above  10  by  12 
uncut,  in  plates 

do. 
do. 

4,114 
633 

400 
400 

16,456  01 
2,532  Ol 

Fish  —  dried  or  smoked    -           -^ 

-  quintals 

583 

100 

5S3  (X 

pickled  .  salmon 

-    barrels 

924 

200 

1,848  Oi 

mackerel 

•  i       do- 

39 

150 

58  5l 

all  other  - 

do. 

174 

100 

174  01 

456  REPORTS  OF  THE 

Explanatory  Statements  and  Notes — Continued. 


[1828, 


6.  All  other  articles  —  conlinued. 

Quantity.' 

Rate 
of 
duty. 

Duties. 

Shoes  and  slippers  —  silk 
prunelle 
ieather  - 
children's 
Boots  and  bootees 
Segars 

pairs 
do. 
do. 
do, 
-  .     do. 
M. 

1,367 
1,447 
3,123 
1,2£0 
274 
13,960 

Cents. 

30 
25 
25 
15 
150 
250 

$410  If 
361  7£ 
780  7f 
168  Ot 
411  (X 
34,900  Ot 

Deduct  excess  of  exportation  over  importation: 

3 

Mace  - 

718  pounds,  at  100  cents 

$718  00 

Cinnamon 

11,676  pounds,  at   25  cents 

-    .2,919  00 

Cassia 

-    126,248  pounds,  at      6  cents 

-      7,574  88 

'''  •*-• 

Tobacco,  manufactured 

13,372  pounds,  at    10  cents 

-      1,337  20 

Shot     - 

5,957  pounds,  at     3j  cents 

208  50 

Muskets 

8,602  each           150  cents 

-    12,903  00 

Paper  —  foolscap 
sheathing 

43,890  pounds,  at    17  cents 
-        1,662  pounds,  at     3  cents 

-      7,461  30 
49  86 

other 

6,953  pounds,  at    15  cents 

-      1  ,042  95 

Bottles,  not  over  2  quarts 

.  7  gross,     at  250  cents 

17  50 

Playing  cards 

-'"      4.389  packs,    at   30  cents 

,      1,316  70 

;  

35,548  S9 

Carried  to  statement  B 

- 

2,674,494  36 

c. 

STATEMENT  exhibiting  the  amount  of  American  and  foreign  ton- 
nage employed  in  the  foreign  trade  of  the  United  States  during  the 
year  ending  on  the  31s/  day  of  December,  1827. 


American  tonnage  in  foreign  trade 
Foreign  tonnage  in  foreign  trade 


-    Tons  900,199 
151,875 


Total  tonnage  employed  in  the  foreign  trade  of  the  United 
States 

Proportion  of  foreign  tonnage  to  the  whole  amount  of  ton- 
nage employed  in  the  foreign  trade  of  the  United  States 


14.4  to  10O 


TREASURY  DEPARTMENT, 

l\egitster:s  Office,  December  8,  1828. 

JOSEPH  NOURSE,  Register 


1328.] 


SECRETARY  OF  THE  TREASURY. 


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1828.] 


SECRETARY  OF  THE  TREASURY. 


STA  TEMENT  of  the  sales  of  public  lands,  and  of  the  receipts  into 
the  land  offices  on  account  thereof,  and  of  the  expenses  incidental  to 
the  same,  from  the  1st  of  January,  1828,  to  the  3Qth  of  June  following. 


Nett  amount 

Purchase 

Amount 

Aggregate 

Incidental 

of  lands  sold. 

money. 

received 

receipts. 

expenses, 

Land  offices. 

under  the 

salaries, 

credit  sys- 

and com- 

i 

tem. 

missions. 

Marietta 

Acres. 
3,445.66 

$4,307  07 

8149  15 

$4,456  22 

$588  51 

Zanesville     - 

16,255.62 

20,169  42 

955  01 

21,124  43 

1,160  84 

Steubenville  - 

12,520.02 

15,650  01 

15,650  01 

981  48 

Chillicothe    - 

6,685.91 

8,357  38 

183  92 

8,541  30 

776  58 

Cincinnati     - 

10,616.36 

13,270  45 

13,270  45 

2,275  95 

Wooster        ... 

5,867.64 

7,334  54 

7,334  54 

761  71 

Piqua             -            -          —  • 

373.36 

466  70 

466  70 

509  76 

Tiffin 

15,600.87 

19,501  08 

19,501  08 

952  86 

Jefiersonville 

5,059.52 

6,324  40 

44  12 

6,368  52 

802  71 

Vincennes     - 

8,786.74 

10,983  45 

200  00 

11,183  45 

6,677  23 

Crawfordsville 

52,851.77 

66,054  74 

66,054  74 

2,411  07 

Indianapolis  ... 

23,935.33 

29,919  09 

29,919  09 

1,019  53 

Fort  Wayne  - 

80.00 

100  00 

100  00 

506  05 

Shawneetown 

1,734.05 

2,185  45 

2,185  45 

1,756  74 

Kaskaskia     - 

1,356.17 

1,695  23 

184  93 

1,880  16 

858  86 

Edwardsville 

7,133.23 

8,916  55 

8,916  55 

663  12 

Vandalia 

1,108.04 

1,385  05 

1,385  05 

604  81 

Palestine       -           .*;'.- 

6,188.94 

7,736  17 

7,736  17 

725  33 

Springfield    -       *'••". 

12,502.41 

15,628  01 

15,628  01 

814  21 

St.  Louis 

11,972.71 

14,965  94 

14,965  94 

761  97 

Franklin 

16,693.57 

20,867  01 

121  25 

20,988  26. 

919  60 

Jackson 

1,803.58 

2,354  44 

2,354  44 

603  73 

Palmyra        - 

11,474.85 

14,343  60 

14,343  60 

767  19 

Lexington     -           -           - 

10,052.99 

12,566  28 

12,566  28 

1,335  24 

St.  Stephen's  - 

5,248.72 

6,560  99 

27  76 

6,588  75 

1,191  25 

Cahaba        "-T  ' 

29,710.01 

37,137  81 

44  95 

37,182  76 

1,466  91 

Huntsville     - 

801.76 

1,002  20 

1,002  20 

3,674  75 

Tuscaloosa   - 

3,472.90 

4,341  69 

, 

4,341  69 

695  21 

Washington  -                       r 

1,357.22 

1,696  50 

808  60 

2,505  10 

596  71 

Mount  Salus 

20,795.82 

25,994  58 

•\--Jx  i^-'. 

25,994  58 

927  19 

Augusta        •«,,'  ' 

553.40 

691  74 

_ 

691  74 

541  68 

New  Orleans           •?  '   ''•',- 

_ 

_ 

2,344  43 

Opelousas 
Ouachita       - 

1,195.04 
1,791.21 

1,493  79 
2,239  01 

104  85 

1,598  64 
2,239  01 

557  55 
731  69 

Detroit 

10,978.70 

13,723  42 

m 

13,723  42 

2,690  09 

Monroe 

3,138.44 

3,923  04 

__ 

3,923  04 

976  10 

Little  Rock   - 

334.00 

417  50 

_ 

417  50 

539  06 

Batesville      r    '    s'»j\  s 

249.81 

312  26 

_ 

312  26 

470  78 

Tallahasse    - 

17,873.38 

22,493  57 

- 

22,493  57 

1,123  66 

341,599.75 

427,110  16 

2,824  54 

429,934  70 

47,752  14 

NOTE.— The  causes  of  the  amount  of  incidental  expenses  being  so  large  will  be  found  fully 
explained  in  the  note  appended  to  the  statement  for  the  year  1827. 

TREASURY  DEPARTMENT, 

General  Land  Office,  Nov.  22,  1828. 

GEO.  GRAHAM, 

Commissioner  of  the  General  Land  Office. 


460 


REPORTS  OF  THE 
E. 


[1828. 


STATEMENT  of  moneys  received  into  the  Treasury,  from  all  tources 
other  than  customs  and  public  lands,  during-  the  year  1827. 


Dividends  on  stock  in  the  Bank  of  the  United  States 
From  arrears  of  direct  tax  -  -       $2,626  90 

new  internal  revenue  19,885  68 

fees  on  letters  patent  -  -  10,560  00 

cents  coined  at  the  mint  22,030  32 

postage  of  letters        -  101  00 

fines,  penalties  and  forfeitures  157  45 

surplus  emoluments  of  officers  of  the 

customs 
interest  on  balances  due  by  banks  to 

the  United  States  -  6,000  00 

nett  proceeds  of  vessels  condemned 

under  the  slave-trade  acts  -  10.844'  79 

a  person  unknown,  stated  to  be  on 

account  of  imports  and  tonnage    -  6  00 

moneys  previously  advanced  on  ac- 
count of  treaty  with  Spain  85  00 

Balances  of  advances  made  in  the  War  Department,  re- 
paid under  the  3d  section  of  the  act  of  1st  May,  1820  - 

Moneys  received  from  Great  Britain,  under  the  convention 
of  13th  November,  1826,  for  slaves  and  other  property 
taken  during  the  late  war 


$420,000  00 


32,845  44 


1,204,960  00 
$1,758,235  41 


TREASURY  DEPARTMENT, 

Register's  Office,  December  4,  1828. 

JOSEPH  NOURSE,  Register. 


F.          $£ 

STA  TEMENT  of  the  expenditures  of  the  United  States,  for  the  year 

1827.     - 


CIVIL,  MISCELLANEOUS,  AND  DIPLOMATIC,  VIZ: 

Legislature  -  $421,965  35 

Executive  departments       -            -  -  501,793  05 

Officers  of  the  mint  9,600  00 

Surveying  department  25,176  93 

Commissioner  of  the  Public  Buildings  -  1,695  06 
Governments  in  the  Territories  of  the  United 

States*-         *•*£      .,-  l-tt-r     42,46227 

Judiciary  -           ,-,           ,-.       .-"•-  '  ,  -  225,44848 


$1,228,141  04 


1823.] 


SECRETARY  OF  THE  TREASURY. 


46J 


Annuities  and  grants 

Mint  establishment     - 

Unclaimed  merchandise 

Light-house  establishment 

Surveys  of  public  lands 

Registers  and  receivers  of  land  offices 

Preservation  of  the  public  archives  in  Florida 

Land  claims  in  Florida  Territory 

Land  claims  in  St.  Helena  land  district 

Roads  within  the  State  of  Ohio 

Roads  within  the  State  of  Indiana     - 

Roads,  canals,  &c.  within  the  State  of  Alabama 

Roads,  canals,  &c.  within  the  State  of  Missouri 

Roads,  canals,  &c.  within  the  State  of  Mississippi 

Repairing  the  post  road  between  Chatahoochie 
and  Line  creek,  Alabama  - 

Marine  hospital  establishment 

Public  buildings  in  Washington 

Payment  of  balances  to  collectors  of  new  in- 
ternal revenue 

Appropriation  of  prize  money 

Stock  in  the  Louisville  and  Portland  Canal 
Company  -  £'•*- 

Payment  of  claims  for  property  lost,  &c. 

Payment  of  claims  for  buildings  destroyed     - 

Miscellaneous  expenses 

Diplomatic  department 

Mission  to  the  Congress  of  Panama  - 

Contingent  expenses  of  foreign  intercourse    - 

Relief  and  protection  of  American  seamen     - 

Prize  causes 

Treaties  with  Mediterranean  powers 

Treaty  of  Ghent  (6th  and  7th  articles) 

Treaty  of  Ghent  (1st  article) 

Payment  of  claims  tinder  the  9th  article  of  the 

treaty  with  Spain  - 
Claims  on  Spain 
Awards  under  the  first  article  of  the  treaty  of 

Ghent        -  -          : 


MILITARY   ESTABLISHMENT. 

Pay  of  the  army 
Subsistence    - 
Forage 

Quartermaster's  department  - 
Arrearages  of  the  army 
Bounties  and  premiums 
Purchasing  department 
Purchase  of  woollens  for  1828 


$2,000  00 

40,588  86 

247  64 

324,859  78 

53,718  15 

3,256  14 

1,625  00 

2,971  24 

1,502  78 

7,390  9L 

7,352  54 

6,540  36 

1.981  45 

4,717  11 

6,000  00 

89,137  42 

175,727  35 

2.637  13 
2,202  50 

30,000  00 

608  75 

8,134  74 

52,923  82 

117,126  55 
17,953  52 
36.248  63 
30,617  68 
4,000  00 
26.505  54 
11,765  06 
13,706  44 

824  00 
1,817  72 


398,646  73 

659,211  87 


$826,123  67 


2,713,476  58 


990,004  21 
226.556  41 

44,519  26 
326,889  48 

12,387  24 

14,092  16 
228,967  08 

20,000  00 


462 


REPORTS  OF  THE 


[1828. 


Expenses  of  recruiting  -  $11,600  54 

Ordnance  -  -  24,733  52 

Arming  and  equipping  the  militia  -  199,397  59 

Armories  -  366,047'  27 

Arsenals  -  32,564  96 

Arsenal  at  Vergennes  -  -  8,600  00 

Arsenal  at  Augusta,  Maine  -  -  4,581  60 

Arsenal  at  Augusta,  Georgia  -  -  32,286  69 

Arsenal  at  St.  Louis  -  -  15,000  00 

Hospital  department  -  -  28,023  84 

Contingencies  of  the  army  -  -  8,223  66 

Repairs  and  contingencies  of  fortifications  -  22,906  23 

Fort  Monroe  -  -  -  87,396  97 

Fort  Calhoun  -  -  -  -  -  56,817  24 

Fort  Adams  -  -  106,801  47 

Fort  Hamilton  -  66,784  09 

Fort  Jackson  -  -  90,144  78 

Fort  at  Cape  Fear,  North  Carolina  -  -  29,930  00 

Fort  Macon,  at  Beaufort,  North  Carolina  -  49,464  42 

Fort  at  Bienvenue  -  -  40,000  00 

Fort  at  Mobile  Point  -  -  -  72,951  46 

Fort  at  Rigolets  -  33,670  71 

Armament  of  new  fortifications  -  63,413  09 

Surveys,  &c.  of  roads  and  canals  -  48,242  44 

Continuation  of  the  Cumberland  road  -  ;  -  163,72000 
Preservation  and  repairs  of  the  Cumberland 

road  -  -  -  25,510  00 

Road  from  Memphis  to  Little  Rock  -  -  2,065  00 

Road  from  Little  Rock  to  Cantonment  Gibson  2,000  00 
Road  from  Fort  Smith  to  Fort  Tovvson  •>•'*.*  2,000  00 
Road  from  Colerain  to  Tampa  bay  -  •»;,'•  5,916  00 
Old  King's  road  from  the  Georgia  line  (by-  St. 

Augustine)  to  New  Smyrna  -  5,000  00 

Road  from  Detroit  to  Chicago  -  20,000  00 

Improving  the  Ohio  and  Mississippi  rivers  -  26.716  00 

Improving  the  navigation  of  the  Ohio  river  -  9,000  00 

Improving  Hyannis  harbor,  Massachusetts  -  1.000  00 

Improving  Cleaveland  harbor,  Ohio  -  -  4,500  00 

Improving  Pascagoula  harbor,  Mississippi  river  8,000  00 

Deepening  the  harbor  of  Presque  Isle  •-•*•  5,484  81 

Deepening  the  harbor  at  Sackett's  Harbor  -  3,000  00 

Preservation  of  islands  in  Boston  harbor  -  9,115  27 

Repairs  of  Plymouth  beach  -  2,184  90 

Removing  obstructions  in  Huron  creek,  Ohio  -  3,500  00 

Removing  obstructions  in  Cunningham  creek  O.  1,000  00 

Removing  obstructions  in  Ashtabula  creek,  0.  -  10,915  18 

Removing  obstructions  in  Grand  river,  Ohio  -  4,620  00 

Removing  obstructions  in  Mobile  harbor,  Ala.  5,605  78 

Removing  obstructions  in  Saugatuck  river,  Me.  1,500  00 

Building  piers  on  Steel's  Ledge,  Belfast,  Maine  400  00 

Building  piers  at  New  Castle,  Delaware  -  2,000  00 

Building  piers  at  Buffalo  creek,  New  York  -  5,000  00 


1828.] 


SECRETARY  OF  THE  TREASURY. 


00 
00 
12,000  00 


2,755 


Piers,  beacons,  &c.  in  the  harbor  of  Saco,  Maine  $4,450  00 

Piers  at  the  mouth  of  Oswego  harbor,  New  York  6,010  39 

Piers  at  the  mouth  of  Dunkirk  harbor.  New  York  3,000  00 

Piers  at  Laplaisance  bay,  Michigan  -  1,000  00 
Examining"  piers  at  Port  Penn,  Marcus  Hook,  and 

Fort  Mifflin  100 
Survey  of  a  canal  from  the  Atlantic  to  the  Gulf 

of  Mexico        -         -:,<V 
Connecting  the  Detroit  and  the  river  Raisin  with 

the  Miami  and  Sandusky  roads 
Surveying  the  harbor  of  Church's  Cove,  Rhode 

Island  -  200  00 

Surveying  the  harbor  of  Stonington,  Connecticut  200  00 
Surveying  the  roads  from  Detroit  to  Saginaw, 

Fort  Gratoit,  and  Lake  Huron  1,500  00 

Erection  of  a  wharf  at  Fort  Wolcott,  Rhode  Island  500  00 
Purchase  of  a  house  and  lot  of  land  at  Eastport, 

Maine  1,800  00 

Purchase  of  lots  at  St.  Augustine,  Florida  600  00 

Barracks  at  Savannah,  Georgia   -                          -  11,414  40 

Barracks  at  Fort  St.  Philip                                     -  12,000  00 

Barracks  at  Fort  Michilimackinac  6,000  00 

Military  cantonment  near  St.  Louis                       -  16,591  54 

Settlement  of  the  Georgia  militia  claims  -            -  100,600  00 

System  of  cavalry,  artillery,  and  infantry  exercise  1,675  24 

Military  Academy,  West  Point    -                         -  41,143  95 

Maps,  plans,  and  books  for  the  War  Department  -  415  13 
Relief  of  officers,  &c.  engaged  in  the  Seminole 

campaign  881  53 

Relief  of  Capt.  Bigger's  company  of  rangers       -  4,635  91 

Relief  of  sundry  individuals                                 -  10,553  80 

Interest  due  to  the  State  of  Pennsylvania             -  17,577  60 

Payment  of  claims  for  property  lost  220  00 

Revolutionary  pensions                                         -  796,012  52 

Invalid  and  half-pay  pensions      -                         -  170,567  56 

Pensions  to  widows  and  orphans  9,558  78 

Boundary  lines  between  Georgia  and  Florida  t  -  3,745  80 
Suppression  of  Indian  aggressions  on  the  frontiers 

of  Georgia  and  Florida  13,096  71 
Carrying  into  effect  certain  Indian  treaties  (act  2d 

March,  1827)  -                                                  -  159,847  37 

Rations  to  Florida  Indians  -  30,015  96 
Relief  of  Florida  Indians  -  'b-V  12,750  25 
Running  the  line  of  land  assigned  to  Florida  In- 

O  c\f\r\      ^  f* 

dians    - 

Presents  to  Indians                                                -  14,940  45 

Contingencies  of  Indian  department                    -  95,787  32 

Creek  treaty,  per  act  of  22d  May,  1826  -            -  101,383  84 

Treaty  with  the  Choctaw  and  Chickasaw  Indians  2,445  37 
Effectina-  certain  Indian  treaties  (act  of  20th  May, 

1826)-            -            -  5,75000 

Emigration  of  the  Creeks  beyond  the  Mississippi  29,080  82 


4G4 


REPORTS  OF  THE 


[1828. 


Civilization  of  the  Indians 

Pay  of  Indian  agents    -•-. 

Pay  of  sub-agents 

Indian  annuities 

Choctaw  schools,  (treaty  of  18th  October,  1820)  - 

Provisions  to  Quapaw  Indians  - 


From  which  deduct  the  following  repayments : 
Fortifications    -  -  $53  19 

Repairs  of  Fort  Constitution  -     72  14 

Survey  of  Marblehead  and  Holmes's  Hole    95  82 
Survey  of  Laplaisance  bay     ,-  -     89  11 

Survey  of  Sandusky  bay  -     41  70 

Road  from  Ohio  to  Detroit  -  700  00 

Road  from  Pensacola  to  St.  Augustine  -  546  00 
Effecting   Creek  treaty,   per  act  of  3d 

March,  1825-  -       8  00 

Holding  treaties  with  the  Indians  claim- 
ing lands  in  Indiana  .-  -       227 


$10,296  84 
32,356  65 
17,007  02 

209,529  29 
10,270  90 
2,000  00 

5,677,349  85 


1,608  23 


-5,675,741  ,62 


NAVAL    ESTABLISHMENT. 

Pay  of  the  navy  afloat  -  1,172,6 1&  19 
Pay  of  the  navy  shore  stations  -  166.063  39 
Provisions  -  575,769  23 
Medicines  and  hospital  stores  -  v*,..  34,31452 
Repairs  of  vessels  -  417,365  55 
Navy  yards,  docks.  &c.  •*  196,916  01 
Navy  yard,  Pensacola  57,499  63 
Ordnance  and  ordnance  stores  36,407  34 
Building  ten  sloops  of  war  -  •  •<- .  184,80424 
Repairs  of  sloops  of  war  20,181  38 
Gradual  increase  of  the  navy  -  -  735,587  68 
Gradual  improvement  of  the  navy  r  100,104  45 
Prohibition  of  the  slave  trade  -  29.603  89 
Suppression  of  piracy  -  1,162  65 
Superintendents,  artificers,  &c.  -  '  70,720  20 
Survey  of  the  harbors  of  Brunswick,  Savan- 
nah, &c.  -  4,078  43 
Arrearages  prior  to  1827  14,769  55 
Surveys  and  estimates  for  dry  docks  -  2,707  27 
Contingent,  prior  to  1824  10,114  68 
Contingent,  not  enumerated,  1826  v«>*  3,267  06 
Contingent,  for  1827  -  *  218,340  81 
Contingent,  not  enumerated,  1827  1,219  12 
Pay  of  the  marine  corps  -  161,531  30 
Clothing  for  the  marine  corps  -  M>  •  •  26,040  70 
Fuel  for  the  marine  corps  5,649  60 
Medicines  for  the  marine  corps  1,717  55 
Barracks  for  the  marine  corps  3, 146  66 
Military  stores  for  the  marine  corps  --  402  00 


1828.] 


SECRETARY  OF  THE  TREASURY. 


Contingent  for  the  marine  corps 
Contingent  arrearages  for  the  marinecorps 
Contingent,  additional,  1826,  for  the  ma- 


rine corps 

f 


From    which  deduct   the  following  re- 
payments : 

Contingent  for  1824  -         »-    $677  44 
Contingent  for  1825  -  -       491  62 

Contingent,  not  enumerated, 

1825  -       108  88 

Contingent  for  1826  -  -    1,878  00 

Building  barges  67  16 

Building  five  schooners  58  33 

Swords  and  medals  -  "    579  62 

Navy  yard,  Philadelphia  13  75 


308  05 


4,267,752  25 


3,874  80 


PUBLIC  DEBT. 

Interest  on  the  funded  debt  3,482,509  21 
Redemption  of  the  six  per  cent,  stock  of 

1813,  (loan  of  $16,000,000)  -  -  6,507,466  85 
Interest  on  the  Louisiana  stock  -  3,562  30 
Reimbursement  of  the  Mississippi  stock  -  1,642  48 
Paying  certain  parts  of  the  domestic  debt  21  12 
Paying  the  principal  and  interest  of  Trea- 
sury notes  -  8,466  44 


From  which  deduct  the  following  re- 
payment : 

Redemption  of  six  per  cent,  stock  of  1813, 
($7,500,000)  - 


10,003,668  40 


01 


1,263,877  45 


10,003,668  39 
$22,656,764  04 


TREASURY  DEPARTMENT,  Register's  Office,  December  4,  1828. 

JOSEPH  NOURSE,  Register. 


STATEMENT  of  the  expenditures  of  the  United  States,  from  the  1st 
of  January  to  the  30th  September,  1828. 

CIVIL,  MISCELLANEOUS,  AND  DIPLOMATIC,  VIZ : 

Legislature-            -  '"-/         -$520,55752 

Executive  department  -            -    392,577  05 

Officers  of  the  mint  7,200  00 

Surveying  department  -      15,613  26 
VOL.  ii.— 30 


466 


[1828. 


Commissioner  of  the  Public  Buildings            -  $1,500  00 
Governments  in  the  Territories  of  the  United 

States        ---                         -  35,147  59 

Judiciary      -                                                -  192,928  62 

Annuities  and  grants  1,698  91 

Mint  establishment   -                                    ..-,  26,388  95 

Unclaimed  merchandise  316  84 

Light-house  establishment     -                         -  172,648  00 

Surveys  of  public  lands                                  -  37,647  97 

Registers  and  receivers  of  land  offices           -  1,250  00 
Preservation  of  the  public  archives  in  Florida 

Territory  -  750  00 
Land  claims  in  Florida  Territory  ,  —  2,554  75 
Land  claims  in  Alabama  -  2,819  67 
Land  claims  in  Michigan  -  297  13 
Roads  within  the  State  of  Ohio  4,215  41 
Roads  within  the  State  of  Indiana  -  -  11,34625 
Roads,  canals,  &c.  within  the  State  of  Alabama  4,632  69 
Roads,  canals,  &c.  within  the  State  of  Missouri  6,332  67 
Marine  hospital  establishment  -  -  49,159  70 
Public  buildings  in  Washington  -  86,00623 
Payment  of  balances  to  collectors  of  new  in- 
ternal revenue  -  192  46 
Stock  in  the  Louisville  and  Portland  Canal 

Company              -                                    -  30,000  00 
Stock  in  the   Chesapeake  and   Ohio  Canal 

Company  -                                                  -  10,000  00 

Payment  of  claims  for  property  lost,  &c.  75  50 

Appropriation  for  navy  hospital  fund             -  46,217  14 
Indemnifying  the  owners  of  the  British  ship 

Union       -                        -                        -  23.474  00 
Repayment  for  lands  erroneously  sold  by  the 

United  States 
Revolutionary  claims 
Miscellaneous  expenses 

Diplomatic  department                                  -  102,77998 

Contingent  expenses  of  foreign  intercourse    -  15,75669 

Relief  and  protection  of  American  seamen    -  11,74730 

Prize  causes-          -V^                  T*.  8,00000 

Treaties  with  Mediterranean  powers              -  33,730  00 

Treaty  of  Ghent,  (6th  and  7th  articles)          -  2,700  34 

Treaty  of  Ghent,  (1st  article)     .  9,80445 
Awards  under  the  1st  article  of  the  treaty  of 

Ghent    '•r-"i       ~K>T»    > 
&3I  .\'yV';< 


1,165,524  04 


-    763,688  26 


MILITARY  ESTABLISHMENT. 


ray  of  the  army 
Subsistence  - 


-  807,155  65 

-  177,965  98 


885,781  17 


948,207  02 
2,999,512  23 


1828.] 


SECRETARY  OF  THE  TREASURY. 


Forage                                                                 .  $35,821  02 

Quartermaster's  department      -                         -  380,484  90 

Arrearages  of  the  army                           -             -  13,955  37 

Bounties  and  premiums                         -            -  14,017  16 

Expenses  of  recruiting           <£  >'-  ;         .            .  11,25274 

Purchasing  department                          .  *         -  152,879  70 

Purchase  of  woollens  for  1829  -            -            -  10,000  00 

Ordnance                                                .            .  65,609  22 

Arming  and  equipping  the  militia         -            -  165.382  90 

Armories                                                $*         -  295,414  40 

Arsenals                                                              .  60,292  08 

Arsenal  at  Augusta,  Maine                                 -  24,000  00 

Arsenal  at  Augusta,  Georgia     -  (  -  16,778  81 

Hospital  department      -                                     -  14,151  99 

Contingencies  of  the  army                                  -  10,353  92 

Expenses  of  the  board  of  visiters  to  West  Point  1,500  00 

Repairs  and  contingencies  of  fortifications          -  14,232  24 

Fort  Monroe     -                         ...  76,354  55 

Fort  Calhoun                -            -          ...  '  -  63,135  41 

Fort  Adams      -         ™         j,  .'ll         -  -  66,504  32 

Fort  Hamilton  -         "- .       -v-:*fi        '£  r  -  60,35903 

Fort  Jackson     -                        .  -  -  47,744  00 

Fort  Macon,  at  Beaufort         '"'-"'       ''•••**  -  55,361  98 

Fort  at  Cape  Fear        -          V«       '-  -  34,72930 

Fort  at  Mobile  Point    .-         ff'I'ttl        -  -  80,000  00 

Fort  at  Pensacola                      -          "  *  -  4,000  00 

Fort  Delaware  -  1  28 

Armament  of  new  fortifications  -  114,660  64 

Surveys,  &c..  roads  apd  canals              -  -  28,963  66 

Continuation  of  the  Cumberland  road   -  -  128.508  36 

Repairs  of  the  Cumberland  road  -  5,000  00 

Road  from  Memphis  to  Little  Rock       -  -  9,470  18 

Road  from  Little  Rock  to  Cantonment  Gibson  -  5,300  00 

Road  from  Fort  Smith  to  Fort  Towson  -  8,884  00 

Road  from  Pensacola  to  St.  Augustine  -  2,000  00 

Road  from  Detroit  to  Saginaw,  &c.       -  230  14 
Old  King's  road  from  the  Georgia  line,  by  St. 

Augustine,  to  New  Smyrna  -  3,000  00 

Military  road  in  the  State  of  Maine  -  1,000  00 

Improving  the  Ohio  and  Mississippi  rivers  -  31,605  31 

Improving  the  navigation  of  the  Ohio  river  -  6,000  00 

Improving  Hyannis  harbor,  Massachusetts  -  8,000  00 

Improving  Cleaveland  harbor,  Ohio       -  -  5,500  00 

Deepening  the  harbor  of  Presque  Isle    -  -  6,223  18 

Deepening  the  harbor  of  Sackett's  Harbor  500  00 

Preservation  of  islands  in  Boston  harbor  •  2,00000 

Removing  obstructions  in  Huron  creek,  Ohio  -  4,413  35 

Removing  obstructions  in  Cunningham  creek,  O.  1,517  76 

Removing  obstructions  in  Ashtabula  creek,  Ohio  2,000  00 

Removing  obstructions  in  Grand  river,  Ohio  -  3,200  00 

Removing  obstructions  in  Mobile  harbor,  Ala.  -  553  00 

Removing  obstructions  in  Appalachicola  river,  Fl.  1,500  00 


' 


, 


REPORTS  OF  THE 


Removing  obstructions  in  Piscataqua  river        -  $2,500  00 

Removing  obstructions  in  Black  river,  Ohio      -  1,000  00 

.Building  piers  on  Steel's  ledge,  Belfast,  Maine   -  33  76 

Building  piers  at  Newcastle,  Delaware  5.000  00 
Building  piers  at  the  mouth  of  Dunkirk  harbor, 

New  York    -                                                -  3,000  00 
Building  piers  at  the  mouth  of  Oswego  harbor, 

New  York    -  13,281  27 

Building  piers  at  Laplaisance  bay,  Michigan     -  2,977  81 
Piers,  beacons,  &c.,  within  the  harbor  of  Saco, 

Maine                                     -  2,550  00 

Pier  adjacent  to  the  pier  at  Buffalo,  New  York  -  20,000  00 
Repairing  public  piers  at  Port  Penn,  Marcus 

Hook,  and  Fort  Mifflin  4,413  00 
Survey  of  a  canal  from  the  Atlantic  to  the  Gulf 

of  Mexico      -  308  62 

Surveying  the  Colbert  shoals,  in  Tennessee  river  200  00 

Survey  of  the  harbor  of  Nantucket,  Mass.  300  00 

Barracks  at  Savannah,  Georgia                          -  3,038  11 

Military  cantonment  near  St.  Louis,  Missouri    -  996  93 
Balances  due  to  certain  States  on  account  of 

militia                                                              -  7,591  20 

Settlement  of  the  Georgia  militia  claims  315  56 

Military  Academy  at  West  Point                       -  25,701  36 
Relief  of  officers,  &c.,  engaged  in  the  Seminole 

campaign  -  698  94 
Relief  of  Captain  Bigger's  company  of  rangers  -  135  50 
Relief  of  sundry  individuals  -  -  29,852  33 
Ransom  of  American  captives  -  242  25 
Revolutionary  pensions  -  670,627  65 
Invalid  and  half-pay  pensions  -  -  106,592  S3 
Pensions  to  widows  and  orphans  -  4,412  37 
Suppression  of  Indian  aggressions  on  the  fron- 
tiers of  Georgia  and  Florida  -  3,576  15 
Pay,  &c.,  of  Illinois  and  Michigan  militia,  for  the 

suppression  of  Indian  disturbances  -  -  39,889  53 
Presents  to  Indians  -  14,931  82 
Contingencies  of  the  Indian  department  -  90.449  12 
Creek  treaty,  per  act  of  22d  May,  1826  -  56,504  76 
Emigration  of  the  Creeks  beyond  the  Mississippi  31,134  25 
Civilization  of  Indians  ,  -  5,833  00 
Pay  of  Indian  agents  Jr  -  21,65000 
Pay  of  sub-agents  (7- '  9,691  13 
Indian  annuities  -  189,839  61 
Choctaw  schools,  (treaty  of  18th  October,  1820)  8,980  42 
Treaty  with  the  Choctaws  4,077  57 
House  for  sub-agents,  interpreters,  &c.  -  14,324  00 
Extinguishment  of  the  claims  of  Cherokee  In- 
dians to  lands  in  Georgia  -  -  500  00 
Extinguishment  of  the  claims  of  Cherokee  In- 
dians to  lands  in  North  Carolina  -  20,613  88 


1828.]  SECRETARY  OF  THE  TREASURY. 

Carrying  into  effect  certain  Indian  treaties, 

(act  24th  May,  1828)  -  $111,791  00 

Holding  treaties  with  the  Chippewas,  &c. 

(act  24th  May,  1828)  -  -  15,000  00 

Exploring  of  the  country  west  of  the  Mis- 
sissippi, by  a  delegation  of  Indians  6,200  00 

4,690,223  36 

From  which  deduct  the  following  repay- 
ments : 

Arsenal  at  Vergennes    -  -       $ 68  81 

Wall  around  the  arsenal  on  the 

Schuylkill     -  70  53 

Survey  of  the  harbor  of  Church's 

cove  -  4  81 

Survey  of  Saugatuck  river  and 

harbor  -        30  03 

Survey  of  Piscataqua  river  9  54 

Survey  of  Hyannis  harbor  27  00 

Repairs  of  Fort  Constitution       -  1  50 

Erecting  piers  at  Marcus  Hook, 

PortPenn,  (fee.  36  11 

House  and  lot  at  Eastport,  Me-  -  «       5  32 

Repairs  of  wharf  at  Fort  Wolcott        37  83 

Brigade  of  militia  -  -    1,000  00 

Treaty  with  the  Cherokees,  (act 
of  20th  April,  1818 


469 


! 


-   2,26507 
Provisions  for  Q,uapaw  Indians  -   2,000  00 


. 
NAVAL    ESTABLISHMENT. 

Pay  of  the  navy  afloat 

Pay  of  the  navy  shore  stations 

Pay  of  naval  constructors,  superintend'ts,  <fcc. 

Provisions 

Medicines  and  hospital  stores  - 

Repairs  of  vessels  -  .   t- 

Navy  yards 

Navy  yard  at  Philadelphia 

Navy  yard  at  Washington 

Ordnance  and  ordnance  stores 

Building  ten  sloops  of  war  - 

Gradual  increase  of  the  navy 

Gradual  improvement  of  the  navy 

Prohibition  of  the  slave  trade 

Survey  of  the  harbors  of  Savannah,  Bruns- 

wick, <fcc. 

Arrearages  prior  to  1827  - 
Arrearages  prior  to  1823  - 
Outfits 

Prize  money  due  to  Thomas  Douty 

Captors  of  Algerine  vessels 

Relief  of  sundry  individuals 

Contingent,  prior  to  1824 


5,556  55 


$4,684,666  81 


918,912  72 
116,197  72 

53,600  62 
414,193  33 

48,954  86 

468,476  65 

141,037  80 

13  75 

22  17 

34,417  43 
194,690  29 

59,128  04 
288.461  19 

28,274  17 

1,154  87 

4,697  16 

9,838  69 

25,000  00 

19  96 

19  96 

13,360  68 

863  68 


470  REPORTS  OF  THE  [1828. 

Contingent  for  1824  -       $2,39882 

Contingent,  not  enumerated,  for  1  824  -             125  00 

Contingent,  not  enumerated,  for  1825  -             108  88 

Contingent  for  1826  2,822  98 

Contingent,  not  enumerated,  for  1826  -             169  70 

Contingent  for  1827  ifo..        1,218  34 

Contingent,  not  enumerated,  for  1827  3,293  45 

Contingent  for  1828  •'-,    201,00973 

Contingent,  not  enumerated,  for  1828  V^iy          500  00 

Breakwater  near  the  mouth  of  Delaware  bay  5,000  00 

Pay  and  subsistence  of  the  marine  corps  -        95,679  37 

Clothing  for  marine  corps  -            -  29,259  11 

Fuel  for  marine  corps  6,098  17 

Medicines  for  marine  corps  2,726  34 

Barracks  for  marine  corps  -  21,827  03 

Military  stcras  for  marine  corps     .?-,  1,276  67 

Contingent  fjr  marine  corps          .>  10,45291 

3,205,302  24 

From  which  deduct  the  following  repay- 
ments : 
Rewarding  the  officers  and  crews 

of  the  Wasp  and  Constitution    $3,418  50 
Contingents  for  1825     -  -      553  06 

Houses  for  ships  in  ordinary      -      190  00 

4,161  56 
— $3,201,140  68 

PUBLIC    DEBT. 

e  •  r 

Interest  on  the  funded  debt  -   2,357,556  67 

Redemption  of  the  6  percent,  stock  of  1813, 

(loan  of  sixteen  millions)  -  2,744,423  91 

Redemption  of  the  6  per  cent,  stock  of  1813, 

(loan  of  seven  and  a  half  millions)  -  2,256,039  21 

Reimbursement  of  Mississippi  stock  -  900  00 

Paying  the  principal  and  interest  of  Trea- 
sury notes  -  668  40 

7,359,588  19 

$18,244,907  91 

..  -  ^o   .     • 


TREASURY  DEPARTMENT, 

Register's  Office,  December  4,  1828. 

JOSEPH  NOURSE,  Register. 


. 


1828.]  SECRETARY  OF  THE  TREASURY. 

No.  1. 


471 


STATEMENT  of  the  funded  debt  of  the  United  States,  as  it  will 
exist  on  the  1st  of  January,  1829  ;  exhibiting,  also,  the  dates  of  the 
acts  under  which  the  several  stocks  wire  constituted,  and  the  periods  at 
which  they  are,  or  were,  redeemable. 


Stocks.        ^ 

Date  of  acts  con- 
stituting the  se- 
veral stocks. 

Periods  when  re- 
deemable. 

Amounts. 

Three  per  cent,  stock, 
(revolutionary  debt) 

Six  per  cent,  stock    - 
Six  per  cent,  stock     - 

Amount    at   six   per 
cent.          .-•'.; 
Five  per  cent,  stock, 
subscription  to  the 
Bank  of  the  U.  S.  - 

Five  per  cent,  stock  - 
Five  per  eent.  stock  - 
Exchanged    five    per 
cent,  stock 

Amount  at   five  per 
cent. 
Four  and  a  half  per 
cent,  stock  - 
Four  and  a  half  per 
cent,  stock  - 
Exchanged  four  and  a 
half  per  cent,  stock 
Exchanged  four  and  a 
half  per  cent,  stock 

Amount  at  four  and  a 
half  per  cent. 

Aug.  4,  1790    - 

March  24,  1814 
March  3,  1815- 

April  10,  1816  - 

May  15,  1830  - 
March  3,  1821- 

April  20,  1822  - 

May  24,  1824  - 
May  26,  1824  - 
May  26,  1824  - 
March  3,  1825  - 

At  the  pleasure  of 
Government 
In  1827      . 
In  1828      - 

.  .mitfisJwte}  . 
[T*j«fMW*f*MiJ  rff  o 

:O    TV^j- 
At  the  pleasure  of 
Government 
In  1832      - 
In  1835      -       H--t 

One-third  in  1830; 
one-third  in  1831; 
one-third  in  1832- 

^;!"i;*<  :      tn?&;7j 

In  1832      - 
In  1832  |  - 

One-half  in  1833  ; 
one-half  in  1834- 
One-half  in  1829  ; 
one-half  in  1830  - 

$6,789,722  93 
9,490,099  10 

$13,296,249  45 
16,279,822  02 

ftJi^go.ftA 

iiT 

12,792,000  20 
15,994,064  11 

7,000,000  00 
999,999  13 
4,735,296  30 

56,704  77 

5,000,000  00 
5,000,000  00 

4,454,727  95 
1,539,336  16 

$58,362,13578 

TREASURY  DEPARTMENT,-.:^ 

Register's  Office,  December  4,  1828. 

JOSEPH  NOURSE,  Register. 

v!; 


s 


472 


:,  REPORTS  OF  THE 

No.  2. 


[1828. 


The  actual  receipts  into  the  Treasury  from  all  sources, 
during  the  year  1827,  amounted  to  -  $22,966,363  96 

Viz, 

Customs  -  $19,712,283  29 

Lands,  (statement  D)  -       1,495,845  26 

Dividends  on  stock  in  the  Bank  of  the 
United  States,  (statement  E)  420,000  00 

Arrears  of  internal  duties,  direct  tax,  and 
other  incidental  receipts,  (statement  E)  100,429  97 

Repayments  of  advances  made  in  the  War 
Department  for  services  and  supplies 
prior  to  1st  July,  1815,  (statement  E)  '.  32,845  44 

Moneys  received  from  the  British  Gov- 
ernment, under  the  convention  of  the 
13th  November,  1826,  (statement  E)  -  1,204,960  Ofr 


Making,  with  the  balance  in  the  Treasury 
on  the  1st  January,  1827,  of  - 


6,358,686  18 
29,325,050  14 


An  aggregate  of  - 

The  actual  expenditures  of  the  United  States,  on  all  ac- 
counts, during  the  year  1827,  amounted  (statement  F)  to     22,656,764  04 
Viz. 

Civil,  diplomatic,  and  miscellaneous        -    $2.314.829  85 

Military  establishment,  including  fortifi- 
cations, ordnance,  Indian  department, 
revolutionary  and  military  pensions, 
arming  militia,  and  arrearages^  prior  to 
1st  January,  1817 

Naval  service,  including  the  gradual  im- 
provement of  the  navy 

Public  debt 

Payments  of  awards  to  owners  of  slaves 
and  other  property,  under  the  conven- 
tion with  the  British  Government  of 
the  13th  November,  1826 


5,675,741  62 

4,263,877  45 
10,003,668  39 


398,646  73 


Leaving  a  balance  in  the  Treasury,  on  the  1st  of  January, 

1828,  of  -  .-•         -23  ,*   »fc*i     *;«?w      - 


$6,668,286  10 

TREASURY  DEPARTMENT, 

Register's  Office,  December  4,  1828. 

JOSEPH  NOURSE,  Register. 


1828.]  SECRETARY  OF  THE  TREASURY.  473 

No.  3, 

The  actual  receipts  into  the  Treasury,  during  the  first  three  quarters  of  the 
vcar  1828,'are  estimated  to  have  amounted  to       O>  -  .  .'.     _   $18,633.580  27 

*  TT  ' 

Viz. 

Customs  -   $17,309,169  73 

Lands          ,'-V                   -                       ...  564,50733 

Dividends  on  stock  in  the  Bank  of  the  United  States           -  455,00000 

Arrears  of  internal  duties,  direct  tax,  and  incidental  receipts  289 , 152  72 
Repayment  of  advances  made  in  the  War  Department, 

prior  to  the  1st  July,  1815  15,760  49 

And  the  actual  receipts  into  the  Treasury,  during  the  fourth  quarter  of  the 
year,  are  estimated  at  -  -        5,461,28340 

Making  the  total  receipts  into  the  Treasury,  during  the  year  1828     -  -      24,094,863  67 

And  with  the  balance  in  the  Treasury  on  the  3lst  December,  1827,  of  -        6,668,286  10 

An  aggregate,  estimated  at  -  ,  .    -      30,763,149-  77 

The  expenditures,  during  the  first  three  quarters  of  1828, 
have  amounted  to  (statement  1)    -  $18,244,90791 

Viz. 

Civil,  diplomatic,  and  miscellaneous          -  $2, 235, 823  97 
Military  establishment,  including  fortifica- 
tions, ordnance,  Indian  department,  revo- 
lutionary and  military  pensions,  and  arm- 
ing the  militia      -  -,  4,684,66681 
Naval  service,  including  the  gradual  im- 
provement of  the  navy      -                        -    3,201,14068 
Public  debt- 
Principal     -    $5, 002, 031  52 
Interest         -      2,357,556  G7 

— 7,359,588  19 

Payment  of  awards  to  owners  of  slaves,  and 
other  property,  under  the  convention  with 
the  British  Government,  of  the  13th  No- 
vember, 1826  -  -  763,688  26 

And  the  expenditures  of  the  fourth  quarter  are  estimated  at        7,392,603  72 

Viz. 

Civil,  diplomatic,  and  miscellaneous          -      $546,000  00 
Military  establishment         -«  -     1,100,00000 

Naval  service  -'  -        900,00000 

Public  debt — 

Principal     -    $4,059,464  67 
Interest-       -          744,514  04 

4,803,978  71 

Balance  of  awards  to  owners  of  slaves  and 
other  property  -  -  42,625  01 


Making  the  total  estimated  expenditure  of  the  year  1828    "  * ~1  -      25,637,511  63 

And  leaving  in  the  Treasury,  on  the  1st  January,  1829,  an  estimated  bal- 
ance of  -  -  -  -  -  S5, 125, 638  1 

TREASURY  DEPARTMENT,  . 

Register's  Office,  December  4,  1828. 

JOSEPH  NOURSE,  Register. 


474  REPORTS  OF  THE  [1828. 

No.  4. 

ESTIMATED  AMOUNT  of  Treasury  notes  outstanding  on  the  1st 

October,  1828. 

Total  amount  issued,  as  exhibited  in  statement  No.  2,  which  accompanied 

the  Secretary's  report  of  the  8th  December,  1827  '         -    $36,680,794 

Cancelled  and  reported  on  by  the  First  Auditor  -       36.670.419 

Outstanding  .-  $10,375 

Consisting  of  small  Treasury  notes  -   $2.135 

notes  bearing  interest  -      8,240 

.$10,375 

TREASURY  DEPARTMENT, 

Registers  Office,  December  4,  1828. 

JOSEPH  NOURSE,  Register. 


No.  5. 

STATEMENT  of  the  stock  issued  under  the  act  of  Congress  entitled 
"  An  act  supplementary  to  the  act  for  the  indemnification  of  certain 
claimants  of  public  lands  in  the  Mississippi  Territory"  passed  on 
the  3d  March,  1815. 

Amount  of  claims  awarded,  per  statement  No.  3  of  the  last 
report       -  $4,282,151  12 

Whereof  there  was  paid  in  for  lands,  per  statement  -  2,447,539  39 

Payments  from  the  Treasury,  to  the  30th  Sep- 
tember, 1827,  per  said  statement  ,  -    $1,827,958  04 

Paid  from  1st  October,  1827,  to  1st  Octo- 
ber, 1828  -.          -  -  J,800  00 

, 1,829.758  04 

Balance  outstanding  1st  October,  1828,  consisting  of — 
Certificates  outstanding  -  $4,809  09 

Awards  not  applied  for  -  -  .-  44  60 

, : 4,853  69 


$4,282,151  12 


TREASURY  DEPARTMENT, 

Register's  Office.  December  4,  1828. 

JOSEPH  NOURSE,  Register. 


I  825.] 


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476 


REPORTS  OF  THE 


[1825. 


B. 

A  STATEMENT  exhibiting  the  value  and  quantities,  respectively,  of 
merchandise  on  which  duties  actually  accrued  during  the  year  1825 ; 
(consisting  of  the  difference  between  articles  paying  duty,  imported, 
and  those  entitled  to  drawback,  re-exported  ;)  and,  also,  of  the  nett  reve- 
nue which  accrued  that  year  from  duties  on  merchandise,  tonnage, 
passports,  and  clearances. 


MERCHANDISE  PAYING    DUTIES  AD  VALOREM. 

$7,285    at  12  per  cent.     -'-., 
1,509,003    at!2i     do.                         ... 
2,982,362    at  15      do. 
8,019,757    at  20      do. 
30,804,852    at  25      do.            - 
5,865,022    at  30      do. 
5,155,710    at  33J     do. 
15,033    at  35      do. 
120,439    at  40      do. 
500,349    at  50      do. 

$874  20 
196,125  36 
447,354  30 
1,723,951  40 
7,701,213  00 
-1,759,506  60 
1,718,570  00 
5,261  55 
50,575  60 
280,174  50 

$55,705,812 
22,216  exported,  at  7*  per  cent. 

13,883,606  51 
1,666  20 

55,683,596 

13,881,940  31 

$13,881,94031 

DUTIES  ON  SPECIFIC  ARTICLES. 

1.  Wines,        2,688,640  gallons,  average  25.37  cents    - 
•J.  Spirits,        4,114,046      do.          do.      43.82   do.      - 
Molasses.  12,430,622      do.          do.        5.00   do.      - 
3.  Teas,      '     6,557,629  pounds,      do.      33.53   do.      - 
Coffee,       22,357,721      do.          do.        5.00   do.      - 
4.  Sugar,       47,504,033      do.          do.        3.  06   do.      - 
5.  Salt,             3,537,378  bushels      do.      20.00   do.     ,- 

6.  All  other  articles 

.  \      •  '•.. 

682,111  15 
1.802,766  52 
621,531  10 
2,198,787  46 
.1,117,886  05 
1,457,769  52 
707,475  60 
2,386,698  20 

\  •;  '    •>-    *' 
-.       •« 

^fi~~     '            'y 
i    ~, 

10  975  025  60 

Add  duties  which  accrued  on  merchandise,  the  particu- 
lars of  which  were  not  rendered  by  the  collectors,  after 
deducting  therefrom  duties  refunded  and  difference  in 
calculation 

'.  ^          .~  /  , 

24,856,965  91 
26,037  60 

Add  2J  per  cent,  retained  on  drawback    - 
10  per  cent,  extra  duty  on  foreign  vessels     - 
discriminating  duty  on  French  vessels         -   • 
interest  on  custom-house  bonds   .  '  _*. 
storage  received         ••    v       -  .                    -    • 

175,923  21 
19,916  91 
2,558  19 
22,664  49 

'  2,658  78 

24,883,003  60 
223  721  58 

•.  .,  "    '  ••  •»  • 

.«;     .        :.i':'*v§ 

Duties  on  merchandise      "- 
Add  duties  on  tonnage    .  <•                                           -'  .- 
light  money     -                                                       ~J  • 

120^647  73 
18,200  10 

25,106,725  18 
138  847  83 

Add  passports  and  clearances 

,Vf.  '•&-..£;'  <„ 

12,638  00 

.  j/  •  .. 

fy.      •           .     ' 

Deduct  drawback  on  domestic  spirits      .--* 
drawback  on  domestic  refined  sugar 

'  '  -'  *> 

1,959  32 
1,612  68 

25,258,211  01 
3  565  00 

•'       -    '(• 

Gross  revenue       '  -•»        -                                             - 
Deduct  expenses  on  collection 

i/:£cf 

25,254,646  01 
843,903  16 

.  .  •    ,    >< 
Netl  revenue          - 

- 

24,410,742  85 

SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes. 


477 


1.  Wines- 
Madeira 
Burgundy  and  Champagne, 
Sherry  and  St.  Lucar 
Lisbon,  Oporto,  &c. 
Teneriffe,  Faval,  &c.    ,-.   -,. 
Claret,  &c.,  bottled 
All  other     - 

161  ,396  gallons,  at  JOO  cents 
13,332      do.      at  100    do. 
8,264      do.      at   60    do.    —  -—  :       - 
•245,662      do.      at   50    do.       - 
126,333      do.      at   40    do.       «.-., 
60,084      do.      at   30    do. 
2,073,569      do.      at    15    do. 

$161,396  00 
13,332  00 
4,95840 
122,831  00 
50,533  20 
18,825  20 
311,035  35 

2,688,640      do. 

682,111  15 

•2.  Spirits— 
From  grain,          1st  proof- 
ad    do.  - 
3d    dp.  - 
4th    do.  - 
5th    do.  - 
Other  materials,    2d    do.  ~ 
3d    do.  - 
4th    do.  - 
5th    do.  - 
Above  5th    do.  - 

1,001,544      do.      at    42    do. 
52,657      do.     at   45    do.    "  - 
131,155      do.     at   48    do.   "   - 
7,715      do.      at   52    do.   "  •••*'. 
3,388      do.      at   60    do.       - 
674,085      do.     at   38    do. 
786,131      do.     at    42    do. 
1,418,948      do.      at   48    do. 
37,548      do.      at   57    do. 
875      do.      at    70    do.   ~t  -   .  ±    "P 

420,648  48 
»      23,681  82 
62,954  40 
4,011  80 
2,032  80 
256,152  30 
330,175  02 
681,095  04 
21,402  36 
610  50 

V  i'i 

— 

4,414,046      do. 

1,802,766  52 

3.  Teas— 
Bohea          -  ,         •»  '  '• 
Souchong     - 
Hyson  skin,  &c. 
Hyson  and  young  hyson    - 
Imperial 
Extra  duty  on  teas  imported  from 
other  places  than  China 

91  ,  755  pound?,  a1.    12    do.   "  -  ,,  „.'  .  -> 
1,032,516      do.     at   25    do.      '-•     "  :- 
2,197,041      do.     at   28    do.       -       ^ 
3,039,148      do.     at   40    do. 
197,169      do.      at    50    do. 

11,010  60 
258,129  00 
615,171  48 
1,215,659  20 
98,584  50 

232  C8 

6,557,629      do. 

2,198,787  46 

1,327,175  40 
130,594  12 

4.  Sugar- 
Brown 
White,  clayed,  &c. 

;"-*'  H  ">S1*£ 

44,239,180      do.      at      3    do.      -- 
3,264,853      do,     at  *  4    do.       *           j 

47,504,033      do. 

1,457,769  52 

5.  Salt- 
Imported,                 bushels, 
Exported,                    do.    - 
Bounties  and  allowances  redu- 
ced into  bushels,  at  20  cents  - 

1    <     -  4,  639  ,160  at  20  cents   -           -. 
55,354 

1,046,428 
101  782  at  90    do 

927,832  00 
220,356  40 

' 

3,  537  ,378  bushels 

707,475  60 

478  REPORTS  OF  THE 

Explanatory  Statements  and  Notes^- Continued. 


[1825. 


6.  All  other  articles. 

Quantity. 

Rate 
of 
duty. 

Duties. 

Cents. 

Carpeting,  Brussels,  Wilton,  &c. 
Venetian  and  ingrain 

-    yards 
do. 

79,188 
519,392 

50 
25 

$29,594  00 
129,848  00 

all  other,  &c.        -              - 

-        do. 

5,124 

20 

1,024  80 

Cotton  bagging       ... 

do. 

4,072,910 

31 

152,734  13 

Vinegar  - 

-  gallons 

20,082 

8* 

1,606  56 

Beer,  ale,  and  porter,  in  bottles 

do. 

57,615 

20 

11,523  00 

in  casks 

do. 

7,051 

15 

1,057  65 

Oil,  spermaceti 

do. 

5 

25 

1  25 

whale,  and  other  fish 

do. 

351 

15 

52  65 

olive,  in  casks  - 

do. 

72,021 

25 

18,005  25 

castor 

do. 

1,017 

40 

406  80 

linseed 

do. 

67,125 

25 

16,781  25 

hempseed 

do. 

25,994 

25 

6,498  50 

rapeseed           -               -            I  - 

do. 

19 

25 

4  75 

Cocoa                                      - 

-  pounds 

146,463 

2 

2,929  26 

Chocolate 

do. 

1,967 

4 

78  68 

Sugar,  candy           - 

do. 

718 

12 

86  16 

loaf 

do. 

477 

12 

57  24 

other,  refined 

-       do. 

140 

10 

14  00 

Fruits  —  almonds     - 

do. 

943,441 

3 

28,303  23 

currants 

do. 

95,135 

3 

2,854  05 

prunes  and  plums     -               •  »>•  ' 

do. 

138,801 

4 

5,552  04 

fio-q 
-Ugo 

do. 

784,994 

3 

23,549  82 

raisins,  jar,  and  Muscatel 

-       'do. 

1,766,797 

4 

70,671  88 

other 

do. 

1,619,094 

3 

48,602  82 

Candles,  tallow 

do. 

38,006 

5 

1,900  30 

wax 

do. 

2,081 

6 

124  86 

Cheese     - 

-       do. 

33,571 

9 

3,021  39 

Soap         - 

do. 

220,909 

4 

8,836  36 

Tallow    -                               -               - 

do. 

134,076 

1 

1,340  76 

Lard         - 

do. 

8 

3 

24 

Beef  and  pork         ... 

do. 

188,711 

2 

3,774  22 

Hams  and  other  bacon 

-       do. 

17,701 

3 

531  03 

Butter 

-       do. 

1,832 

5 

91  60 

Vitriol,  blue  or  Roman 

do. 

9,179 

4 

367  16 

oil  of      '     -  v             -  .'        •  .  -   ; 

•'''  -       do. 

30,816 

3 

924  48 

Camphor,  crude      -               -               - 

do. 

57,703 

8 

4,616  24 

refined   -              -*              • 

do. 

226 

12 

27  12 

Salts,  Epsom           -              •           ^  - 

do. 

108,191 

4 

4,327  64 

Glauber 

do. 

286 

2 

5  72 

Spices  —  Cayenne  pepper 

do. 

189 

15 

28  35 

ginger 

-     'do. 

926 

2 

18  52 

mace 

-       do. 

17,479 

100 

17,479  00 

nutmegs     -             '•*              - 

do. 

90,107 

60 

50,064  20 

cinnamon   -              -              - 

do. 

20,470 

25 

5,117  50 

cloves         -              -              -  v    , 

do. 

27,219 

25 

6,804  75 

pepper,  black 

do. 

1,465,762 

8 

117,260  97 

pimento      - 

do. 

235,044 

6 

14,102  64 

cassia          ... 

do. 

105,647 

6 

6,338  82 

Tobacco,  manufactured,  &c.  - 

do. 

397 

10 

39  70 

laiigo      - 

-       do. 

414,756 

15 

62,213  40 

Gunpowder             -   ' 

-       do. 

43,905 

8 

3,512  40 

Bristles     .... 

do. 

172,688 

3 

5,180  64 

Glue 

-       do. 

50,363 

5 

2,518  15 

Paints  —  ochie,  dry  -              -              -       . 

do. 

403,003 

1 

4,030  03 

in  oil 

*       d>. 

4,323 

H 

64  84 

white  and  red  lead    - 

do. 

1,768,164 

4 

70,726  56 

whiting 

'-       do. 

240,960 

1 

2,469  60 

Lead,  pig,  bar,  and  sheet 

-       do. 

1,934,340 

2 

78,686  81 

shot              -       ,  ••«.**•'•'•          ,' 

-       do 

60,206 

3i 

2,107  21 

SECRETARY  OF  THE  TREASURY. 

Explanatory  Statements  and  Notes — Continued. 


479 


6.  All  other  articles. 

Quantity. 

Rate 
of 
duty. 

Duties. 

Cables,  tarred        .... 

pounds 

114,033 

Cents. 
4 

$4,561  32 

Cordage,  tarred     -,*.                         »j 

do. 

235,212 

4 

9,408  48 

untarred               ••^-V        -  '! 

do. 

176,057 

5 

8,802  85 

Twine,  untarred,  yarn,  &c. 

do. 

313,748 

5 

15,687  40 

Corks                    -                             •** 

do. 

109,158 

12 

13,098  96 

Copper,  rods  and  bolts          ... 

do. 

111,531 

4 

4,461  24 

nails  and  spikes 

do. 

2,573 

4 

102  92 

Fire-arms,  muskets            ,  -r   ]         ^- 

No. 

13,069 

150 

19,603  50 

rifles              -               - 

do. 

12 

250 

30  00 

Iron  and  steel  wire,  not  above  No.  18 

pounds 

580,270 

5 

29,013  50 

above  No.  18        - 

do. 

205,699 

9 

18,512  91 

tacks,  brads,  and  sprigs,  not  above  16  oz. 

M. 

32,532 

5 

1,626  60 

above  16  oz. 

pounds 

6,602 

5 

330  10 

nails                              -               -   _ 

do. 

378,103 

5 

18,905  15 

spikes           -          L 

do. 

27,815 

4 

1,112  60 

chain  cables,  &c. 

do. 

416,267 

3 

12,488  01 

millcranks    - 

do. 

186 

4 

7  44 

millsaws       -               -"^  • 

No. 

1,496 

100 

1,496  00 

anchors        »-£& 

pounds 

50,836 

2 

1,016  72 

anvils            -             •  «    • 

do. 

587,663 

2 

11,753  26 

hammers  and  sledges  ... 

do. 

66,202 

2i 

1,656  55 

castings,  vessels  of                  .  •  '         •  .- 

do. 

770,637 

li 

11,559  55 

other 

do. 

436,362 

1 

4,363  62 

round  and  brazier's  rods 

do. 

58,127 

3 

1,743  81 

nail  and  spike  rods        » 

do. 

14,078 

3 

422  34 

sheet  and  hoop         &*",J  ' 

do. 

2,081,367 

3 

62,441  01 

slit  and  rolled 

do. 

J   ,        70 

3 

2  10 

pig                 . 

cwt. 

17,273 

50 

8,636  25 

bar,  rolled     - 

do. 

79,345 

150 

119,017  50 

hammered 

do. 

484,786 

90 

436,307  40 

Steel                       -           ,"   -I          '  *<jj. 

do. 

34,146 

100 

34,146  00 

Hemp                    -T;-       £   •.:           •+.£* 

do. 

91,104 

175 

159,432  00 

Alum                                 fc  >  '.3 

do. 

3 

250 

7  50 

Copperas                          3.1"-            *****      '-i*? 

do. 

3,712 

200 

7,444  00 

Wheat  flour           -           •*'*', 

do. 

88 

50 

44  00 

Coal                                                  "   •  ' 

bushels 

816,414 

6 

48,984  84 

Wheat                               .    .*•: 

do. 

3,448 

25 

862  00 

Oats                                                   -.  .*-. 

do. 

958 

10 

95  80 

Potatoes             .  ,-•'_        .-.?";'        .*. 

do. 

36,911 

10 

3,691  10 

Paper,  folio  and  4  to  post 
.        foolscap      -           '   >'  .  '    .    - 

pounds 
do. 

12,753 
540,332 

20 
17 

2,550  6J 
91,856  44 

printing      -           ••  •  «\-; 

do. 

2,660 

10 

266  00 

sheathing    -      •'...•.•"_ 

do. 

91,676 

3 

2,750  28 

all  other     -                          •  '^' 

do. 

27.5S9 

15 

4,135  35 

Books,  printed  previous  to  1775 
printed  in  other  languages,  &c. 
Latin  and  Greek,  bound 
in  boards 

do. 

do. 
do. 
do. 

1,237 
111,683 

5,882 
7,003 

4 
4 
15 
13 

49  48 
4,467  32 
882  30 
910  39 

all  other,  bound          ... 
in  boards    - 

do. 
do. 

13,013 

82,077 

30 
26 

5,703  90 
21  496  02 

Glass,  cut.  and  not  specified  - 
all  other,  &c. 
apothecaries'  vials,  not  above  4  oz. 
not  above  8  02. 

do. 
do. 

gross 
do. 

33,2-25 
982,897 
3,258 
367 

3 
2 
100 
125 

1,146  75 
19,257  94 
3,258  00 
458  75 

bottles,  not  above  1  quart 
2  quarts 

do. 
do. 

13,697 
22 

200 
250 

27,394  00 
55  00 

4    do. 

do. 

4 

300 

1200 

window,  not  above  8  by  10  inches 
10  by  12    do. 

100  sq.ft. 
do. 

686 
730 

300 
350 

2,058  00 
2,55500 

480  REPORTS  OF  THE 

Explanatory  Statements  and  Notes. — Continued. 


[1825. 


6.  All  other  articles. 

Quantity. 

Rate 
of 
duty. 

Duties. 

Glass,  window,  above  10  by  12  inches         -  100  sq.  feet 

3,719 

Cents. 
400 

$14,876  00 

uncut,  in  plates    '   -                          do. 

77 

400 

308  00 

demijohns        -           >                                    No. 

32,301 

25 

8,075  26 

Fish,  dried  or  smoked                                   •>•       quintals 

1,556 

100 

1,556  00 

-   salmon,  pickled                                              barrels 

1,540 

200 

3,080  00 

mackerel,  pickled        -                                      do. 

257 

150 

385  50 

all  other,  pickled                                                do. 

648 

100 

648  00 

Shoes  and  slippers,  silk         -                                    pairs 

1,245 

30 

373  50 

prunelle                                                           do. 

1,747 

25 

436  75 

leather,  men's,  &c.      -                                      do. 

1,481 

25 

370  25 

children's       -           -                          do. 

1,105 

15 

165  75 

Boots  and  bootees      -                                                   do. 

218 

150 

327  00 

Segars                         -                                                     M. 

21,377 

250 

53,442  50 

Playing  cards                                                           packs 

8,894 

30 

2,668  20 

2,  895,343  53 

Deduct  excess  of  exportation  over  importation 
Saltpetre,  refined       -         ':'-        1,495  pounds,  at     Scents 

-      $44  85 

Snuff                                                    97  pounds,  at    12  cents 

11  64 

Cotton                                     -    136,124  pounds,  at     Scents 

-  4,083  72 

,  '*.•'.!  '**  ' 

4,140  21 

Exports  at  former  duties  : 

Duck,  Russia                                     100  pieces,    at  200  cents 

-      200  00 

Ravens                                    180  pieces,    at  125  cents 

-      225  00 

Sheeting,  brown         -                       410  pieces,    at  160  cents 

-      656  00 

Raisins,  other  than  jar,  &c.  -       '3,000  pounds,  at     2  cents 

-        60  00 

Candles,  tallow                 ''""'}',    2,326  pounds,  at     Scents 

'   -        69  78 

<f!    .lirO    '- 

Soap  -           -                       -'.'"  4,256  pounds,  at     Scents 

-      127  68 

White  and  red  lead  -       ,.•">>...        765  ppunds,  at     Scents 

-  -     22  95 

Cordage,  tarred         -           -    --10,378.  pounds,  at     3  cents 

-  ,  311  34 

Iron,  nails      -                       -.      6,903  pounds,  at     4  cents 

-      276  12 

'  sheet  and  hoop                          662  cwt.,      at  250  cents 

-  1,655  00 

hammered        -         ;  .Y_      1,155  cwt.,      at    75  cents 

-      866  25 

Glass,  window,  not  above  ,8 

by  10  inches                                    14  100  sq.  f.  at  250  cents 

35  00 

'      8  645  33 

Carried  to  statement  B 

-«.  ^"7  .  r1-0^" 

2,386,698  20 

p 

'  -      .  "j  <u.'i  Vf  -  ,.;*:• 

A  STA  TEMENT  exhibiting  the  amount  of  American  and  foreign 
tonnage  employed  in  the  foreign  trade  of  the  United  Stales,  during 
the  year  ending  on  the  3lst  day  of  December,  1825. 

it   5-i"  •  f     -On 

American  tonnage  in  foreign  trade  fat-  -  J* 

Foreign  tonnage  in  foreign  trade  -  - 

Total  tonnage  employed  in  the  foreign  trade  of  the  United  States 

Proportion  of  foreign  tonnage  to  the  whole  amount  of  tonnage  employed  in  the 
foreign  trade  of  the  United  States 


-  Tons,  886,511 
'**A  94,836 

981,347 


10. 6  to  100 


TREASURY  DEPARTMENT, 

Register's  Office. 


JOSEPH  NOURSE,  Register. 


1820.]  SECRETARY  OF  THE  TREASURY.  4S1 


REPORT  ON  CURRENCY, 

MADE  TO  THE  HOUSE  OF  REPRESENTATIVES  OF  THE  UNITED  STATES, 

24ra  FEBRUARY,   1620. 


TREASURY  DEPARTMENT, 

February  12,  1820. 

SIR  :  In  obedience  to  a  resolution  of  the  House  of  Representatives,  passed 
on  the  1st  of  March,  1819,  directing  "  the  Secretary  of  the  Treasury  to 
transmit  to  Congress,  at  an  early  period  in  the  next  session,  a  general  state- 
ment of  the  condition  of  the  Bank  of  the  United  States  and  its  offices,  simi- 
lar to  the  return  made  to  him  by  the  bank;  and  a  statement,  exhibiting,  as 
nearly  as  may  be  practicable,  the  amount  of  capital  invested  in  the  different 
chartered  banks  in  the  several  States  and  the  District  of  Columbia,  the 
amount  of  notes  issued  by  those  banks  and  in  circulation,  the  public  and  pri- 
vate deposites  in  them,  the  amount  of  loans  and  discounts  made  by  them,  and 
remaining  unpaid,  and  the  total  quantity  of  specie  they  possess;  and,  also, 
to  report  such  measures  as,  in  his  opinion,  may  be  expedient  to  procure  and 
retain  a  sufficient  quantity  of  gold  and  siver  coin  in  the  United  States,  or  to 
supply  a  circulating  medium  in  plac^of  specie,  adapted  to  the  exigencies  of 
the  country,  and  within  the  power  of  the  Government:"  I  have  the  honor  to 
submit  the  subjoined  report  and  statements. 

Statement  A  exhibits  the  condition  of  the  Bank  of  the  United  States  and 
its  offices,  on  the  30th  of  September  1819. 

Statement  B  exhibits  the  amount  of  bank  capital  authorized  by  law  du- 
ring the  years  1814,  1815,  1816,  and  1817.  As  this  statement  is  founded 
upon  the  applications  made  to  the  Treasury  under  the  acts  imposing  stamp 
duties,  it  is  believed  to  be  substantially  correct.  The  average  dividends 
upon  which  the  stamp  duty  was  paid,  during  those  years,  amounted  to  about 
1\  per  cent,  upon  the  nominal  amount  of  capital;  it  is,  however,  a  matter  of 
general  notoriety,  that  the  dividends  upon  bank  capital,  actually  paid,  exceed- 
ed that  rate.  If  it  is  assumed  that  the  dividends  declared,  and  upon  which  the 
duty  was  paid,  amounted,  during  those  years,  to  10  per  cent. ;  then  the  capital 
actually  paid,  in  the  year  1817,'instead  of  being  more  than  $125,000,000,  as 
it  is  exhibited  in  statement  B,  will  be  found  to  be  about  $94,000,000;  but, 
when  it  is  recollected  that,  after  the  first  payment  required  by  the  charters  ot 
the  different  banks,  they  have  generally  gone  into  operation,  it  is  probable 
that  a  considerable  proportion  of  the  remaining  payments  have  added  nothing 
to  their  active  capital.  This  fact  being  assumed,  and  a  deduction  being 
made  of  the  amount  of  permanent  accommodation  enjoyed  by  the  stockhold- 
ers in  their  respective  banks,  the  active  bank  capital  of  the  United  States 
may  be  fairly  estimated  at  a  sum  not  exceeding  $75,000,000.  That  these 
deductions  ought  to  be  made,  in  an  attempt  to  ascertain  the  real  amount  of 
bank  capital,  cannot,  it  is  presumed,  be  contested,  If  a  stockholder  to  the 
VOL.  ii,— 31 


482  REPORTS  OF  THE  [1820. 

amount  of  $10,000  has  a  permanent  accommodation  in  the  bank  of  $8,000, 
he  has,  in  fact,  but  $2,000  of  capital  in  the  bank.  This  is  equally  true 
when  a  portion  of  his  subscription  has  been  paid  with  his  own  note,  how- 
ever well  endorsed :  so  long  as  the  note  remains  unpaid,  it  adds  nothing  to 
the  real  capital  of  the  bank. 

Such,  it  is  believed,  has  been  the  process  by  which  the  capital  of  most  of 
the  banks  has  been  formed,  which  have  been  incorporated  since  the  com- 
mencement of  the  late  war.  Since  that  period,  banks  have  been  incorpo- 
rated; not  because  there  was  capital  seeking  investment ;  not  because  the  places 
where  they  were  established  had  commerce  and  manufactures  which  required 
their  fostering  aid;  but  because  men  without  active  capital  wanted  the 
means  of  obtaining  loans,  which  their  standing  in  the  community  would  not 
command  from  banks  or  individuals  having  real  capital  and  established 
credit.  Hence  the  multiplicity  of  local  banks,  scattered  over  the  face  of  the 
country,  in  particular  parts  of  the  Union  ;  which,  by  the  depreciation  of  their 
paper,  have  levied  a  tax  upon  the  communities  within  the  pale  of  their  in- 
fluence, exceeding  the  public  contributions  paid  by  them. 

Statement  C  presents  the  condition  of  the  State  banks  from  which  returns 
have  been  received,  or  have  been  transmitted  by  the  Secretaries  of  State  of 
different  States,  in  conformity  with  the  request  of  the  Treasury  Department. 
By  comparing  this  statement  with  statement  B,  it  will  be  perceived  That  it 
is  very  imperiect.  Independently  of  the  banks  which  have  been  created 
since  the  year  1817,  it  will  be  discovered  that  bank  capital,  to  the  amount 
of  more  than  $1S,000.,000,  comprehended  in  statement  B,  is  not  embraced  in 
it.  As  the  amount  of  bank  capital  exhibited  in  statement  C  is  $72,000,000. 
and  its  specie  $9,828,000,  the  whole  specie  possessed  by  the  State  banks 
may  be  estimated  at  $12,250,000 ;  if  to  this  sum  be  added  the  specie  in  the 
possession  of  the  Bank  of  the  UniteH  States  and  its  offices,  the  specie  capi- 
tal of  all  the  banks  in  the  United  States  may  be  estimated  at  $15,500,000. 
There  are  no  means  of  ascertaining,  with  any  degree  of  precision,  the  amount 
of  specie  in  circulation ;  it  is  probable,  however,  that  it  does  not  exceed 
$4,500,000.  Assuming  this  amount  to  be  nearly  correct,  the  whole  metal- 
lic currency  of  the  Union  may  be  estimated  at  $20,000,000.  Applying 
the  same  rule  for  ascertaining  the  circulation  of  the  banks,  not  embraced  by 
statement  C,  which  has  beto  employed  to  determine  their  specie,  the  whole 
amount  of  bank  notes  in  circulation  may  be  estimated  at  $46,000,000.  It 
is  probable,  however,  that  this  estimate  is  too  high;  as,  according  to  the 
general  practice  of  banks,  all  notes  issued  are  considered  in  circulation,  which 
are  not  in  the  possession  of  the  bank  by  which  they  were  issued.  A  rea- 
sonable deduction  being  made  from  the  notes  supposed  to  be  in  circulation, 
but  which  are,  in  fact,  in  the  possession  of  other  banks,  it  is  probable  that 
the  actual  circulation,  both  of  paper  and  specie,  is  less,  at  this  time,  than 
$45,000,000.  By  the  same  mode  of  calculation,  the  whole  amount  of  dis- 
counts may  be  estimated  at  $156,000,000. 

The  destruction  or  loss  of  the  returns  made  to  the  Treasury  before  the 
year  1816,  by  the  banks  in  which  the  public  money  was  deposited,  pre- 
vents any  satisfactory  comparison  being  drawn  between  their  condition  be- 
fore and  since  that  period.  Comparative  statements,  however,  have  been 
received  from  sixteen  banks,  in  different  parts  of  the  Union,  showing  their 
situation  on  the  30th  day  of  September,  in  the  years  1813,  1815,  and  1819. 
By  statement  D,  it  appears  that  those  banks,  at  the  first  period,  with  a  cap- 
ital of  $6,903.262,  and  with  $3,059, 149  of  specie  in  their  vaults,  circulated 


1820.]  SECRETARY  OF  THE  TREASURY.  483 

$6,845,344  of  their  notes,  and  discounted  to  the  amount  of  $12,990,975  : 
at  the  second  period,  their  capital  was  $8.852.371 ;  specie  $1,693,918 ; 
circulation  89,944.757;  and  discounts  $15,727,218 :  and  at  the  third  period, 
their  capital  was  $9,711,960 ;  specie  $1,726,065  ;  circulation  $4,259,234 ; 
and  discounts  $12,959,560. 

By  statement  B,  already  referred  to,  it  has  been  shown  that  in  the  year 
1814  the  nominal  bank  capital  in  the  United  States  exceeded  $80,000,000. 
It  is  understood  that  a  large  addition  was  made  to  it  in  that  year  in  several 
of  the  States.  If  it  be  admitted  that  such  addition  amounted  to  $1 5,000,000, 
the  bank  capital  in  operation  in  the  year  1813  maybe  stated  at  $65,000,000. 
Allowing  to  this  capital  the  same  amount  of  specie,  circulation,  and  dis- 
counts, as  was  comparatively  possessed  by  the  banks  comprehended  in  state- 
ment D,  the  estimate  will  be,  specie  $28,000,000 ;  circulation  $62,000,000 ; 
and  discounts  $117,000,000.  In  1815  the  bank  capital  had  increased  to 
$88,000,000,  whilst  upon  the  same  principle  of  calculation  the  specie 
would  have  been  estimated  at  $16,500,000,  circulation  at  $99,000,000,  and 
discounts  at  $150,000,000.  Applying  this  principle  to  the  $125,000,000 
of  bank  capital  in  operation  during  the  year  1819,  the  specie  possessed  by 
all  the  banks  would  amount  to  $21.500,000.  circulation  $53,000,000,  and 
discounts  $157,000,000. 

These  last  results,  with  the  exception  of  the  discounts,  very  materially 
differ  from  those  which  have  been  obtained  by  the  mode  of  calculation  pre- 
viously adopted.  They  nevertheless  furnish  materials  which  may  be 
useful  in  tiie  progress  of 'this  inquirr.  From  them  the  following  deductions 
may  be  drawn  : 

1st.  That,  in  the  year  1813,  che  circulation  of  bank  notes  was  nearly 
equal  to  the  bank  capital. 

2d.  That,  in  the  year  1815,  it  exceeded  the  capital  by  one  eighth. 
3d.  That,  in  the  year  1£19,  it  was  less  than  the  capital  nearly  in  the  pro- 
portion of  1  to  2.5. 

4th.  That  whilst  the  amount  of  bank  capital  has  increased,  since  1813, 
from  65.  to  125.,  the  metallic  basis,  upon  which  the  circulation  of  notes  is 
founded,  has  decreased  in  the  proportion  of  15.5  to  28 :  being  equal  to  44.6 
per  cent. 

5th.  That  the  circulation  of  notes  in  the  year  1819,  in  proportion  to  the 
specie  in  the  possession  of  the  banks,  exceeded  that  of  1813  25.9  per  cent. 

6th.  That  in  the  year  1813  the  discounts,  in  proportion  to  the  bank 
capital  employed,  exceeded  those  of  1815  in  the  ratio  of  18  to  17,  and 
those  of  1819  in  the  ratio  of  18  to  12. 

7th.  That  the  increase  of  bank  notes  in  circulation  between  the  years 
1813  and  1815  exceeded  the  increase  of  discounts  during  the  same  period 
by  $4,000,000,  whilst  the  specie  in  the  vaults  of  the  banks  was  dimin- 
ished $11,000,000. 

8th.  That  whilst  between  the  years  1815  and  1819  an  addition  of 
$37,000;000  has  been  made  to  the  nominal  bank  capital,  but  $6,000,000 
have  been  added  to  the  aggregate  amount  of  discounts. 

It  is  probable  that  between  the  year  1811  and  the  year  1813  a  consid- 
erable addition  was  made  to  the  paper  circulation  of  the  country.  From 
a  return  of  the  former  Bank  of  the  United  States,  made  to  the  Treasury  in 
1808.  it  appears  that  with  $15,300,000  of  specie,  it  circulated  only 
$4,787.000  of  notes.  Another  return,  made  in  1810  shows  its  condition 
was  not  materially  changed.  Shortly  after  the  expiration  of  its  charter 


484  REPORTS  OF  THE  [1820. 

bank  capital,  to  a  great  amount,  was  incorporated  in  some  of  the  States. 
The  expenditures  produced  by  the  war  which  was  declared  in  1812.  with- 
out doubt,  contributed,  in  some  degree,  to  produce  the  difference  b  Lween 
the  condition  of  the  sixteen  banks  already  referred  to,  and  that  of  the  former 
Bank  of  the  United  States.  If  it  be  admitted,  however,  that  the  circula- 
tion in  1813  was  not  redundant,  it  must  have  become  excessive  in  1815. 
An  increase  of  the  currency,  in  the  space  of  two  years,  in  the  proportion 
of  99  to  62,  even  if  it  had  been  wholly  metallic,  could  riot  have  failed  to 
have  produced  a  very  great  depreciation  ;  but  when  it  is  considered  that 
not  only  the  increase,  but  the  whole  circulation,  consisted  of  paper,  not  con- 
vertible into  specie,  some  idea  of  its  depreciation  may  be  formed.  The 
depreciation,  however,  was  not  uniform  in  every  part  of  the  Union.  The 
variation  in  the  degree  of  depreciation  depended  not  only  upon  the  greater 
issues  of  banks  in  one  section  of  the  nation  than  in  others,  but  -also  upon 
the  local  advantages  which  they  enjoyed  as  to  commerce.  It  is  impossible 
to  determine  with  precisioh  where  the  most  excessive  issue  of  bank  notes 
occurred.  Statement  E,  which  exhibits  the  rate  of  exchange  between  the 
principal  cities  to  the  east  of  this  place  and  London,  and  the  price  of  bills 
at  New  York  upon  Boston,  Philadelphia,  and  Baltimore;  during  the  years 
1813,  1814,  1815,  and  1816,  may  be  considered  presumptive  evidence  of 
that  fact.  So  far  as  it  can  be  relied  upon  for  that  purpose.  Baltimore  was 
the  point  of  greatest  depreciation  among  the  abovementioned  places.  This 
is  probably  true,  as  it  is  known  that  the  banks  in  that  place  made  greater 
advances  to  the  Government  in  the  loa^s  which  it  obtained  during  the  late 
war,  in  proportion  to  their  capital,  than  \hose  of  Philadelphia,  New  York, 
and  Boston.  But  the  greatest  depreciation  of  the  currency  existed  in  the 
interior  States,  where  the  issues  were  not  only  excessive,  but  where  their 
relation  to  the  commercial  cities  greatly  aggravated  the  effects  of  that  excess. 
This  statement  may  also  assist  in  explaining  the  cause  of  the  necessity 
which  existed  in  1814  for  the  suspension  of  speci«  payments  by  the  banks. 
From  the  commencement  of  the  war  until  that  event,  a  large  amount  of 
specie  was  taken  out  of  the  United  States,  by  the  sale  of  English  Govern- 
ment bills  at  a  discount,  frequently  of  from  15  to  20  per  cent.  Immedi- 
ately after  the  suspension,  they  commanded  a  .premium  in  those  places 
where  the  banks  had  suspended  payment,  which  gradually  rose  to  20  per 
cent. ;  whilst  at  Boston  they  remained  at  a  discount  of  about  14  per  cent, 
until  February,  1815. 

Whatever  may  have  been  the  degree  of  depreciation  of  the  currency  in 
1^15,  it  continued  to  augment  throughout  the  first  six  months  of  the  year 
1816,  if  the  rate  of  exchange  with  London  is  considered  conclusive  evidence 
of  that  fact.  The  excessive  importations  of  British  merchandise  during  that 
period,  and  in  the  preceding  year,  might  indeed  account  for  the  increase  of 
premium  paid  upon  sterling  bills,  and  was  probably  one  of  the  principal 
causes  of  it.  The  great,  fluctuations  which  occurred  in  the  latter  part  of  that 
period  furnish  some  reason,  however,  for  ascribing  them,  in  some  degree, 
to  changes  in  the  value  of  the  currency,  in  which  their  price  was  calculated, 
rather  than  to  the  ordinary  principles  of  exchange.  It  is  more  probable  that 
the  currency  in  those  places  where  it  was  not  convertible  into  specie  fluctu- 
ated in  value  according  to  the  efforts  which  were  made  in  particular  places  to 
prepare  for  the  resumption  of  specie  payments,  than  that  the  balance  of  pay- 
ments between  the  two  countries  should  have  varied  to  such  an  extent  as  is 
indicated  by  the  sudden  variations  which  occurred  during  that  period  in  the 


1820.]  SECRETARY  OF  THE  TREASURY.  485 

rate  of  exchange.  So  far  as  these  fluctuations  are  ascribable  to  the  currency 
in  which  the  rate  of  exchange  was  determined,  a  considerable  appreciation  of 
that  currency  took  place  in  the  last  months  of  the  year  1816.  From  that 
period  until  the  present  time,  the  circulation  has  rapidly  diminished,  and  all 
the  evils  incident  to  a  decreasing  currency  have  been  felt  in  every  part  of 
the  Union,  except  in  some  of  the  eastern  States. 

If,  as  previously  stated,  the  circulation  of  1813  be  admitted  to  be  the 
amount  required  to  effect  the  exchanges  of  the  community  with  facility  and 
advantage,  and  that,  in  the  year  1815,  that  circulation  was  extended  to 
$99,000,000,  which  was  in  some  degree  augmented  in  1816,  the  extent  of 
the  diminution  of  the  currency,  in  the  space  of  three  years,  may  be  perceived. 
But  it  is  probable  that  the  currency,  in  1815,  exceeded  $99,000,000.  The 
banks,  upon  whose  situation  that  estimate  is  founded,  were  established  at 
a  period  when  the  practice  of  dispensing  with  the  payment  of  those  portions 
of  their  capital  falling  due  after  they  went  into  operation  had  not  been  gen- 
erally introduced.  Some  of  them  did  not  suspend  specie  payments  during 
the  general  suspension.  The  rest  were  among  the  first  to  resume  them,  and 
have  continued  them  to  the  present  time.  It  cannot  be  expected  that  banks, 
which  went  into  operation  during  the  war,  and  after  the  general  suspension 
had  occurred,  were  conducted  with  an  equal  degree  of  prudence  and  circum- 
spection. A  reasonable  allowance  being  made  for  banknotes  supposed  to  be 
in  circulation  at  that  period,  but  which  were,  in  fact,  in  the  possession  of 
other  banks,  and  for  the  excess  of  issues  beyond  the  estimate,  the  circulation 
may,  it  is  believed,  be  safely  calculated  at  not  less  than  $110,000,000.  The 
paper  circulation  in  1813  has  been  estimated  at  $62,000,000.  At  that 
period,  however,  gold  and  silver  formed  a  substantial  part  of  the  currency. 
The  condition  of  the  old  Bank  of  the  United  States  in  1810.  and  of  the  six- 
teen banks  in  1813,  proves  that  the  demand  for  specie  from  the  vaults  of  the 
banks  was  inconsiderable.  It  is,. therefore,  probable  that  the  whole  circu- 
lation of  1813  amounted  to  $70,000,000.  In  1815  it  is  estimated  to  have 
risen  to  $110,000,000;  and  this  amount  was  probably  augmented  in  1816. 
At  the  close  of  1819  it  has  been  estimated,  upon  data  behoved  to  be  sub- 
stantially correct,  at  $45,000,000.  According  to  these  estimates,  the  cur- 
rency of  the  United  States  has.  in  the  space  of  three  years^  been  reduced 
from  $110.000,000-  to  $45,000,000.  This  reduction  exceeds  fifty-nine  per 
cent,  of  the  whole  circulation  of  1815.  The  feet  that  the  currency  in  1815 
and  1816  was  depreciated,  has  not  sensibly  diminished  the  effect  upon  the 
community  of  this  great  and  sudden  reduction.  Whatever  was  the  degree, 
of  its  depreciation,  it  was  still  the  measure  of  value.  It  determined  the  price 
of  labor,  and  of  all  the  property  of  the  community.  A  change  so  violent 
could  not  fail,  under  the  most  favorable  auspices  in  other  respects,  to  pro- 
duce much  distress,  to  check  the  ardor  of  enterprise,  and  seriously  to  affect 
the  productive  energies  of  the  nation.  The  reduction  was,  in  fact,  com- 
menced under  favorable  auspices.  During  the  year  1817,  and  the  greater 
part  of  1818,  all  the  surplus  produce  of  the  country  commanded,  in  foreign 
markets,  higher  prices  than  ordinary.  The  rate  of  foreign  exchange  afforded 
no  inducement  for  the  exportation  of  specie,  for  the  purpose  of  discharging 
debts  previously  contracted.  The  only  drain  to  which  the  metallic  currency 
was  subject,  was  the  demand  for  it  for  the  prosecution  of  trade  to  the  East 
Indies  and  to  China.  In  this  trade,  specie  being  the  principal  commodity, 
and  indispensable  to  its  prosecution,  the  amount  exported  during  those  years 

' 


•    MV"  ' 

REPORTS  OF  THE  [1820. 

was  very  great,  and  seriously  affected  the  amount  of  circulation,  by  com- 
pelling the  banks  to  diminish  their  discounts. 

Notwithstanding  the  drain  for  this  commerce  during  these  years  was  un- 
usually large,  every  other  circumstance  was  favorable  to  the  restoration  of 
the  currency  to  a  sound  state,  with  the  least  possible  distress  to  the  communi- 
ty.    The  capacity  of  the  country  to  discharge  a  large  portion  of  the  debts 
contracted  with  banks,  and  which  had  occasioned  their  excessive  issues,  was 
greater  than  at  any  former  period,  and  than  it  probably  will  be  again  for  a 
lapse  of  successive  years.     The  effort  to  reduce  the  amount  of  currency 
during  those  years,  though  successful  to  a  considerable  degree,  was  not  pur- 
sued with  sufficient  earnestness.     In  the  latter  part  of  1818,  when  the  price 
of  the  principal  articles  of  American  production  had  fallen  nearly  fifty  per 
cent,  in  foreign  markets  ;  when  the  merchant  needed  the  aid  of  additional 
loans  to  sustain  him  against  the  losses  which  he  had  incurred  by  the  sudden 
reduction  in  the  price  of  th  e  commodities  he  had  exported ;  he  was  called  upon 
to  discharge  loans  previou  sly  contracted.    The  agriculturist,  who  saw  his  in- 
come reduced  below  his  in  dispensable  necessities ;  the  manufacturer,  who  was 
not  only  struggling  against  foreign  competition,  but  who  saw  the  sale  of  his 
manufactures  reduced  by  t  the  incapacity  of  his  customers  to  buy  ;  in  fact,  all 
classes  of  the  community,  i  inder  circumstances  so  adverse  to  the  command  of 
funds,  were  subjected  to  cu  rtailments  wherever  they  had  obtained  discounts. 
All  intelligent  writers  uj  Don  currency  agree,  that  where  it  is  decreasing  in 
amount,  poverty  and  miser  y  must  prevail.     The  correctness  of  the  opinion 
is  too  manifest  to  require  ]  iroof.     The  united  voice  of  the  nation  attests  its 
accuracy.     As  there  is  no   recorded  example  in  the  history  of  nations  of  a 
reduction  of  the  currency    so  rapid  and  so  extensive,  so  but  few  examples 
have  occurred  of  distress  t  so  general  and  so  severe  as  that  which  has  been 
•exhibited  in  the  United  S  t;  ites.     To  the  evils  of  a  decreasing  currency  are 
-superadded  those  ofVa    d<  sficient  currency.     But,   notwithstanding   it  is 
^efiVJent,  it  is  still  deprec  ia  ted.    "In  several  of  the  States  the  great  mass  of 
'••the  circtifa*!ori  is  not  ever  i  c  >stensibly  convertible  into  specie  at  the  will  of 
tf  J6  holder.     During  the  gr  eater  part  of  the  time  that  has  elapsed  since  the 
Resumption  of  specie  pay  mi  ?nts.  the  convertibility  of  bank  notes  into  specie 
has  been' rather  nominal  tha  ,n  real  in  the  largest  portion  of  the  Union.     On 
the  part  of  the  banks,  n  mtu  al  weakness  had  produced  mutual  forbearance. 
The  extensive  diffusion  of  1:  mnk  stock  among  the  great  body  of  the  .citizens 
in  most  of  the  States,  ha  d  pro  duced  the  same  forbearance  among  individuals. 
To  demand  specie  of  the  baa  iks,  when  it  was  known  that  they  were  unable 
to  pay  was  to  destroy  their  own  interests,  by  destroying  the  credit  of  the 
banks  'in  which  the  productive  portion  of  tjleir  property  was  invested.     In 
favor  of  forbearance  was  also-. added  the  influence  of  the  great  mass  of  bank 
debtors.     Every  dollar  in  spocie  drawn  out  of  the  banks,  especially  for  ex- 
portation, induced  the  necessity  of  curtailments.     To  this  portion  of  the 
community  all  other  evils  \vere  light,  when  compared  with  the  imperious 
demands  of  banks.     Their  exertions  to  prevent  the  drain  of  specie  in  the 
possession  of  those  who  controlled  their  destiny,  equalled  the  magnitude 
of  the  evils  which  were  to  be  avoided.     In  most  parts  of  the  Union  this 
forced  state  of  things  is  passing  away.     The  convertibility  of  bank  notes 
into  specie  is  becoming  real  wherever  it  is  ostensible.     If  public  Opinion 
does  not  correct  the  evil  in  those  States  where  this  convertibility  is  not  even 
ostensible,  it  will  be  the  imperious  duty  of  those  who  are  invested  with  the 
power  of  correction  to  apply  the  appropriate  remedy. 


1820.]  SECRETARY  OF  THE  TREASURY.  487 

As  the  currency  is,  at  least  in  some  parts  of  the  Union,  depreciated,  ,jt 
must,  in  those  part?,  suffer  a  farther  reduction  before  it  becomes  sound. 
The  nation  must  continue  to  suffer  until  this  is  effected.  After  the  currency 
shall  be  reduced  to  the  amount  which,  when  the  present  quantity  of  the  pre- 
cious metals  is  distributed  among  the  various  nations  of  the  world,  in  pro- 
portion to  their  respective  exchangeable  values,  shall  be  assigned  to  the 
United  States ;  when  time  shall  have  regulated  the  price  of  labor  and  of 
commodities,  according  to  that  amount ;  and  when  pre-existing  engagements 
shall  have  been  adjusted,  the  sufferings  from  a  depreciated,  decreasing,  and 
deficient  currency  will  be  terminated;  individual  and  public  prosperity 
will  gradually  revive,  and  the  productive  energies  of  the  nation  resume 
their  accustomed  activity.  But  new  changes  in  the  currency,  and  circum- 
stances adverse  to  the  perpetuity  of  the  general  prosperity,  may  reasonably 
be  expected  to  occur.  So  far  as  these  changes  depend  upon  the  currency, 
their  recurrence,  to  an  extent  sufficient  to  disturb  the  prosperity  of  the  na- 
tion, would  be  effectually  prevented,  if  it  could  be  rendered  purely  metallic. 
In  that  event,  we  should  always  retain  that  proportion  of  the  precious  me- 
tals which  our  exchangeable  commodities  bear  to  those  of  other  nations. 
The  currency  would  seldom  be  either  redundant  or  deficient,  to  an  extent 
that  would  seriously  affect  the  interest  of  society.  But  when  the  currency 
is  metallic,  and  paper  convertible  into  specie,  changes  to  such  an  extent,  it 
is  believed,  will  frequently  occur. 

The  establishment  of  banks  which  are  restrained  from  issuing  notes  of 
small  denominations  furnishes  great  facilities  for  the  transmission  of  money, 
and  increases  the  efficiency  of  the  capital  subject  to  their  control,  to  the 
extent  of  the  credit  employed  by  them.  The  degree  of  facility  afforded 
by  them  for  the  transportation  or  transmission  of  money,  depends  upon  the 
extent  of  country  within  which  their  notes  circulate  and  preserve  a  value 
equivalent  to  specie.  Ordinarily,  this  extent  is  determined  by  the  interior 
trade  of  the  country  ;  they  will  circulate  through  the  whole  extent  of  coun- 
try, the  produce  of  which  is  carried  for  sale  to  the  place  of  their  establish- 
ment. If  they  are  established  only  in  the  principal  commercial  city  of  the 
nation,  their  notes  will  circulate  through  the  whole  extent  of  its  territory, 
and  afford  the  greatest  possible  facility  for  the  transmission  of  money.  If 
they  are  established  in  several  of  the  commercial  cities,  their  circulation, 
will  be  circumscribed  by  the  sections  of  country,  the  inhabitants  of  which 
trade  to  those  cities.  The  facility  for  transmitting  money  will  be  diminish- 
ed by  their  establishment.  But  if  banks  should  be  established  in  all  the 
interior  towns,  this  facility  would  be  impaired  to  a  still  greater  degree.  •  In 
that  event,  their  notes  would  circulate  within  very  narrow  limits  ;  but 
within  those  limits,  the  notes  of  the  banks  in  the  commercial  cities  would 
no  longer  form  part  of  the  circulation.  Should  they,  by  accident,  be  car- 
ried within  it,  the  first  individual  having  remittances  to  make,  and  into 
whose  hands  they  might  come,  would  use  them  for  that  purpose. 

The  degree  of  credit  which  a  bank  can  employ,  in  proportion  to  its  capi- 
tal, depends  upon  a  variety  of  circumstances.     If  the  community  reposes 
great  confidence  in  the  prudence  and  integrity  of  those  who  direct  its  con- 
cerns ;  if  the  capital  employed  is  small  in  proportion  to  the  demand  i 
transmission  of  money ;  if  there  is  no  other  bank  whose  local  situation  re- 
pels its  circulation  from  those  sections  of  country,  the  produce  of  which 
ultimately  carried  to  the  place  where  it  is  established,  the  credit  whicl 
will  be  able  to  employ  will  be  very  great.    Where  all  these  facilities  are 


REPORTS  OF  THE  [1820, 

wanting,  the  extent  of  the  credit  which  it  will  employ  will  be  very  incon- 
siderable. The  additional  efficiency  which,  in  the  latter  case,  will  be  im- 
parted to  capital  invested  in  banks,  will,  it  is  believed,  not  countervail  the 
evils  which  necessarily  result  from  their  establishment. 

Among1  the  advantages  which  have  been  supposed  most  strongly  to  re- 
commend their  establishment,  especially  in  a  community  whose  resources 
are  rapidly  expanding,  their  capacity  suddenly  to  increase  the  currency  to 
the  utmost  demand  for  it  has  been  considered  the  most  important. 

In  a  country  where  the  currency  is  purely  metallic,  no  considerable  addi- 
tion can  be  made  to  it,  without  giving,  at  the  time  of  its  acquisition,  articles 
in  exchange  of  equal  value.  No  addition  can  be  made  to  the  currency  with- 
out affecting,  to  the  extent  of  such  addition,  the  enjoyments  of  the  commu- 
nity. The  amount  so  added  will,  to  the  same  extent,  diminish  the  quantity 
of  articles  which  would  otherwise  be  imported  into  the  country  for  domestic 
consumption,  or  for  re-exportation. 

Ordinarily,  the  currency  of  one  country  will  not  be  exported  to  another, 
because  its  value  in  every  country  is  nearly  the  same.  It  will  not,  there- 
fore, like  other  commodities,  command  a  commercial  profit  upon  exporta- 
tion. It  will  be  taken  from  one  country  to  another,  only  when  the  price 
of  commodities  in  the  former  is  so  high  as  to  produce  a  loss  in  the  latter 
equal  to  the  expense  of  transporting  specie.  It  is  this  condition,  annexed 
to  every  acquisition  to  the  currency  of  a  state,  when  it  is  purely  metallic,  of 
diminishing,  to  the  same  extent,  the  enjoyments  of  the  community,  which 
affords  the  most  efficient  protection  against  its  becoming  redundant.  It  is 
equally  efficient  in  guarding  against  a  deficiency  to  an  extent  that  can  se- 
riously affect  the  interest  of  the  community.  But  this  condition  is  not  an- 
nexed to  the  increase  of  the  currency  by  the  issue  of  bank  notes,  even  when 
convertible  into  specie.  The  notes,  by  which  the  currency  is  suddenly  aug- 
mented, do  not,  in  any  degree,  diminish  the  enjoyments  of  the  community. 
No  equivalent  is,  by  such  issue,  transferred  to  another  community,  as  is  in- 
variably done  when  an  acquisition  is  made  to  a  metallic  currency.  When- 
ever the  currency  can  be  augmented,  exempt  from  such  transfer,  it  must  be 
subject  to  some  degree  of  fluctuation  in  quantity.  Every  addition  made  to 
the  currency  by  the  issue  of  bank  notes  changes  the  relation  which  previ- 
ously existed  between  the  amount  of  the  currency  and  the  amount  of  the 
commodities  which  are  to  be  exchanged  through  its  agency.  Their  issue 
depends,  not  upon  receiving  in  exchange  articles  of  equal  value,  but  upon 
a  pledge  of  the  credit  of  one  or  more  individuals,  to  the  amount  of  such  issue. 
No  evil  can  result  to  the  community  from  the  advance  of  the  capital  of  a 
bank  in  exchange  for  the  credit  of  individuals.  In  that  case,  no  addition  is 
made  to  the  amount  of  the  currency  previously  in  circulation.  It  is  perfect- 
ly immaterial  to  society  whether  this  capital  be  lent  by  individuals  or  by 
corporations.  The  relation  between  the  currency  and  the  exchangeable 
commodities  of  the  state  is  not  disturbed.  But  when  their  credit  is  greatly 
extended,  the  currency  is  expanded,  and  that  relation  is  deranged.  An  ex- 
pansion of  the  currency,  through  the  agency  of  banks,  will  generally  occur 
only  in  periods  of  prosperity.  During  such  periods,  enterprise  will  be  fos- 
tered, industry  stimulated,  and  the  comfort  and  happiness  of  the  people  ad- 
vanced, without  the  factitious  aid  of  an  expansive  currency.  But  there  can 
be  no  doubt  that  a  sudden  increase  of  the  currency  during  periods  of  pros- 
perity, through  the  agency  of  bank  issues,  gives  additional  force  and  activity 
to  the  national  enterprise.  Snch  an  increase  will  be  followed  by  a  general 


1S20.]  SECRETARY  OF  THE  TREASURY. 

rise  in  the  value  of  all  articles,  especially  of  those  which  cannot  be  ex- 
ported. The  price  of  lands,  houses,  and  public  stock,  will  be  augmented 
in  a  greater  degree  than  if  no  such  increase  had  taken  place. 

If  these  prices  could  be  maintained,  if  they  could  even  be  protected 
against  sudden  reduction,  they  would  be  cause  of  gratulation  rather  than  of 
complaint.  But  the  expansion  of  the  currency  by  the  issue  of  paper,  in  a 
period  of  prosperity,  will  inevitably  be  succeeded  by  its  contraction  in  periods 
of  adversity.  The  extent  to  which  the  currency  may  be  contracted,  through 
the  agency  of  hanks,  depends  upon  the  use  which  they  may  have  made  of 
their  credit.  The  excess  of  their  discounts  beyond  their  capital  actually 
paid,  determines  the  amount  of  the  credit  which  they  have  employed. 
Thus,  in  1813,  the  capital  of  the  banks  in  the  United  States, has  been  esti- 
mated at  $65,000,000,  and  their  discounts  at  $117,000,000.  The  extent  to 
which  their  credit  was  then  employed  was  $52,000.000.  Their  circula- 
tion, at  the  same  period,  has  been  estimated  at  $62,000,000.  In  this  esti- 
mate no  allowance  was  made  for  notes  stated  to  be  in  circulation,  but  which 
were  probably  in  the  possession  of  other  banks.  A  reasonable  deduction. 
being  made  on  that  account,  it  is  probable  that  the  paper  circulation  did  not 
much  exceed  §52,000.000.  But  the  liability  of  the  banks  for  specie  was 
equal  to  the  whole  amount  of  notes  represented  to  be  in  circulation,  besides 
the  individual  deposites.  To  meet  an  immediate  demand,  they  are  estimated 
to  have  had  $28,000,000  in  specie.  If  the  deposites  of  individuals  should 
be  estimated  at  $18,000,000,  their  ultimate  means  of  meeting  the  demand  of 
§62,000,000,  without  sacrificing  their  capital,  would  consist  of  $10,000,000 
in  specie,  and  $52,000,000  secured  by  the  notes  of  individuals ;  this  sum 
being  the  excess  of  their  discounts  over  their  capital.  Under  ordinary  cir- 
cumstances, the  basis  upon  which  the  credit  of  this  circulation  rested  might 
be  considered  sufficient  to  sustain  it.  A  debt  of  $117,000,000  could  not, 
under  the  most  adverse  circumstances,  be  considered  inadequate  to  meet  one 
of  $52,000.000.  But,  in  the  case  of  currency,  the  capacity  of  ultimate  re- 
demption is  not  sufficient.  The  capacity  to  redeem  it  as  it  is  presented  is 
indispensable.  Whenever  the  public  confidence  in  this  capacity  is  impaired, 
an  immediate~demand  for  specie  will  be  created  ;  and,  if  it  is  not  promptly 
met,  depreciation  will  ensue.  But,  even  in  circumstances  in  some  degree 
adverse  to  the  operations  of  banks,  if  their  discounts  consisted  principally  of 
notes  founded  upon  real  transactions,  in  which  the  idea  of  renewal  was  ex- 
cluded,' and  if  specie  formed  a  considerable  proportion  of  the  circulation, 
the  capacity  of  the  banks  to  meet  the  demands  upon  them  for  specie  might 
have  been  sufficient  to  sustain  the  credit  of  the  currency.  If,  on  the  other 
hand,  the  debts  due  to  the  banks  consisted  chiefly  of  fixed  or  permanent 
loans,  generally  denominated  accommodation"  paper;  if  specie  had  been 
banished  from  circulation,  by  the  issue  of  dollar  notes,  the  suspension  of 
payment  by  the  banks  could  fail  to  be  the-  result  of  any  considerable  pres- 
sure upon  them  for  specie.  In  the  former  case,  as  their  notes  should  be 
withdrawn  from  circulation,  they  would  gradually  be  reduced  to  the  demand 
for  them  for  the  transmission  of  money.  If  the  effort  to' withdraw  them 
should  be  continued  beyond  that  point,  specie  would  be  paid  into  the  banks 
by  their  debtors,  in  preference  to  bank  notes  ;  and  the  just  proportion  be- 
tween the  paper  circulation,  and  the  specie  in  their  vaults,  would  be  promptly 
restored.  In  the  latter  case,  as  the  debts  due  to  the  banks  would  not,  ac- 
cording to  the  understanding  of  the  parties,  become  due  at  short  intervals, 
the  on iy  mode. of  meeting  the  increasing  demands  upon  them  for  specie 


REPORTS  OF   THE  [1820. 

would  be  to  require  of  the  whole  mass  of  debtors  the  payment  of  a  fixed  pro- 
portion of  the  sums  due  by  them.  As  the  circumstances  which  would  re- 
quire this  measure,  on  the  part  of  the  banks,  would  generally  affect  the 
community  in  the  same  degree,  the  capacity  of  their  debtors  to  meet  this  de- 
mand would  generally  be  found  to  be  in  an  inverse  ratio  to  the  demand. 
The  demand  itself,  being  inconsistent  with  the  impression  under  which  the 
debt  was  contracted,  would  be  resisted  in  every  case  where  the  interest  of 
the  debtor  would  be  subserved  by  delay.  As  specie  formed  but  an  incon- 
siderable part  of  the  currency,  the  reduction  of  the  paper  circulation  would 
have  to  be  carried  to  a  greater  extent  than  in  the  former  case.  A  just  propor- 
tion between  the  paper  circulation,  and  the  specie  necessary  to  support  it, 
could  be  obtained  only  by  the  positive  reduction  of  the  former,  as  it  would 
be  impracticable  to  increase  the  latter  while  the  demand  continued.  Under 
such  circumstances,  the  suspension  of  payment  would  be  the  probable  result. 

Such,  in  fact,  were  the  circumstances  under  which  the  suspension  in 
1814  occurred. 

The  injudicious  multiplication  of  banks,  where  capital  in  that  form,  to 
some  extent,  might  have  been  useful;  the  establishment  of  them  where  they 
could  only  be  injurious  ;  the  permission  to  issue  dollar  notes,  by  which  spe- 
cie was  banished  from  circulation  ;  and  the  demand  for  specie  for  exporta- 
tion, which  existed  during  the  years  1813  and  1814,  imposed  upon  the  banks 
in  the  middle,  southern,  and  western  States  the  necessity  of  suspending 
payment,  A  longer  effort  to  discharge  their  notes  in  specie  would  iiot  only 
have  been  ineffectual,  but  would  certainly  have  postponed  to  a  more  remote 
period  the  resumption  of  specie  payments.  The  evils  which  have  resulted 
to  the  community  from  that  suspension  have  certainly  been  great ;  but  it 
may  well  be  doubted  whether  others  of  equal  magnitude  would  not  have 
been  suffered,  if  that  event  had  not  occurred.  The  extent  to  which  the  cur- 
rency must  have  been  reduced,  in  prder  to  have  avoided  the  suspension, 
could  not  have  failed,  at  any  period,  to  produce  great  embarrassment  and  dis- 
tress to  the  community.  But  in  a  time  of  war,  when  the  country  was  in- 
vaded, when  the  public  safety  required  that  the  energies  of  the  nation  should 
be  fully  developed,  a  sudden  and  extensive  reduction  of  the  currency,  by  any 
cause  whatever,  would  have  been  fatal.  Under  such  circumstances,  the  de- 
mand for  currency  would  have  been  too  imperious  to  be  resisted.  It  would, 
from  necessity,  have  been  supplied  by  the  issue  of  Treasury  notes. 

The  fact  that,  in  a  small  portion  of  the  Union,  specie  payments  were  con- 
tinued, cannot  be  admitted  as  evidence  that  it  was  practicable  throughout 
the  nation.  In  that  part  of  the  country,  the  extensive  bank  issues,  conse- 
quent upon  loans  to  the  Government  in  the  middle  States,  had  not  occurred. 
Foreign  trade,  which  in  the  other  parts  of  the  Union  was  nearly  annihi- 
lated, still  preserved  there  a  languid  existence,  through  the  permission  or 
connivance  of  the  enemy.  These  circumstances  could  not  fail  to  enable  the 
banks  in  the  eastern  States  to  continue  specie  payments  longer  than  those 
in  the  middle,  southern,  and  western  States.  In  an  effort  to  preserve  their 
credit,  they  would,  inevitably,  be  the  last  which  would  fall.  In  such  a 
struggle,  however,  they  must  have  failed,  had  not  the  circulation  of  the  paper 
of  their  weaker  neighbors,  and  the  issues  of  Treasury  notes,  come  to  their 
aid.  But  for  this  adventitious  assistance,  wholly  unconnected  with  the  wis- 
dom and  foresight  of  their  directors,  specie  payments  must  have  been  sus- 
pended there,  or  the  best  interests  of  the  community  have  been  sacrificed. 
From  that  period,  until  the  resumption  of  specie  payments  in  the  early  part 


SECRETARY  OF  THE  TREASURY.  491 

of  1817,  Treasury  notes,  and  the  notes  of  the  banks  which  had  suspended 
payment,  formed  the  great  mass  of  the  circulation  in  the  eastern  part  of  the 
Union.  Specie,  or  the  notes  of  banks  which  continued  to  pay  specie,  form- 
ed no  part  of  the  receipts  of  the  Government  in  Boston,  and  the  districts 
east  of  that  town,  until  about  the  close  of  the  year  1816. 

In  all  great  exigencies,  which,  in  the  course  of  human  events,  may  be  ex- 
pected to  arise  in  every  nation,  the  suspension  of  payment  by  banks,  where 
the  circulation  consists  principally  of  bank  notes,  is  one  of  the  evils  which 
ought  to  be  considered  as  the  inevitable  consequence  of  their  establishment. 
Even  in  countries  where  paper  does  not  form  the  principal  part  of  the  circu- 
lation, such  an  event,  will  sometimes  happen.  In  the  year  1797,  when  the 
restriction  was  imposed  upon  the  Bank  of  England,  the  average  of  its  circu- 
lation for  several  successive  years  was  about  £10,000,000  sterling,  whilst 
the  metallic  currency  was  estimated  at  £30,000,000.  Yet,  in  that  country, 
whose  trade  in  time  of  war,  through  the  protection  of  its  fleets,  was  rather  ex- 
panded than  contracted,  it  was  found  necessary  to  authorize  the  bank  to  sus- 
pend payment ;  which  suspension,  after  a  lapse  of  twenty-three  years,  still 
continues.  When  the  existence  of  banks  depends  upon  the  authority  which 
regulates  the  currency,  it  may  be  practicable  to  impose  salutary  checks 
against  excessive  issues  of  paper  during  suspension ;  and,  in  some  degree,  to 
guard  against  an  excessive  depreciation  of  the  currency.  But,  where  these 
institutions  are  created  by  an  authority  having  no  power  to  regulate  the  cur- 
rency, and  especially  where  they  are  created  by  a  great  variety  of  authori- 
ties independent  of  each  other,  and  practically  incapable  of  acting  in  con- 
cert, it  is  manifest  that  no  such  checks  or  restraints  can  be  imposed.  It  is 
impossible  to  imagine  a  currency  more  vicious  than  that  which  depends 
upon  the  will  of  nearly  four  hundred  banks,  entirely  independent  of  each, 
other,  when  released  from  all  restraint  against  excessive  issues.  By  the  term 
currency,  the  issue  of  paper  by  Government,  as  a  financial  resource,  is  ex- 
cluded. Even  such  an  issue,  in  a  state  where  the  reign  of  law  is  firmly 
established,  and  public  opinion  controls  the  public  councils,  would  be  pre- 
ferable to  a  currency  similar  to  that  which  existed  in  some  parts  of  the  Uni- 
ted States  during  the  general  suspension,  and  which  now  exists  in  some  of 
the  States.  This  truth  has  been  practically  .demonstrated  by  the  redemp- 
tion of  the  whole  of  the  Treasury  notes  issued  during  the  war,  within  the 
short  space  of  about  two  years  after  the  peace;  whilst  a  large  amount  of 
bank  notes}  issued  during  the  suspension,  are  yet  unredeemed,  and  greatly 
depreciated. 

There  can  be  no  doubt  that  a  metallic  currency,  connected  with  a  paper 
circulation,  convertible  into  specie,  and  not  exceeding  the  demand  for  the 
facile  transmission  of  money,  is  the  most  convenient  that  can  be  devised. 
When  the  paper  circulation  exceeds  that  demand,  the  metallic  currency  to 
the  amount  of  the  excess  will  be  exported,  and  a  liability  to  sudden  fluctu- 
ations to  the  same  extent  will  be  produced. 

If  banks  were  established  only  in  the  principal  commercial  cities  of  each 
State;  if  they  were  restrained  from  the  issue  of  notes  of  small  denomina- 
tions ;  if  they  should  retain  an  absolute  control  over  one-half  of  their  capital, 
and  the  whole  of  the  credit  which  they  employ,  by  discounting  to  that 
amount  nothing  but  transaction  paper  payable  at  short  dates,  the  credit  and 
stability  of  the  banks  would,  at  least,  be  unquestionable.  Their  notes  could 
always  be  redeemed  in  specie  on  demand.  The  remaining  part  of  their 
capital  might  be  advanced  upon  long  credits  to  manufacturers,  and  even  to 
agriculturists,  without  the  danger  of  being  under  the  necessity  of  calling 


492  JREPORTS  OF  THE  [1820. 

upon  such  debtors  to  contribute  to  Iheir  relief,  if  emergencies  should  occur. 
Such  debtors  are,  in  fact,  unable  to  meet  sudden  exigencies,  and  ought 
never  to  accept  of  advances  from  banks,  but  upon  long  credits,  for  which 
timely  provision  may  be  made.  The  latter  class,  of  all  others,  is  the  least 
qualified  to  meet  the  sudden  demands  which  a  pressure  upon  banks  compels 
them  to  make  upon  their  debtors.  The  returns  of  capital  invested  in  agri- 
culture are  too  slow  and  distant  to  justify  engagements  with  banks,  except 
upon  long  credits.  If  the  payment  of  the  principal  should  be  demanded  at 
other  periods  than  those  at  which  the  husbandman  receives  the  annual  re- 
ward of  his  toil,  the  distress  which  would  result  from  the  exaction  would 
greatly  outweigh  any  benefit  which  was  anticipated  from  the  loan.  That 
the  establishment  of  banks,  in  agricultural  districts,  has  greatly  improved 
the  general  appearance  of  the  country,  is  not  denied.  Comfortable  man- 
sions and  spacious  barns  have  been  erected;  lands  have  been  cleared  and 
reduced  to  cultivation :  farms  have  been  stocked,  and  rendered  more  pro- 
ductive, by  the  aid  of  bank  credits.  But  these  improvements  will  eventu- 
tually  be  found,  in  most  cases,  to  effect  the  ruin  of  the  proprietor.  The 
farm,  with  its  improvements,  will  frequently  prove  unequal  to  the  discharge 
of  the  debts  incurred  in  its  embellishment.  Such,  in  fact,  is  the  actual  or 
apprehended  state  of,  things,  wherever  banks  have  been  established  in  the 
small  inland  towns  and  villages.  Poverty  and  distress  are  impending  over 
the  heads  of  most  of  those  who  have  attempted  to  improve  their  farms  by  the 
aid  of  bank  credits.  So  general  is  this  distress,  that  the  principal  attention 
of  the  State  Legislatures,  where  the  evil  exists,  is.  at  this  moment,  directed 
to  the  adoption  of  measures  calculated  to  rescue  their  fellow-citizens  from, 
the  inevitable  effects  of  their  own  indiscretion.  If,  in  affording  a  shield  to 
the  debtor  against  the  legal  demand  of  his  creditor,  the  axe  shall  be  applied 
to  the  root  of  the  evil,  by  the  annihilation  of  banks  where  they  ought  never 
to  have  existed;  the  interference,  however  doubtful  in  point  of  policy  or 
principle,  may  eventually  be  prod  active  rof  more  good  than  evil. 

The  general  system  of  credit,  which  has.  been  introduced  through  the 
agency  of  banks,  brought  home  to  every  man's, door,  has  produced  a  facti- 
tious state  of  things,  extremely  adverse  to  the  sober,  frugal,, and  industrious 
habits  which  ought  to  be  cherished  in  a  republic.  In  the  place  of  these 
virtues,  extravagance,  idleness,  and  the  spirit  of  gambling  adventure  have 
been  engendered  and  fostered  by  our  institutions.  So  far  as  these  evils 
have  been  produced  by  the  establishment  of  banks  where  they  are  not  re- 
quired, by  the  omission  to  impose  upon  them  wholesome  restraints,  and 
by  the  ignorance  or  misconduct  of  those  who  have  been  intrusted  with 
their  direction,  they  are  believed  to  be  beyond  the  control  of  the  Federal 
Government.  Since  the  resumption  of  specie  payments,  measures  have 
been  adopted  in  some  of  the  States  to  enforce  their  continuance;  in  others, 
the  evil  has  been  left  to  the  correction  of  public  opinion.  There  is,  how- 
ever, some  reason  to  apprehend  that  the  authority  of  law  may  be  interposed 
in  support  of  the  circulation  of  notes  not  convertible  into  specie. 

But  the  Federal  Government  has,  by  its  measures,  in  some  degree,  contrib- 
uted to  the  spirit  of  speculation  and  of  adventurous  enterprise,  which,  at 
this  moment,  so  strongly  characterize  the  citizens  of  this. republic.  The 
system  of  credit,  which,  in  the  infancy  of  our  commerce,  was.  indispensable 
to  its  prosperity,  if  not  to  its  existence,  has  been  extended  at  a  period  when 
the  dictates  of  sound  discretion  seemed  to  require  that  it  should  be  shorten- 
ed. The  credit  given  upon  the  sale  of  the  national  domain  has  diffused 


1820.]  SECRETARY  OF  THE  TREASURY.  493 

this  spirit  of  speculation  and  of  inordinate  enterprise  among  the  great 
mass  of  our  citizens.  The  public  lands  are  purchased,  and  splendid  towns 
erected  upon  them,  with  bank  credits.  Every  thing  is  artificial.  The  rich 
inhabitant  of  the  commercial  cities,  and  the  tenant  of  the  forests,  differ  only 
in  the  object  of  their  pursuit.  Whether  commerce,  splendid  mansions,  or 
public  lands,  be  the  object  of  desire,  the  means  by  which  the  gratification 
is  to  be  secured  are  bank  credits. 

This  state  of  things  is  no  less  unfriendly  to  the  duration  of  our  republican 
institutions  than  it  is  adverse  to  the  development  of  our  national  energies 
when  great  emergencies  shall  arise ;  for,  upon  such  occasions,  the  attention 
of  the  citizen  will  be-  directed  to  the  preservation  of  his  property  from  the 
grasp  of  his  creditors,  instead  of  being  devoted  to  the  defence  of  his  country. 
Instead  of  bein^  able  to  pay  with  promptitude  the  contributions  necessary 
to  the  preservation  of  the  state,  he  will  be  induced  to  claim  the  interference 
of  the  Government  to  protect  him  against  the  effects  of  his  folly  and  extrav- 
agance. 

This  ought  not  to  be  the  condition  of  a  republic,  when  menaced  by 
foreign  force  or  domestic  commotion.  Such,  it  is  apprehended,  will  be  the 
condition  of  the  United  States,  if  the  course  which  has  been  pursued  since 
the  commencement  of  the  late  war  is  not  abandoned.  Since  that  period,  it 
is  believed  the  number  of  banks  in  the  United  States  has  been  more  than 
doubled.  They  have  been  established  in  the  little  inland  towns  and  villages, 
and  have  brought  distress  and  ruin  upon  the  inhabitants.  When  the  cause 
and  the  extent  of  the  evil  are  known,  no  doubt  is  entertained  that  the  appro- 
priate remedies  will  be  applied  by  those  who,  in  our  complex  form  of 
government,  are  invested  with  the  necessary  authority. 

But  the  resolution  requires  the  Secretary  of  the  Treasury  "  to  report  such 
measures  as,  in  his  opinion,  may  be  expedient  to  procure,  and  retain,  a 
sufficient  quantity  of  gold  and  silver  coin  in  the  United  States/' 

It  has  already  been  suggested,  that,  if  the  currency  was  purely  metallic, 
or  connected  with  paper  convertible  into  specie,  to  the  extent  only  of  the 
demand  for  the  transmission  of  money,  the  United  States  would  retain  that 
proportion  of  the  precious  metals  which  the  value  of  their  exchangeable 
commodities  bore  to  those  of  other  states.  But  if  paper  can  be  made  to 
circulate  independent  of  its  employment  in  the  transmission  of  funds,  gold 
and  silver,  to  the  same  extent,  will  be  exported.  If  paper  will  be  received 
and  employed  generally  as  the  medium  of  exchange,  and  especially  if  it 
is  issued  in  bills  of  small  denominations,  the  amount  of  specie  which  will 
be  exported  will  be  great  in  proportion  to  the  paper  in  circulation.  If  this 
position  be  correct,  the  power  of  Congress  will  be  insufficient  to  retain  any 
considerable  portion  of  gold  and  silver  in  the  United  States.  Bank  notes, 
from  one  dollar  to  those  of  large  denominations,  have  circulated,  and  it  is 
presumed  will  continue  to  circulate,  independent  of  its  authority.  As  long 
as  bank  notes  will  be  received  as  a  substitute  for  specie,  the  quantity  of 
specie  necessary  for  currency  will  be  small,  and  may  be  easily  retained 
without  the  aid  of  Government.  But  the  demand  for  specie,  where  the 
circulation  is  principally  paper,  is  extremely  fluctuating.  When  there  is 
but  little  or  no  demand  for  it,  the  temptation  to  increase  their  discounts,  by 
the  issue  of  more  paper,  is  too  strong  to  be  resisted  by  bonks.  When  a 
demand  for  spacie  arises,  the  currency  has  to  be  suddenly  diminished  by  the 
contraction  of  their  discounts.  Fluctuation  in  the  amount  of  the  currency, 
produced  by  this  means,  is  the  principal  mischief  to  be  remedied.  These 
fluctuations  will  frequently  occur  in  every  state  where  the  currency  is  prin- 


494  REPORTS  OF  THE  [1820. 

cipally  paper  convertible  into  coin.     In  the  United  States,  where  the  specie 
exported  as  a  primary  article  of  commerce  to  the  East  Indies  and  to  China 
bears  so  large  a  proportion  to  the  metallic  currency  of  the  country,  they 
must  not  only  be  more  frequent  than  in  states  where  no  such  commerce 
exists,  but  more  extensive  in  their  effects.     The  demand  created  for  Spanish 
milled  dollars,  by  the  exportation  of  specie,  in  the  prosecution  of  this  trade, 
has,  without  doubt,  caused  their  importation  to  an  extent  which  otherwise 
would  not  have  occurred.     As  this  demand  is,  in  some  degree,  contingent, 
the  supply  will  also  be  contingent.     When  it  exceeds  the  demand,  the  banks 
will  be  tempted  to  new  issues  of  paper.     When  it  is  deficient,  the  deficien- 
cy will  be  drawn  from  the  banks,  and  will  cause  a  sudden  diminution  of 
the  currency.     If  this  diminution  could  be  limited  to  the  amount  of  the 
deficiency  thus  drawn  from  the  banks,  the  evil  would  be  no  greater  than  if 
the  currency  were  metallic.     But  this  is  not  the  fact.     When  the  paper  cir- 
culation is  returned  upon  the  banks  for  specie,  prudence  requires  that  an 
effort  should  be  made  to  preserve  the  same  proportion  between  the  specie 
in  their  vaults  and  their  notes  in  circulation,  as  existed  at  the  moment  the 
pressure  commenced.     If  the  paper  in  circulation  should  be  three  times  the 
amount  of  specie  in  the  possession  of  the  banks,  a  demand  upon  them  for 
$1,000,000  of  specie  would  produce  a  diminution  of  $3,000,000  in  the  cur- 
rency, if  the  specie  should  be  exported,  and  of  $2,000,000  if  it  remained 
in  the  country.     It  is  even  probable  that  the  comparative  diminution  would 
exceed  this  ratio.     As  the  demand  increased,  apprehensions  would  be  ex- 
cited for  the  credit  of  the  banks  ;  the  exertions  produced  by  that  apprehen- 
sion would  correspond  with  the  magnitude  of  the  evil  to  be  avoided,  rather 
than  with  the  positive  pressure.     This,  it  is  presumed,  would  be  the  effect 
of  such  an  emergency,  where  banks  had  not  become  familiarized  with 
bankruptcy,  and  were  not  countenanced  by  society  in  a  course  of  conduct 
which,  in  private  life,  would  be  considered  dishonest. 

If,  by  any  constitutional  exercise  of  the  power  of  Congress,  banks  can  be 
restrained,  first,  from  issuing  notes  of  small  denominations ;  and  secondly, 
from  excessive  issues,  when  their  notes  are  not  returned  upon  them  for 
specie;  fluctuations  in  the  currency,  to  an  extent  to  derange  the  interests  of 
society,  may  be  prevented.  "  But  if  the  imposition  of  these  restraints  are 
not  within  the  constitutional  powers  of  Congress,  the  evils  which  have 
been  suffered  for  the  want  of  those  restraints  must  continue,  until  the  pre- 
sent system  of  banking  shall  be  abandoned. 

In  an  inquiry  into  the  state  of  the  currency,  the  consideration  of  the 
coinage  is  necessarily  involved.     The  principles  upon  which  the  coinage 
of  the  United  States  has  been  established  are  substantially  correct.     The 
standard  fineness  of  the  gold  coinage  corresponds  with  the  coinage  of  Eng- 
land and  Portugal.     The  standard  of  the  silver  coinage  differs"  but  little 
from  that  of  Spain.     The  American  dollar  is  intrinsically  worth  about  one 
per  cent,  less  than  the  Spanish  milled  dollar.     This  difference,  if  the  Span- 
ish dollar  had  not  been  made  a  legal  tender,  might  have  secured  to  the  na- 
tion a  more  permanent  use  of  its  silver  coinage.     American  dollars  would 
not  be  exported,  as  long  as  Spanish  dollars  could  be  obtained  for  that  pur- 
pose, at  a  reasonable  premium.     If  this  latter  coin  was  not  a  legal  tender, 
the  banks  might  afford  to  import  it,  and  might  sell,  at  a  fair  premium,  the 
amount  which  might  be  required  of  them  for  the  China  and  East  India  trade. 
The  relative  value  of  gold  and  silver  has  been  differently  established  in 
different  nations.     It  has  been  different  in  the  same  nation  at  different  pe- 
riods.    In  England,  an  ounce  of  gold  is  equal  in  value  to  about  15.2  ounces 


1520.]  SECRETARY  OF  THE  TREASURY.  495 

of  silver  ;  in  France,  it  is  equal  to  15.5  ;  and  in  Spain  and  Portugal,  to 
16  ounces.  In  the  United  States,  an  ounce  of  gold  is  equal  to  15  ounces  of 
silver.  But  the  relative  value  'of  these  metals  in  the  markets  frequently 
differs  from  that  assigned  to  them  by  the  laws  of  the  different  civilized  states. 
It  is  believed  that  gold,  when  compared  with  silver,  has  been  for  many  years 
appreciating  in  value ;  and  now  everywhere  commands  in  the  money 
markets  a  higher  value  than  that  which  has  been  assigned  to  it  in  states 
where  its  relative  value  is  greatest.  If  this  be  correct,  no  injustice  will 
result  from  a  change  in  the  relative  legal  value  of  gold  and  silver,  so  as  to 
make  it  correspond  with  their  relative  marketable  value.  If  gold,  in  rela- 
tion to  silver,  should  be  raised  five  per  cent.,  one  ounce  of  it  would  be  equal 
to  15.75  or  I5f  ounces  of  pure  silver.  This  augmentation  in  its  value 
would  cause  it  to  be  imported  in  quantities  sufficient  to  perform  all  the 
functions  of  currency.  As  it  is  not  used  to  any  considerable  extent  as  a 
primary  article  of  commerce,  the  fluctuations  to  which  the  silver  currency 
is  subject  from  that  cause  would  not  affect  it.  It  would  be  exported  only 
when  the  rate  of  exchange  against  the  country  should  exceed  the  expense 
of  exportation.  In  ordinary  circumstances,  such  a  state  of  exchange  would 
not  be  of  long  continuance.  If  the  currency  of  the  United  States  must,  of 
necessity,  continue  to  be  paper  convertible  into  specie,  an  increase  of  the 
gold  coinage,  upon  principles  which  shall  afford  the  least  inducement  to 
exportation,  is  probably  the  most  wholesome  corrective  that  can  be  applied, 
after  the  rigid  enforcement  of  that  convertibility. 

The  copper  coinage  is  believed  to  be  susceptible  of  improvement.  Cop- 
per itself  is  too  massive  to  serve  the  purposes  of  change.  One  hundred 
cents  are  too  cumbrous  to  be  carried,  and  used  in  the  numberless  transac- 
tions which  daily  occur  between  individuals.  Coin,  compounded  of  silver 
and  copper,  of  from  one  to  ten  cents,  would  be  much  more  suitable  for  that 
object.  This  kind  of  coinage  has  been  adopted  in  other  countries  with 
great  advantage.  •  >.  ; 

It  has,  however,  been  objected  to  this  coinage — 

J.  That,  as  compounded  metals  are  much  harder  than  the  component 
ingredients,  it  would  be  difficult,  and  consequently  expensive,  to  work. 

2.  That  the  coin  itself  would  be  of  little  or  no  intrinsic  value;  copper  or 
brass  being  of  superior  value  in  the  manufactures  to  which  it  might  be  ap- 
plied :  and  that  the  public  would  scarcely  submit  to  the  circulation  of  a 
coin  so  worthless. 

3.  That  it  might  be  counterfeited  by  a  composition  of  zinc  and  copper. 
After  giving  to  these  objections  their  due  weight,  it  is  believed  that  a  change 

of  this  nature,  in  the  copper  coinage,  would  be  beneficial.  Although  the  ex- 
pense of  such  a  coinage  should  be  twice  as  much  as  that  of  an  equal  number 
of  silver  coin,  still  it  might  be  advantageous.  Small  change,  both  of  silver 
and  copper,  may  be  abundant  in  Philadelphia,  the  seat  of  the  mint ;  but  it  is 
not  generally  so  elsewhere.  If  it  were,  tickets  of  6|,  10,  124,  25,  and  50 
cents,  issued  by  mayors  and  corporation  officers,  and  dollar  bills  torn  in 
two  pieces,  for  the  purposes  of  change,  would  not  be  employed  for  that  pur- 
pose. Thi's  single  fact  is  an  answer  to  the  second  objection.  The  fractional 
parts  of  a  dollar  are  so  indispensable  in  the  transactions  of  individuals,  that 
any  thing  which  assumes  that  character  will  be  employed.  If  the  tickets, 
wh'ich,  at  this  moment,  form  so  great  a  portion  of  the  change  of  this  city, 
and  of  various  other  places,  are  employed  for  that  purpose,  it  is  incon- 
ceivable that  the  community  should  refuse  to  permit  a  compound  com  of 
silver  and  copper  to  circulate,  containing  the  intrinsic  value  which  it  repre- 


496  REPORTS  OF  THE  [1820. 

sents,  merely  because  for  manufactures  it  will  not  be  worth  more  than  brass 
or  copper,  and  that  the  expenss  of  refining  will  be  equal  to. the  value  of  the 
silver.  Change — that  is,  the  fractional  parts  of  a  dollar — is  so  indispensable 
to  the  community,  that  its  inapplicability  to  manufactures,  and  ,its  exemp- 
tion from  liability  to  exportation,  instead  of  forming  objections,  are  recom- 
mendations in  its  favor. 

The  objection  that  this  coin  may  be  easily  counterfeited,  is,  if  it  cannot 
be  obviated,  entitled  to  great  consideration.  As  has  been  before  stated,  this 
compound  coinage  has  been  successfully  practised  in  other  states.  If  com- 
pound metals  are  much  harder  than  their  component  ingredients,  may  not 
a  sufficient  security  against  counterfeiting  be  derived  from  that  circum- 
stance? The  dimensions  and  power  of  the  machinery,  which  constitute 
one  of  the  objections  to  the  coinage,  will  render  it  extremely  difficult  to  se- 
cure that  secrecy  and  concealment  which  are  indispensable  to  the  success 
of  the  counterfeiter.  If  this  compound  coinage  should  not  be  carried  higher 
than  ten  cent  or  dime  pieces,  the  inducement,  compared  with  the  danger 
of  detection,  resulting  from  the  magnitude  of  the  machinery,  would  not,  it 
is  believed,  be  sufficient  to  encourage  counterfeiting.  If,  however,  it  should 
be  deemed  impracticable  to  guard  against  this  evil,  in  a  coinage  composed 
of  silver  and  copper,  an  attempt  might  be  made  to  obtain  a  supply  of  small 
change,  by  a  mixture  of  silver  and  zinc  :  the  danger  of  counterfeiting  would 
then  be  removed. 

As  various  plans  have  been  suggested  during  the  last  twelve  months,  for 
alleviating  the  general  distress  which  has  prevailed,  by  the  emission  of  a 
large  amount  of  Treasury  notes,  a  few  observations  on  that  subject  will 
close  this  part  of  the  report. 

If  Treasury  notes  are  to  be  jssued  for  this  purpose,  they  will  be  either  re- 
ceivable in  all  payments  to  the  Government,  or  they  will  be  made  redeem- 
able at  a  fixed  period. 

1.  If  they  are  made  -receivable  in  all  payments  to  the  Government,  the 
revenue  will,  from  the  time  that  $5,000,000  are  issued,  be  substantially  re- 
ceived in  them.  The  Government  will  be  immediately  unable  to  pay  the 
interest  and  reimbursement  of  the  public  debt  in  specie,  as  it  becomes  due. 
These  notes,  when  compared  with  the  notes  of  the  Bank  of  the  United 
States,  will  be  at  a  discount.  The  latter  notes,  independently  of  their  be- 
ing everywhere  receivable  in  all  payments  to  the  Government,  are  con- 
vertible, at  the  place. of  their  issue,  into  specie.  They  are  equal  to  the 
Treasury  notes  in  payment  of  the  revenue,  and  superior  to  them,  as  they 
can  command  specie  when  the  holder  shall  desire  it. 

If  the  14th  section  of  the  bank  charter  was  modified,  so  that  the  notes  of 
the  bank  and  of  its  offices  should  be  receivable  by  the  Government  only 
when  tendered  where  they  are  made  payable,  a  small  amount  of  Treasury 
notes  might  be  issued,  and  circulated,  without  depreciation.  In  that  case, 
they  would  be  used  for  the  transmission  of  money,  and  would  be  in  constant 
demand  for  that  purpose.  It  is  the  reception  of  the  notes  of  the  Bank  of  ih.3 
United  States,  and  its  offices,  by  the  Government,  wherever  they  are  ten- 
dered, that  causes  them  to  be  considered  as  a  good  remittance  throughout 
the  United  States.  If  they  should  cease  to  be  so  received,  a  demand  for 
Treasury  notes  to  a  small  amount,  for  the  transmission  of  money,  would  be 
created,  and  would  preserve  them  from  depreciation.  If  the  notes  thus 
issued  should  be  made  redeemable  at  the  Treasury  in  specie,  upon  de- 
mand, the  amount  which  might  be  put  and  retained  in  circulation  would 
probably  exceed,  to  a  considerable  extent,  the  sum  demanded  for  the  facile 


1920.]  SECRETARY  OF  THE  TREASURY.  497 

transmission  of  money.  Such  Treasury  notes  would,  however,  have  no  ad- 
vantage over  the  notes  of  the  Batik  of  the  United  States,  as  long  as  they  are 
receivable  in  all  payments  to  the  United  States,  without  reference  to  the 
place  where  they  are  payable.  It  is  even  probable  that  they  would  not  be 
of  equal  value  and  currency  with  those  notes,  as  the  latter  would  generally 
be  made  payable  in  the  principal  commercial  cities,  where  remittances  are 
continually  made,  whilst  the  Treasury -notes  would  be  payable  only  at  this 
place.  If  Treasury  notes,  payable  in  specie,  on  demand,  when  presented  at 
this  place,  should  be  preferred  to  the  notes  of  the  Bank  of  the  United  States, 
it  would  be  in  consequence  of  the  abuses  which  have  been  practised  by 
banking  institutions,  which  have,  in  some  degree,  shaken  the  public  confi- 
dence in  the  integrity  of  their  direction. 

2.  If  Treasury  notes  were  to  be  'issued,  not  receivable  in  payments  to  the 
Government,  but  redeemable  at  a  fixed  period,  they  would  immediately  de- 
preciate, unless  they  bore  nearly  six  per  cent,  interest.     In  the  latter  case, 
they  would  be  of  little  more  use,  as  currency,  than  the  funded  debt.     They 
would  not  perform  the  functions  of  money. 

3.  In  any  case  whatever,  whether  they  are  receivable  in  payments  to  the 
Government,  or  bear  an  interest,  and  are  redeemable  at  a  fixed  period,  they 
will  afford  no  substantial  relief  where  the  distress  is  greatest,  unless  they 
should  be  advanced  as  a  loan  in  order  to  alleviate  that  distress.     If  they  are 
to  be  issued  from  the  Treasury,  in  discharge  of  the  demands  upon  the  Gov- 
ernment, they  would  never  reach  those  sections  of  country  where  relief  is 
most  required.     There  the  Government  already  collects  more  than  can  be 
expended.     One  of  the  causes  of  this  distress  is  the  necessity  of  transferring 
the  public  funds  from  those  section?,  for  the  purpose  of  being  expended,  to 
those  where  there  is  no  deficiency  of  currency. 

As  a  financial  resource,  the  issue  of  Treasury  notes  is  justifiable  only  where 
the  deficiency  which  they  are  intended  to  supply  is  small  in  amount  and 
temporary  in  its  nature.     As  a  measure  of  alleviation,  it  will  be  more  likely 
to  do  harm  than  good.  I/1  a  sufficient  amount  of  those  notes,  of  any  descrip- 
tion whatever,  should  be  issued,  and  put  into  circulation  where  they  are 
most  wanted,  unless  they  were  given  away,  a  debt  in  that  part  of  the 
Union  would  be  contracted  to  the  extent  of  the  issue.     It  might  enable  the 
borrowers  to  pay  debts  previously  contracted,  but  their  relative  situation 
would  bo  the  same.     Unless  the  currency  became  vitiated  by  the  relief 
which  was  afforded,  the  ultimate  payment  of  the  debt  would  consummate 
the  ruin  which  the  measure  was  intended  to  prevent.     But  it  is  probable 
that  the  sums  which  might  be  advanced,  by  way  of  loan,  would,  in  a  great 
degree,  be  lost.     The  Government  is  not,  from  its  nature,  qualified  for  ope- 
jr.tions  of  this  kind.     The  general  system  of  credit  which  has  been  intro- 
duced by  the  agency  of  banks,  and  by  the  inevitable  effect  of  the  measures 
of  the  General  Government,  has  produced  an  artificial  state  of  things,  which 
requires  repression  rather  than  extension.     The  issue  of  Treasury  notes, 
for  the  purpose  of  alleviating  the  general  distress,  would  tend  to  increase 
this  unnatural  and  forced  state  of  things,  and  give  to  it  a  duration  which 
it  would  otherwise  never  attain.     If  much  of  the  evil  resulting  from  a  de- 
creasing currency  had  not  already  been  suffered,  there  might  be  some  plaus- 
ible reason  for  urging  the  issue  of  Treasury  notes  as  a  measure  of  allevia- 
tion.    This  ground  cannot  be  urged  in  its  favor;  it  is.  therefore,  indefen- 
sible, upon  the  ground  of  expediency,  as  well  as  of  principle. 

The  last  member  of  the  resolution  assumes,  by  implication,  the  practica- 
bility of  substituting,  by  the  constitutional  exercise  of  the  powers  of  Con- 
gress, a  paper  currency  for  that  which  now  exists. 
VOL.  ii.— 32 


498  REPORTS  OF  THE  [1820. 

In  considering  this  proposition,  the  power  of  Congress  over  the  currency 
of  the  United  States  cannot,  consistently  with  the  respect  which  is  due  to 
that  body,  be  either  affirmed  or  denied.  It  cannot  be  supposed  that  the 
House  of  Representatives,  in  adopting  the  resolution  in  question,  intended, 
through  the  agency  of  an  executive  department  of  the  Government,  to  in- 
stitute an  inquiry  as  to  the  extent  of  the  constitutional  authority  of  a  body 
of  which  it  is  only  a  constituent  riiember.  Yet  it  will  necessarily  occur  to 
the  House,  that  if  the  power  of  Congress  over  the  currency  is  not  absolutely 
sovereign,  the  inquiry,  whatever  may  he  its  immediate  result,  must  be  with- 
out any  ultimate  utility.  The  general  prosperity  will  not  be  advanced,  by 
demonstrating  that  there  is  no  intrinsic  obstacle  to  the  substitution  of  a  pa- 
per for  a  metallic  currency,  if  the  power  to  adopt  the  substitute  has  been 
withheld  from  the  Federal  Government.  Without  offering  an  opinion  upon 
the  weight  to  which  these  views  would  have  been  entitled,  had  they  been 
urged  whilst  the  resolution  was  under  consideration,  it  is  admitted  that 
they  furnish  no  ground  for  declining  the  performance  of  the  duty  imposed 
by  its  adoption.  In  the  discussion  of  a  question  of  so  much  delicacy  and 
importance,  the  utmost  confidence  is  reposed  in  the  justice  and  liberality  of 
those  who  have  rendered  it  indispensable. 

At  the  threshold  of  this  inquiry,  it  is  proper  to  observe,  that  it  is  deemed 
unnecessary  to  present  an  analysis  of  the  motives  which  led,  even  in  the 
most  remote  antiquity,  to  the  general  adoption,  by  civilized  states,  of  gold 
and  silver  as  the  standard  of  value,  or  of  the  advantages  which  have  result- 
ed from  that  adoption.  The  circumstance  to  which,  in  the  course  of  this 
investigation,  it  will  be  necessary  to  advert,  is  the  tendency  which  a  metal- 
lic currency  has  to  preserve  a  greater  mnfbrmity  of  value  than  any  other 
commodity;  and  the  facility  with  which  it  returns  to  that  value,  whenever 
by  any  temporary  causes,  that  uniformity  has  been  interrupted.  No  argu- 
ment will,  in  this  place,  be  offered  in  support  of  this  proposition.  It  is 
founded  in  the  experience  of  all  nations.  Its  truth,  for  the  present,  will, 
therefore,  be  assumed.  But  the  proposition  itse\f  admits  that  gold  and  sil- 
ver, when  employed  by  the  consent  of  all  civilized  states  as  the  standard  of 
value,  are  subject  to  temporary  variations  of  value.  It  is  equally  true  that 
they  are  subject  to  permanent  variations.  The  cause  and  effect  of  these 
changes  will  be  considered  previously  to  the  discussion  of  the  practicability 
of  substituting  a  paper  for  a  metallic  currency. 

1st.  When,  by  any  circumstance  whatsoever,  a  greater  portion  of  these 
metals  is  found  in  a  particular  state  than  is  possessed  by  other  states  hav- 
ing articles  of  equal  value  to  be  exchanged,  they  will,  in  such  state,  be  of 
less  value  than  in  the  adjacent  state's.  This  will  be  manifested  by  an  in- 
crease in  the  price  of  the  commodities  of  such  state.  This  increase  of  price 
will  continue  until  the  metallic  redundancy  is  exported,  or  converted  into 
manufactures.  Whenever  this  redundancy  is  disposed  of,  the  currency 
xtill  return  to  its  former  value ;  and  the  price  of  other  commodities  will  be 
regulated  by  that  value. 

2d.  But  the  exportation  of  specie  may  take  place  where  there  is  no  such 
'redundancy.  This  occurs  whenever  the  general  balance  of  trade  continues, 
for  some  time,  unfavorable  to  a  particular  state.  The  currency  then  appre- 
ciates in  value,  and  the  price  of  all  other  commodities  in  such  state  is  di- 
minished. As  commerce  is  nothing  more  than  the  exchange  of  equiva- 
lents, the  reduction  in  the  price  of  the  articles  of  such  state,  and  the  increased, 
value  of  the  currency,  will  promptly  produce  a  reaction ;  and  gold  and  sil- 
ver will  soon  return  in  the  quantities  required  to  reduce  their  value  to  that 


1820.]  SECRETARY  OF  THE  TREASURY.  499 

which  they  maintain  in  the  adjacent  states.  With  the  return  of  specie, 
all  other  articles  will  return  to  the  prices  which  they  commanded  before  its 
exportation.  Like  fluids,  the  precious  metals,  so  long  as  they  are  employed 
as  the  general  measure  of  value,  will  constantly  tend  to  preserve  a  common 
level.  Every  variation  from  it  will  he  promptly  corrected,  without  the  in- 
tervention of  human  laws.  These  fluctuations,  being  temporary  in  their 
nature,  are  wholly  independent  of  the  permanent  causes  which  may  affect 
the  value  of  gold  and  silver,  when  employed  as  the  general  standard  of  value. 
They  will  equally  occur,  whether  the  quantity  of  these  metals,  compared  with 
the  exchanges  which  they  are  destined  to  effect,  be  redundant  or  deficient. 
The  limits,  however,  within  which  these  fluctuations  are  confined,  are  so 
contracted  that  the  great  interests  of  society  cannot  be  seriously  affected  by 
them.  But  this  observation  mtist  be  understood  to  apply  to  a  currency 
purely  metallic,  or,  at  least,  when  the  paper  which  is  connected  with  it  does 
not  exceed  the  demand  for  the  convenient  transmission  of  money. 

3d.  Gold  and  silver,  when  employed  by  the  common  consent  of  nations 
as  the  standard  of  value,  are  subject  to  variations  in  value,  from  permanent 
causes.  When  their  quantity  is  increased  more  rapidly  than  the  articles 
which  are  to  be  exchanged  through  their  agency,  their  price  wiJl  fall ;  or, 
w'mt  amounts  to  the  same  thiug,  the  price  of  all  exchangeable  articles  will 
rise.  It  has  been  admitted  by  all  intelligent  writers  upon  this  subject,  that, 
immediately  after  the  discovery  of  America,  towards  the  close  of  the  fifteenth 
century,  a  sudden  and  extensive  depreciation  in  the  value  of  these  metals 
occurred  ;  and  that,  from  that  time  to  the  close  of  the  eighteenth  century, 
they  continued  gradually  to  depreciate.  This  depreciation,  it  is  believed, 
has  been  accelerated  during  the  la^t  century,  as  much  by  the  substitution  of 
paper  for  specie,  as  by  the  increase  in  the  quantity  of  those  metals  during 
that  period,  beyond  the  demand  which  would  have  existed  for  them,  as  cur- 
rency, had  that  substitution  not  taken  place.  The  precise  effect  upon  the 
depreciation  of  these  metals,  produced  by  the  partial  substitution  of  paper,  in 
various  countries,  for  a  metallic  currency,  will  not  now  be  inquired  into  :  but 
it  is  generally  conceded,  that  the  depreciation  has  been  more  rapid  since  that 
substitution  than  at  any  former  period  ;  except  when  the  accumulated  stock 
•of  ages  in  the  new  world  was  brought  into  Christendom,  and  thence  dis- 
tributed into  every  other  region  where  gold  and  silver  were  in  demand.  Since 
the  close  of  the  last  century,  doubts  have  existed  whether  those  metals,  even 
when  employed  as  currency,  have  not  appreciated  in  value ;  and  it  is  con- 
tended, by  the  advocates  of  a  paper  currency,  that  this  appreciation  will 
probably  continue  through  a  long  succession  of  years,  and  seriously  affect  all 
the  operations  of  the  civilized  world.  It  is  maintained  by  these  writers,  that 
the  demand  for  currency,  at  present,  throughout  the  world,  is  greater  than 
the  supply  which  the  existing  quantity  of  the  precious  metals  will  afford, 
without  materially  depressing  the  price  of  all  the  objects  of  human  industry 
and  human  desires.  When  it  is  recollected  that  production  is  regulated  by 
demand,  and  that  both  are  directly  affected  by  the  quantity  of  currency  com- 
pared with  the  quantity  of  articles  to  be  exchanged,  it  is  readily  perceived 
that  an  increase  in  the  currency  of  the  world,  by  the  substitution  of  paper, 
even  when  convertible  into  coin,  will  increase  the  quantity  of  exchange- 
able commodities  in  the  world  beyond  what  would  have  existed  had  such 
increase  of  currency  not  taken  place.  Under  such  circumstances,  a  sudden 
reduction  of  the  currency,  by  the  rejection  of  the  paper  which  had  been  em- 
ployed, could  not  fail  to  derange  all  the  relations  of  society,  by  diminishing 
the  quantity  of  currency,  whilst  the  articles  to  be  exchanged  through  its 


500  ...       REPORTS  OF  THE  [1820, 

agency  would  suffer  no  such  diminution.     An  immediate  depression  in  the 
price  of  all  commodities  would  be  the  inevitable  consequence  of  air  unquali- 
fied return  to  a  metallic  currency,  upon  the  supposition  that  the  quantity  of 
gold  and  silver  annually  produced  should  remain  undhnimshcd.     H'ut,  if 
this  return  to  a,  metallic  currency  should  be  attempted  at  a  period  when 
the  annual  product  of  these  metals,  either  from  temporary  or  permanent 
causes,  should  have  considerably  decreased,  all  the  great  interests  of  society 
would  be  most  seriously  disordered ;  property  of  every  description  would 
rapidly  fall  in  value;  the  relations  between  creditor  and  debtor  would  be 
violently  and  suddenly  changed.     This  change  would  be  greatly  to  the  in- 
jury of  the  debtor  ;  the  property  which  would  be  necessary  to  discharge  his 
debts,  wofyld  exceed  that  which  he  had  received  from  his  creditor  ;  the  one 
would  be  ruined  without  the  imputation  of  crime,  whilst  the  other  would  be 
enriched  without  the  semblance  of  merit.     Until  the  engagements  existing 
at  the  moment  of  such  a  change  are  discharged,  and  the  price  of  labor  and  of 
commodities  is  reduced  to  the  proportion  which  it  must  bear  to  the  quantity 
of  currency  employed  as  the  medium  of  their  exchange,  enterprise  of  every 
kind  will  be  repressed,  and  misery  and  distress  universally  prevail.     When 
this  shall  be  effected,  the  relations  of  society,  founded  upon  a  new  basis,  will 
be  equitable  and  just,  and  tend  to  promote  and  secure  the  general  prosperity. 
Such,  it  is  contended  by  the  advocates  of  a  paper  currency,  are  the  cir- 
cumstances under  which  the  principal  states  of  Europe  are  endeavoring  to 
return  to  a  metallic  currency.     For  a  century  past,  the  currency  of  those 
states  has  been  greatly  increased  by  the  employment  of  paper,  founded,  it  is 
true,  originally  upon  a  metallic  basis.     During  the  last  twenty  years,  this 
paper  has  ceased  to  be  convertible  into  specie;  and,  as  no  systematic  effort 
has  been  made  to  prevent  excessive  issues,  it  has  become  redundant,  and 
consequently  depreciated.     Notwithstanding  this  depreciation,  the  produc- 
tions of  those  countries,  it  is  believed,  have  more  rapidly  increased,  than 
those  of  countries  where  a  metallic  currency  has  been  preserved.   The  first 
efforts  that  are  seriously  made  by  those  states  to  return  to  a  metallic  cur- 
rency, will  be  the  repression  of  enterprise  of  every  description  among  them- 
selves.    It  will  be  foreseen  that  the  currency  must  appreciate,  and  that  all 
other  articles  must  depreciate  in  value.     The  effects  of  this  appreciation  of 
money  will  be  first  manifested  in  those  states  by  the  fall  of  the  price  of  all 
articles  which  cannot  be  exported.    In  the  progress  of  these  measures,  the 
price  of  the  exportable  articles  will  also  be  affected,  by  the  reduction  in  the 
currency  employed  in  effecting  their  exchange.    It  is  even  probable  that 
the  quantity  of  exchangeable  articles  will  be  diminished.     Whilst  the  ap- 
preciation of  the  currency  is  perceptibly  advancing^  the  manufacturer  will 
not  hazard  his  capital  in  producing  articles,  the  price  of  which  is  rapidly 
declining.     The  merchant  will  abstain  from  purchasing,  under  the  appre- 
hension of  a  further  reduction  of  price,  and  of  the  difficulty  of  revendino-  at 
a  profit.     It  is  even  probable  that  the  interest  of  money  will  fall,  whilsAhe 
cry  of  a  scarcity  of  money  will  be  incessant.     Under  such  circumstances, 
loans  will  not  be  required,  except  to  meet  debts  of  immediate  urgency. 
None  will  be  demanded  for  the  prosecution  of  enterprises  by  which  the 
productive  energies  of  the  community  will  be  increased. 

As  the  measures  which  have  been  adopted  by  England,  and  several  of 
the  continental  states  of  Europe,  for  returning  to  a  metallic  currency,  ad- 
vance, the  interests  of  those  states  which  have  adhered  to  it  will  be  affect- 
ed. Whilst  gold  .and  silver  were,  in  the  former  states,  dispensed  with  as 

, '      -  '          '  '  •'•-•"  •      , 


LS20.]  SECRETARY  OF  THE  TREASURY. 


501 


coin,  they  were  sought  for  merely  as  commodities.  The  quantity  necessa- 
ry for  their  manufactures  was  readily  obtained,  without  deranging  in  any 
serious  degree,  the  currency  of  other  states. 

It  has  been  estimated  that  from  eighty  to  one  hundred  and  twenty  mil- 
lions of  dollars  were  necessary  to  England.  Taking  the  mean  sum,  and  ad- 
mitting that  the  other  European  slates  engaged  in  the  same  effort  require 
an  equal  amount,  a  supply  of  two  hundred  millions  of  dollars  is  necessary. 
The  commencement  of  the  measures  necessary  to  obtain  that  portion  of  this 
sum,  which  cannot,  in  a  short  time,  be  drawn  from  the  annual  product  of  the 
mines,  may  not  be  immediately  felt  by  other  states.  But,  when  these  mea- 
sures approach  their  completion ;  when  a  large  quantity  of  gold  and  silver 
is  necessarily  withdrawn  from  the  currency  of  other  states,  the  price  of 
specie  will,  in  the  latter,  appreciate,  and  the  price  of  all  commodities  will 
decline.  All  the  evils  incident  to  an  appreciating,  currency  will  be  felt  in 
those  states,  though  in  a  less  degree  than  where  a  paper  currency  had  been 
exclusively  adopted.  The  example  presented  by  the  return  to  a  metallic 
currency  in  France,  even  in  the  midst  of  a  revolution,  which  probably  had 
some  influence  upon  the  decision  of  this  question  by  other  states,  is  believed 
to  be,  in  no  degree,  analogous  in  its  principal  circumstances.  At  the  pre- 
cise period  that  this  change  was  operating,  England,  and  the  principal  con- 
tinental states,  abandoned  the  precious  metals  as  currency.  The  supply  de- 
manded by  France  was  not  only  at  hand,  but  was  seeking  the  very  employ- 
ment which  that  change  had  made  indispensable.  At  the  same  time,  im- 
mense sums  were  brought  into  France  by  her  conquering  armies,  which, 
being  raised  by  military  contributions,  had,  in  some  degree,  rendered  a  re- 
sort to  paper  currency  in  the  invaded  states  necessary.  At  present,  the 
civilized  world  is  at  peace,  and  each  state  is  endeavoring,  by  systematic 
measures,  to  secure  to  itself  a  just  participation  of  the  benefits  of  equal  and 
reciprocal  commerce.  The  states  which  are  now  attempting  to  return  to  a 
metallic  currency,  will  find  much  greater  difficulty  in  effecting  this  change 
than  was  experienced  by  France. 

The  demand  for  gold  and  silver,  as  the  medium  of  exchange,  cannot  be 
supplied  until  the  price  of  all  exchangeable  articles  has  fallen  in  proportion 
to  the  reduction  of  the  currency,  which  the  abandonment  of  paper  must 
produce.  It  is  even  probable,  as  has  been- before  suggested,  that,  after  the 
price  of  commodities  and  of  labor  shall  have  fallen  so  as  to  bear  a  just  pro- 
portion to  the  currency  which  is  t6  be  employed  in  effecting  the  necessary 
exchanges,  the  currency  will  continue  gradually  to  appreciate.  This, 
however,  is  matter  of  conjecture.  It  depends  entirely  upon  the  fact,  whether 
the  annual  produce  of  the  mines,  after  furnishing  the  quantity  necessary  for 
the  consumption  of  the  precious  metals  in  manufactures,  will  be  equal  to  the 
increased  demand  for  currency,  arising  from  the  increase  of  exchangeable 
commodities  throughout  the  world.  The  great  advancement  in  the  arts  and 
sciences — the  rapid  improvement  in  machinery— which  characterize  the  pre- 
sent age,  acting  through  a  long  succession  of  ages,  cannot  fail  to  augment,  in 
an  aslonishinsfdegree,  all  the  products  of  human  industry. 

It  may.  however,  be  urged,  that  the  same  improvements  will  augment, 
in  an  equal  decree,  the  product  of  the  mines ;  and  that,  therefore,  the  quan- 
tity of  the  precious  metals  in  the  world  will  continue  to  bear,  to  other  com- 
modities, the  same  relation  which  they  may  assume  when  the  return  to  a 
metallic  currency  is  effected.  This  may  be  true;  but,  so  far  as  it  ^P61™8 
upon  the  general  principle,  that  the  supply  of  all  articles  is  regulated  by  tl 
demand,  there  is  reasonable  ground  of  doubt.  The  maxim,  although  good 


502  REPORTS  OF  THE  [1820. 

as  a  general  rule,  admits  of  exceptions.  A  demand  beyond  the  supply,  in- 
creases the  price  of  the  thing  demanded,  and  invites  to  the  investment  of 
additional  capital  in  its  production.  But,  when  the  article  demanded  is  to 
be  produced  from  a  material  which  no  investment  of  capital,  no  application 
of  skill,  can  augment,  the  only  effect  of  such  investment  and  application  is 
to  produce  the  most  which  the  material  has  the  capacity  lo  furnish.  Such, 
in  fact,  is  the  case  of  gold  and  silver.  The  material  from  which  they  are 
made  is  limited  in  quantity,  which  neither  capital  nor  skill  can  augment. 
It  is  probable  that  the  improvements  in  machinery,  and  the  art  of  refining. 
will  be  counterbalanced  by  the  exhaustion  of  the  mines,  or  the  difficulty  of 
working  them,  arising  from  the  depth  and  extent  of  their  excavations  It 
is  therefore  possible  that  the  demand  for  the  precious  metals,  for  currency 
and  for  manufactures,  may  exceed  the  production  of  the  mines. 

Previously  to  entering  upon  the  immediate  discussion  of  the  practicability 
of  substituting  a  paper  for  a  metallic  currency,  it  is  proper  to  observe,  that 
gold  and  silver  derive  part  of  the  uniformity  of  value  which  has  been  ascribed 
to  them  from  the  general  consent  of  civilized  states  to  employ  them  as  the 
standard  of  value.  Should  they  cease  to  be  used  for  that  purpose,  they 
would  become  more  variable  in  their  value,  and  would  be  regulated,  like  all 
other  articles,  by  the  demand  for  them,  compared  with  the  supply  in  any 
given  market.  It  is  presumed,  that,  if  they  should  cease  to  be  employed 
as  the  standard  of  value  by  several  states,  their  uniformity  of  value  would 
be  in  some  degree  affected,  not  only  in  those  states  where  they  were  con- 
sidered as  mere  commodities,  but  in  those  where  they  were  still  employed 
as  currency.  Whenever,  as  commodities,  they  should  rise  in  value,  a  drain 
would  take  place  from  the  currency  of  other  states;  and  when  they  should 
fall  in  value,  as  commodities,  they  would  seek  employment  as  currency, 
and  render  in  some  degree  redundant  the  currency  of  the  states  where 
they  are  employed.  After  making  due  allowance  for  the  depreciation  of 
bank  notes  in  England  from  the  time  of  the  bank  restriction,  in  1707,  to 
the  present  period,  the  price  of  gold  and  silver  in  that  country  is  believed 
to  have  varied  more  than  at  any  former  period.  Their  price,  when  com- 
pared with  bank  notes,  from  the  year  1797  to  1808,  showed  but  a  slight 
degree  of  depreciation;  considerably  less,  in  all  human  probability,  than 
actually  existed.  During  that  interval,  the  demand  for  those  metals  was 
limited,  in  England,  to  the  sum  required  for  manufactures.  It  is  highly 
probable,  that,  if  the  quantity  of  the  paper  circulation  had  been  reduced  to 
the  amount  of  the  currency  in  circulation  at  the  time,  or  for  one  year  before 
the  restriction,  the  price  of  bullion  would  have  been  below  the  mint  price. 
On  the  contrary,  in  the  year  1808,  when  the  employment  of  a  British  force 
in  Spain  created  a  sudden  demand  for  specie,  the  depreciation  of  bank  notes, 
indicated  by  the  price  of  bullion,  was  probably  greater  than  that  which  really 
existed.  In  the  year  1814,*  after  the  treaty  .of  Paris,  the  price  of  bullion. 
estimated  in  bank  paper,  was  not  above  the  mint  price;  whilst  in  the  suc- 
ceeding year  it  rose  to  more  than  twenty  per  cent,  above  that  price :  the 
amount  of  banknotes,  in  circulation  at  the  former,  exceeding,  in  a  small 
degree,  that  of  the  latter  period.  It  is  impossible  that  these  variations  in 
the  price  of  gold  and  silver,  in  the  short  space  of  one  year,  can  be  entirely 
chargeable  to  the  depreciation  of  bank  notes.  The  effect  which  these  vari- 
ation?, in  a  great  commercial  state,  where  the  precious  metals  were  con- 
sidered only  as  commodities,  were  calculated  to  produce  upon  the  currency 
of  the  neighboring  states,  has  not  been  ascertained.  The  convulsions  to 
which  most  of  these  states  were  subject  during  that  period  may  account 


1820.]  SECRETARY  OF  THE  TREASURY.  503 

or  the  want  of  sufficient  data  to  elucidate  the  subject.  It  is,  however,  highly 
improbable  that  these  fluctuations  were  not  sensibly  felt  by  them. 

Having  considered  the  nature  and  extent  of  the  variations  in  value  to 
which  a  metallic  currency  is  necessarily  subject,  it  remains  to  examine 
whether  it  is  practicable  to  devise  a  system  by  which  a  paper  currency  may 
be  employed  as  the  standard  of  value,  with  sufficient  security  against  vari- 
ations in  its  value,  and  with  the  same  certainty  of  its  recovering  that  value, 
when,  from  any  cause,  such  variation  shall  have  been  produced.  It  is  dis- 
tinctly admitted  that  no  such  paper  currency  has  ever  existed.  Where  the 
experiment  has  been  made  directly  by  Government,  excessive  issues  have 
quickly  ensued,  and  depreciation  has  been  the  immediate  consequence. 
Where  the  experiment  has  been  attempted  through  the  agency  of  banks,  it 
has  invariably  failed.  In  both  cases,  instead  of  being  used  as  a  mean  of 
supplying  a  cheap  and  stable  currency,  invariably  regulated  by  the  demand, 
for  effecting  the  exchanges  required  by  the  wants  and  convenience  of  society, 
it  has  been  employed  as  a  financial  resource,  or  made  the  instrument  of  un- 
restrained cupidity.  In  no  case  has  any  attempt  been  made  to  determine 
the  principles  upon  which  such  a  currency,  to  be  stable,  must  be  founded. 
Instead  of  salutary  restraints  being  imposed  upon  the  moneyed  institutions 
which  have  been  employed,  the  vital  principle  of  whose  being  is  gain,  they 
have  not  simply  been  left  to  the  guidance  of  their  own  cupidity,  but  have 
been  stimulated  to  excessive  issues,  to  supply  deficiencies  in  the  public 
revenue.  This  is  known  to  have  been  the  case,  in  an  eminent  degree,  in 
the  experiment  which  has  been  attended  with  most  success.  The  issues  of 
the  Bank  of  England,  on  account  of  the  Government,  were  frequently  so 
great  as  to  destroy  the  demand  for  discounts  by  individuals.  In  consequence 
of  these  excessive  issues,  the  interest  of  money  fell  below  five  per  cent., 
the  rate  at  which  the  bank  discounted;  the  demand  for  discounts  at  the  bank 
therefore  ceased.  It  is,  indeed,  not  surprising  that  no  systematic  effort  has 
been  made  to  restrain  excessive  issues.  In  the  case  of  banks,  the  experi- 
ments which  have  been  made  were  intended  to  be  temporary  ;  they  were 
the  result  of  great  and  sudden  pressure,  which  left  but  little  leisure  for  the 
examination  of  a  subject  so  abstruse.  The  employment  of  a  paper  circula- 
tion, convertible  into  specie,  (the  favorite  system  of  modern  states,)  having, 
as  has  been  attempted  to  be  shown  in  a  previous  part  of  this  report,  the  in- 
evitable tendency  to  produce  the  necessity  of  resorting  in  every  national 
emergency  to  paper  not  so  convertible,  imposes  upon  those  who  are  called 
to  administer  the  affairs  of  nations  the  duty  of  thoroughly  examining  the 
subject,  with  a  view,  if  practicable,  to  avoid  that  necessity.  If  the  examina- 
tion does  not  result  in  the  establishment  of  a  paper  currency,  unconnected 
with  specie,  it  may  lead  to  the  imposition  of  salutary  checks  against  exces- 
sive issues,  when  the  necessity  of  suspending  payment  mny  occur. 

It  has  already  been  said  that  every  attempt  which  has  been  made  to  in- 
troduce a  paper  currency  has  failed.  It  may  also  be  said,  that  of  all  the  sys- 
tems during  the  discussion  of  this  interesting  subject,  both  in  Europe  and 
the  United  "States,  which  have  been  proposed,  none  are  free  from  objec- 
tions, it  is  possible  that  no  system  can  be  devised  which  will  be  entirely 
free  from  objection.  To  insure  the  possibility  of  employing  such  a  cuiren- 
cy  with  advantage,  it  is  necessary— 

1.  That  the  power  of  the  Government  over  the  currency  be  absolutely 
sovereign. 

2.  That  its  stability  be  above  suspicion. 

3.  That  its  justice,  morality,  and  intelligence,  be  unquestionable. 


504  REPORTS  OF  THE  [1820. 

4.  That  the  issue  of  the  currency  be  made  not  only  to  depend  upon  the 
demand  for  it,  but  that  an  equivalent  be  actually  received. 

5.  That  an  equivalent  can  only  be  found  in  the  delivery  of  an  equal 
amount  of  gold  or  silver,  or  of  public  stock. 

6.  That  whenever,  from  any  cause,  it  may  become  redundant,  it  may  be 
funded  at  an  interest  a  fraction  below  that  which  was  surrendered  at  its 
issue. 

1.  This  proposition  needs  no  elucidation.     Coinage,  arid  the  regulation  of 
money,  have  in  all  nations  been  considered  one  of  the  highest  acts  of  sove- 
reignty.    It  may  well  be  doubted,  however,  whether  a  sovereign  power 
over  the  coinage  necessarily  gives  the  right  to  establish  a  paper  currency. 
The  power  to  establish  such  a  currency  ought  not  only  to  be  unquestionable, 
but  unquestioned.     Any  doubt  of  the  legality  of  the  exercise  of  such  an 
authority  could  not  fail  to  mar  any  system  which  human  ingenuity  could 
devise. 

2.  A  metallic  currency,  having  an  intrinsic  value,  independent  of  that 
which  is  given  to  it  by  the  sovereign  authority,  does  not  depend  upon  the 
stability  of  the  Government  for  its  value.  Revolutions  may  arise  ;  insurrec- 
tions may  menace  the  existence  of  the  Government :  a  metallic  currency 
rises  in  value  under  such  circumstances ;  it  becomes  more  valuable  com- 
pared with  every  species  of  property,  whether  moveable  or  immoveable,  in 
proportion  to  the  instability  of  the  Government.     Not  so  with  a  paper  cur 
rency ;  its  credit  depends  in  a  great  degree  upon  the  confidence  reposed  in 
the  stability  of  the  authority  by  which  it  was  issued.    Should  that  authority 
be  overthrown  by  foreign  force  or  intestine  commotion,  an  immediate  de- 
preciation, if  not  an  absolute  annihilation  of  its  value,  would  ensue. 

3.  It  might,  however,  be  saved  from  such  destruction  by  a  well  grounded 
confidence  in  the  justice  and  intelligence  of  the  Government  which  should 
succeed  that  which  had  been  overthrown.     The  history  of  modern  times 
furnishes  examples  that  are  calculated  to  inspire  this  confidence.  In  FranceT 
during  the  revolution  which  hns  just  terminated,  the  public  debt  was  reduced 
to  one  third  of  its  amount.     The  same  rule  was  applied  to  the  public  debt  of 
the  Dutch  republic,  when  it  fell  under  French  domination.    In  the  success- 
ive political  changes  to  which  France  has  since  that  period  been  subjected, 
the  public  debt  and  the  public  engagements  Jiave  been  maintained  with  the 
strictest  good  faith.     In  .Holland,  that  portion  of  the  public  debt  which  had 
been  abolished  by  the  French  Government  has  been  restored.  In  the  opinion 
of  well-informed  men,  however,  the  conditions.connected  with  that  restora- 
tion were  so  onerous  as  to  render  it  almost  nominal.     Indeed,  the  public- 
debt  in  that  country  had  become  so  disproportionate  to  the  means  of  the  na- 
tion when  deprived  of  the  resources  it  enjoyed  when  the  debt  was  contract- 
ed, that  the  reduction  which  it  underwent  while  the  country  was  annexed  to 
the  French  empire  was  not  generally  considered  an  evil.      The  reduction  oi 
the  national  debt  of  France  during  the  revolution  was  perhaps  equally  indis- 
pensable. If  the  intelligence  of  the  age,  and  the  influence  of  public  opinion, 
even  in  states  where  the  reign  of  law  was  but  imperfectly  established,  have 
been  sufficient  to  induce  the  Governments  which  have  alternately  succeeded 
each  other  for  the  last  twenty -five  years,  in  France  and  Holland,  to  respect 
the  public  engagements  which  had  been  previously  contracted,  well-ground- 
ed expectations  may  be  cherished  that  the  period  is  rapidly  passing  away 
when  the  public  faith  of  nations  can  be  violated  with  impunity. 

If  public  engagements,  under  such  circumstances,  have  been  considered 
obligatory  upon  those  who  have  successively  administered  the  affairs  of  those 


1820.]  SECRETARY  OF  THE  TREASURY.  505 

nations,  a  reasonable  confidence  may  be  reposed  in  the  fulfilment  of  the  ob- 
ligations which  may  be  contracted  by  existing  Governments,  where  the  reign 
of  law  is  firmly  established.  It  is  not  denied  that  a  paper  currency  furnishes 
strong  temptations  to  abuse.  Millions  may  be  issued  in  a  few  days,  and 
the  deficiencies  in  the  revenue  promptly  supplied,  if  the  condition  of  re- 
ceiving an  equivalent  is  abandoned.  The  moment  the  currency  shall  be 
issued  as  a  financial  resource,  depreciation  will  follow,  and  all  the  relations 
of  society  will  be  disturbed.  If  the  Government  of  the  nation  in  which  a 
paper  currency  has  been  established  shall  be  deeply  impressed  with  this 
truth,  will  it  riot  be  restrained  from  the  apprehended  abuse?  Currency  of 
every  kind  is  liable  to  great  abuses.  The  history  of  the  coinage  of  every 
nation,  whose  annals  are  known,  is  little  more  than  a  detail  of  the  frauds 
which  have  been  practised  by  Governments  upon  the  people.  Until  the  twen- 
tieth year  of  the  reign  of  Edward  III.  of  England,  a  pound  troy  of  silver 
of  standard  fineness,  and  a  pound  sterling,  were  synonymous  terms:  twenty 
shillings  sterling  being,  in  fact,  a  pound  troy  of  standard  silver.  Change  fol- 
lowed change  in  rapid  succession,  until,  in  the  reign  of  Elizabeth,  a  pound 
troy  of  standard  silver  was  directed  to  be  coined  into  sixty-two  shillings. 
This  immense  change  in  the  value  of  the  currency  was  effected  in  the  space 
of  about  two  centuries.  In  other  modern  states,  during  the  same  period, 
changes  not  less  important  occurred  in  the  coinage.  Frequently  these  changes 
were  effected  by  deteriorating  the  standard  fineness  of  the  coin.  For  more 
than  a  century  past,  the  coinage  of  the  civilized  world  has  undergone  no  mate- 
rial change,  with  a  view  to  the  practice  of  fraud  upon  the  people.  Whether 
this  forbearance  is  to  be  attributed  to  an  improvement  in  the  morality  of 
modern  Governments,  or  to  a  more  correct  understanding  of  the  principles 
of  currency,  and  of  the  consequences  that  must  result  from  every  change 
by  which  the  relations  of  the  society  are  affected,  it  furnishes  just  ground  of 
expectation  that  they  will  not  hereafter  be  attempted.  Nothing  more  is  ne- 
cessary to  secure  an  unalterable  adherence  to  the  maxims  upon  which  it  is 
manifestly  necessary  that  a  paper  currency  must  he  founded,  in  order  to  pre- 
serve a  uniformity  of  value,  than  the  same  morality  and  the  same  intelli- 
gence. Without  assuming  the  principle  of  the  perfectibility  of  human  na- 
ture, the  hope  may  be  indulged,  that  the  nature  of  currency  will  continue 
to  command  the  attention  ofstatesmen,  and  that  the  abuses  which  have  re- 
sulted from  improper  changes  in  the  currency  will  not  again  occur  in  the 
same  degree. 

4.  When  the  currency  is  metallic,  no  addition  can  be  made  to  it  without 
giving  an  equivalent.     It  is  indispensable  that  this  condition  should  be  an- 
nexed' to  the  acquisition  of  the  paper  currency,  preliminary  to  its  entering 
into  circulation.     If  it  can  be  put  in  circulation  only  on  paying  its  nominal 
amount  in  that  which  has  a  general  and  fixed  value,  determined  by  the  con- 
sent of  other  nations,  it  will  continue  to  preserve  that  value  during  the  time 
it  circulates,  unless  the  relation  which  it  bore  at  the  time  of  its  issue  to  the 
quantity  of  articles,  the  exchanges  of  which  it  is  destined  to  perform,  shall 
be  varied. 

5.  As  a  paper  currency  is  issued  upon  the  national  credit,  the  whole  pro- 
perty of  the  nation  is  pledged  for  its  redemption,  whenever,  by  any  circum- 
stance, it  may  become  the  interest  of  the  community  that  it  should  be  re- 
deemed.   It  is  therefore  manifest  that  it  should  not  issue  upon  the  credit  of 
any  individual,  or  association  of  individuals.     A  part  can  never  be  equal  to 
the  whole.     The  credit  of  any  individual,  or  association  of  individuals,  can- 
not be  equivalent  to  that  of  they  nation  of  which  the  form  a  part.     But  it 


506  REPORTS  OF  THE  [1820. 

may  he  said,  that  although  the  credit  of  individuals  is  not  equivalent  to  the 
credit  of  the  nation,  yet  an  equivalent  for  a  particular  portion  of  that  credit 
may  be  found  in  the  pledge  or  mortgage  of  property  of  equal  or  greater  val- 
ue than  the  currency  issued  upon  it.  This  may  be  true;  but  the  value  of 
property  has  been  continually  fluctuating:  it  will  continue  to  fluctuate,  after 
giving  to  the  advocates  of  a  paper  currency  full  credit  for  the  superior  sta- 
bility which  they  suppose  will  attend  its  substitution  for  gold  and  silver  as 
the  standard  of  value.  But  this  is  not  the  only  objection  to  the  acceptance 
of  property  as  a  pledge  for  the  payment,  by  individuals,  of  an  equivalent  for 
the  paper  currency  which  may  be  advanced  upon  such  pledge.  Frauds  will 
be  practised  by  pledging  property  which  is  encumbered,  which  it  would  be 
extremely  difficult  to  detect.  The  Government  will  be  involved  in  endless 
litigation  with  individuals  who  are  interested  in  the  encumbrances  by  which 
its  right  to  the  property  pledged  is  embarrassed.  In  such  contests,  the  in- 
terest of  the  Government  is  always  endangered,  even  where  right  is  on  its 
side.  It  is  not  qualified  to  enter  into  such  litigations  with  an  equal  chance 
of  success.  The  feelings  of  the  community  are  always,  except  in  flagrant 
cases  of  fraud,  upon  the  side  of  an  individual  supposed  to  be  struggling  with 
the  overwhelming  influence  of  authority.  Besides,  in  all  contests  of  this 
nature,  something  of  the  respect  for  the  Government  which  ought  to  be  cher- 
ished by  the  citizens,  especially  of  a  free  state,  will  be  lost.  The  situation 
is  invidious,  and  ought  not  voluntarily  to  be  assumed  by  a  Government 
jealous  of  its  dignity  and  purity  of  character.  It  is  therefore  believed  that  a 
national  currency  cannot  be  issued  with  safety,  with  a  reasonable  prospect  of 
success,  and  with  sufficient  security  against  redundancy,  but  in  exchange  for 
gold  and  silver  of  a  definite  standard,  or  for  the  public  stock  at  certain  fixed 
rates.  When  issued  in  exchange  for  them,  and  for  them  alone,  there  is, 
though  not  the  same,  yet  perhaps  an  equal,  security  against  redundancy  as  in 
the  case  of  a  metallic  currency.  When  it  is  issued  in  exchange  for  coin,  there 
is  no  addition  made  to  the  currency.  When  it  is  issued  in  exchange  for  public 
stock,  commanding  previously  to  the  exchange  its  par  value  in  coin,  the  party 
who  acquires  the  currency  parts  with  that  which  was  equal  to  specie,  and 
is  deprived  of  the  annual  interest  which  it  produced.  Unless  the  interest 
of  the  currency,  resulting  from  its  scarcity,  should  exceed  that  paid  upon 
the  stock,  it  would  not  be  demanded  in  exchange  for  the  stock.  In  either 
case,  the  danger  of  redundancy  is  extremely  remote.  By  the  exchange  of 
specie  for  currency,  the  active  capital  of  the  country  will  be  increased  to  the 
amount  of  the  currency;  and  the  capacity  of  the  nation  to  redeem  it,  when- 
ever it  shall  by  any  circumstance  whatever  become  expedient,  will  be  un- 
questionable. 

But  it  maybe  doubted  whether,  under  such  conditions,  a  paper  currency 
ever  can  be  put  in  circulation.  Under  a  Government  firmly  established,  con- 
ducted by  upright  and  enlightened  counsels,  and  possessing  absolute  power 
over  the  currency,  it  is  believed  there  is  no  just  reason  to  apprehend  a  diffi- 
culty of  that  nature.  '  If,  in  such  a  Government,  banks  existed,  deriving  their 
powers  from  it,  the  specie  in  their  possession  would  be  gradually  exchanged 
for  the  paper  currency  which  would  become  the  basis  of  their  operations. 
Not  only  the  specie  which  they  possessed  would  be  thus  exchanged,  but  ex- 
ertions would,  from  time  to  time,  be  made  to  acquire  the  sums  necessary  to 
support  their  banking  operations.  Specie  would  be  imported,  even  at  an  ex- 
pense, for  the  purpose  of  being  exchanged.  Whilst  specie  formed  the  basis 
of  the  operations  of  banks,  its  importation  could  not  fail  to  be  productive  of 
loss.  Each  importation  not  only  produced  the  necessity  of  additional  im- 
portations, but  at  an  increased  expense.  But,  when  importations  shall  be 


SECRETARY  OF  THE  TREASURY.  507 

made  for  the  purpose  of  being  exchanged  for  the  currency,  the  exportation 
of  the  specie  thus  imported  will  not  affect  the  operations  of  the  hanks.  It 
is  only  when  the  funding  of  the  currency  shall  commence,  that  they  will 
be  admonished  to  desist  from  further  importations.  Individuals  and  banks 
would  likewise  exchange  public  stock,  at  the  rates  prescribed  by  the  system, 
for  the  paper  currency.  Whenever  the  demand  for  currency  should  be 
such  as  to  raise  the  interest  of  money  considerably  above  that  produced  by 
the  public  stock,  it  would  by  banks  and  individuals  be  given  in  exchange 
for  the  currency.  But  the  facility  which  the  existence  of  a  public  debt  fur- 
nishes in  procuring  the 'paper  currency  is  counterbalanced  by  the  difficulty 
of  complying  with  the  public  engagement  to  discharge  such  debt  in  a  me- 
tallic currency.  After  a  paper  circulation  shall  be  substituted  for  gold  and 
silver,  they  will  be  found  in  the  country  only  in  the  quantity  demanded  for 
manufactures,  and  for  such  branches  of  commerce  as  are  entirely  dependant 
upon  them.  A  considerable  demand  for  gold  and  silver  by  the  Govern- 
ment, to  meet  its  engagements  previously  contracted,  would  raise  their 
price  in  the  market,  and  render  the  obligation  to  discharge  those  engage- 
ments in  the  precious  metals  not  only  extremely  onerous,  but,  perhaps, 
sometimes  impracticable.  In  such  a  state,  a  compromise  with  the  public 
creditors  would  seem  to  be  a  preliminary  measure.  This,  under  any  cir- 
cumstances, would  be  a  measure  of  great  delicacy  and  difficulty,  and,  in 
some  cases,  would  probably  be  utterly  impracticable. 

6.  Whenever,  from  any  cause,  the  currency  should  become  redundant, 
the  redundancy  may  be  funded  at  a  rate  of  interest  a  fraction  below  the 
rate  of  legal  interest. 

Tn  determining  the  rate  at  which  it  may  be  funded,  due  regard  should  be 
paid  to  the  rate  of  interest  previously  existing  in  the  state.     The  rate  of 
interest,  it  is  conceived,  ought  not  to  depend  (and.  where  a  metallic  currency 
prevails,  does  not  depend)  solely  upon  the  amount  of  currency  necessary  to 
perform  with  facility  the  exchanges  required  by  the  wants  and  convenience 
of  society.     In  a  new  country,  where  there  is  but  a  slight  accumulation  of 
capital,  the  interest  of  money  will  be  high,  notwithstanding  there  may  be 
even  a  redundancy  of  currency  beyond  what  is  necessary  to  effect  its  ex- 
changes.    In  such  a  country,  all  the  objects  upon  which  capital  may  be 
employed,  except  those  of  the  most  simple  kind,  are  unoccupied.     The  cur- 
rency necessary  to  effect  the  exchanges  of  its  property,  moveable  and  im- 
moveable,  will  be  entirely  insufficient  to  satisfy  the  demand  for  capital  for 
those  objects.    If  it  should  be  multiplied  so  as  to  equal  that  demand,  it  would 
exceed  the  demand  for  the  necessary  exchanges  of  society,  and,  conse- 
quently, depreciate.     Such,  in  fact,  it  is  believed,  would  be  the  consequence 
of  issuing  the  currency  upon  individual  credit,  or  upon  the  pledge  of  pro- 
perty at  a  rate  of  interest  below  that  which  previously  existed  in  the  state. 
Any  change  of  the  interest  of  money  by  law,  previous  to  its  having  taken 
place  in  individual  transactions,  in  consequence  of  the  accumulation  of 
capital,  would  be  unjust,  and  could  not  fail  to  produce  serious  inconvenience 
to  the  community.     Admitting  the  rate  of  interest,  in  a  state  about  to  make 
the  experiment,  to  be  six  per  cent.,  then  the  currency  should  be  issuei 
in  exchange  for  specie,  or  six  per  cent,  stock,  or  other  stock  according  t< 
that  ratio.     If  the  currency  should,  when,  by  any  means,  a  redundancy  e 
isted,  be  fundable  at  five  and  a  half  per  cent,  interest,  the  utmost  deprecia 
to  which  it  could  be  subject  would  be  eight  and  one  third  per  cent, 
is  probable  that  the  real  depression  in  ifs  value  would  not,  at  any  time,  be 
more  than  half  that  amount.    Before  funding  would  commence,  the  publ: 


508  REPORTS  OF  THE  [1820. 

stock,  receivable  in  exchange  for  the  national  currency,  would  be  above  the 
rates  at  which  it  was  receivable.  Its  issue  upon  the  exchange  of  slock 
would,  therefore,  have  ceased.  There  are  in  every  community  capitalists 
who  would  prefer  lending  to  the  Government  at  five  and  a  half  per  cent., 
than  to  individuals  at  six.  The  funding  of  the  currency  would,  therefore, 
begin  before  the  redundancy  would  offer  any  general  inducement  to  that 
mode  of  reducing  it.  The  variation  to  which  its  value  would  be  subject 
would,  therefore,  be  less  than. eight  and  one-third  per  cent.  It  would  be  the 
interest  of  the  Government  to  reserve  the  right  of  redeeming  the  stock 
created  by  funding  at  its  par  value ;  under  the  condition,  however,  of  re- 
deeming it  according  to  the  order  of  time  in  which  it  was  created.  Con- 
nected with  this  system,  should  be  a  permission  to  the  banks  to  purchase 
public  stock,  but  not  to  dispose  of  it,  except  to  the  Government,  at  its  par  or 
current  value,  when  under  par,  unless  the  Government  should  decline  the 
purchase.  The  currency,  upon  being  funded,  should  be  invariably  can- 
celled. Under  a  system  of  this  kind,  if  no  other  paper  was  permitted  to 
circulate  than  the  national  currency,  a  redundancy  which  would  affect  its 
value  could  only  occur  by  a  temporary  diminution  of  the  articles  which 
were  to  be  exchanged  through  its  instrumentality.  In  that  event,  the  price 
of  the  articles  would  be  enhanced,  so  as  to  require  a  greater  amount  of  cur- 
rency to  effect  their  exchange.  Should  the  price  not  be  enhanced  in  pro- 
portion to  the  diminution  in  the  quantity  of  the  articles,  that  portion  of  the 
currency  which  would,  under  such  circumstances,  be  left  without  employ- 
ment, would  be  funded.  A  just  relation  between  the  amount  of  currency, 
and  the  demand  for  it,  would  be  promptly  restored,  without  affecting  injuri- 
ously the  relations  between  individuals.  On  the  other  hand,  should  a 
greater  quantity  of.exchangeable  articles  be  produced,  the  demand  for  cur- 
rency would  exceed  the  Supply,  and  lead  immediately  to  additional  issues, 
until  the  nece?sary  supply  should  be  obtained. 

But,  in  a  state  where  banks  already  existed,  which  derived  their  charters 
from  the  sovereignty  that  regulated  the  currency  ;  where  the  people  were 
accustomed  to  bank  noties,  and  in  the  habit,  of  receiving  them,  the  agency  ot 
these  institutions  might  be  admitted  in  supplying  a  portion  of  the  currency. 
They  might  be  permitted  to  issue  their  notes,  payable,  on  demand,  in  the 
national  currency.  Their  notes  would,  of  course,  be  issued  on  personal 
security.  In  this  case,  the  currency  might  become  redundant  by  the  issues 
of  the  banks.  Whenever  this  should  happen,  the  national  currency  would 
be  demanded  of  them  for  the  purpose  of  being  funded  ;  the  banks  would 
be  compelled  to  curtail  their  discounts,  to  relieve  themselves  from  the  pres- 
sure, and  the  amount  of  the  currency  would  be  promptly  reduced  to  the 
legitimate  demand.  Whenever  the  agency  of  banks  should  be  employed  in 
furnishing  part  of  the  circulation,  a  refusal,  or  omission,  to  discharge  their 
notes  on  demand,  in  the  national  currency,  should  be  treated  as  an  act  of 
bankruptcy.  The  national  currency,  being  a  legal  tender  in  the  payment  of 
debts  to  individuals  and  to  the  Government,  would,  in  relation  to  trie  banks, 
perform  the  functions  of  specie,  where  bank  notes  are  convertible  into  coin. 
But,  in  order  to  impose  a  salutary  check  against  excessive  issues  of  bank 
notes,  the  national  currency  should  alone  be  receivable  in  all  payments  to 
the  Government. 

In  an  attempt  to  trace  the  probable  results  of  a  paper  currency,  founded  upon 
the  principles  which  have  been  developed  in  the  preceding  pages,  the  influ- 
ence which  it  will  have  upon  foreign  exchange  requires  investigation.  The 
want  of  stability,  morality,  and  intelligence  in  the  Government  which  may 
undertake  to  substitute  a  paper  for  a  metallic  currency,  are  the  objections 


1820.]  SECRETARY  OF  THE  TREASURY.  509 

which  have  already  been  considered.  To  these,  according  to  common  opin- 
ion, is  to  be  added  the  injurious  effect  which  it  is  supposed  it  will  havo 
upon  foreign  exchange.  In  a  country  where  the  currency  is  metallic,  an 
unfavorable  state  of  foreign  exchange  will  probably  have  the  following  ef- 
fects : 

1st.  To  raise  the  price  of  exportable  articles  as  much  above  that  which 
they  ought  to  bear,  as  the  premium  paid  upon  foreign  bills,  until  it  exceeds 
the  expense  of  exporting  specie  to  the  foreign  market. 

2d.  When  this  rise  exceeds  the  expense  of  such  exportation,  the  price  of 
exportable  articles  will  fall  gradually  below. what  they  ought  to  command, 
to  the  extent  of  that  excess. 

3d.  Until  this  fall  in  their  price  shall  be  effected,  specie" will  be  exported  : 
after  which,  it  will  cease. 

4th.  This  fall  in  their  price,  by  incrensingtheir  consumption  in  the  foreign 
markets,  ultimately  provides  for  the  return  of  the  specie  which  had  been 
exported. 

5th.  During  the  second  and  third  stages  of  this  process,  the  price  of  all 
articles  not  exportable  is  affected  in  a  greater-degree ;  enterprise  is  damped, 
and  distress  prevails. 

Such  are  the  necessary  effects  of  an  unfavorable  state  of  foreign  exchange, 
where  the  currency  is  metallic.  As  the  vital  principle  of  commerce  is  gam, 
it  is  probable  that,  generally,  the  price  of  exportable  articles  would,  in 'fact, 
be  rather  higher  than  is  stated  in  the  preceding  deductions;  the  timid  might 
export  specie.,  before  the  premium  upon  exchange  exceeded  the  expense  of 
its  exportation  ;  but  timidity  is  not  the  predominant  characteristic  of  com- 
mercial enterprise.  On  the  other  hand,  the  sanguine  and  enterprising,  rely- 
ing upon  the  chance  of  better  markets,  would  give  higher  prices  rather  than 
submit  to  certain  loss  upon  the  exportation  of  specie,  or  the  purchase  of  bills 
above  par. 

In  a  country  where  a  paper  currency  has  been  adopted,  and  the  principles 
by  which  a  redundancy  may  be  prevented  have  been  enforced,  an  unfavor- 
able state  of  foreign  exchange  will  probably  have  the  following  effects  : 

1st.  The  effect  of  raising  the  price  of  exportable  articles,  as  much  above 
what  they  ought  to  bear  as  equals  the  premium  upon  foreign  bills.  But,  in 
this  case,  gold  and  silver,  being  exportable  articles,  will  rise  in  the  same  pro- 
portion as  all  other  articles. 

2d.  When  the  price  of  all  articles  is  raised  so  high  that  a  loss  will  be  in- 
curred by  their  sale  in  foreign  markets,  those  who  have  no  remittances  to 
make  will  withdraw  from  the  competition.  If  profitable  investments  in 
other  enterprises  cannot  be  made,  a  portion  of  the  currency,  at  their  dispo- 
sition, will  be  withdrawn  from  circulation,  by  being  converted  into  funded 
stock;  competition  will,  in  this  manner,  be  diminished;  the  priceof  articles  for 
exportation  will  be  reduced  by  the  reduction  of  the  currency,  and  by  dimin- 
ished competition  among  the  purchasers.  It  is  not  probable,  however,  that 
the  price  will  fall  so  low  as  to  admit  of  a  profit  in  foreign  markets,  as  long 
as  the  premium  upon  exchange  continues  above  the  ordinary  commercial  pro- 
fit upon  exported  articles.  But  exportation  will  not  be  continued  at  a  cer- 
tain loss,  longer  than  the  discharge  of  debts  previously  contracted  renders 
indispensable ;  foreign  articles  will  not  be  imported,  when  the  loss  upon  re- 
mittances, whether  made  by  bills  of  exchange,  or  by  the  exportation  of  com- 
modities, is  equal  to  the  profit  upon  importation ;  the  high  price  given  for 
exportable  articles  will  increase  their  production,  and  restore  foreign  exchange 
o  a  favorable  state.  The  balance  of  trade,  and  the  rate  of  foreign  exchange, 


510  KEPORTS  OF  THE  [1820. 

which  have  given  so  much  trouble  to  statesmen  for  two  centuries  past,  when 
left  to  the  laws  by  which  they  will  be  governed  in  despite  of  human  devices, 
as  invariably  regulate  themselves  as  fluids,  when  unrestrained,  find  their  com- 
mon level.  They  will,  probably,  more  promptly  conform  to  these  laws  in 
a  state  where  a  well-regulated  paper  currency  prevails,  than  where  it  is 
metallic.  In  the  latter,  the  currency  is  exported  to  make  up  any  temporary 
deficiency,  and  by  that  means  provides  against  the  recurrence  of  the  evil,  by 
indirectly  causing  an  increase  of  the  exportable  articles  of  the  state,  and  di- 
minishing the  importation  of  foreign  articles.  Until  the  capacity  to  pur- 
chase these-  by  the  exchange  of  articles  shall  be  restored  in  the  former,  as 
the  currency  cannot  be  exported,  the  importations  will  be  more  promptly 
reduced  to  the  capacity  of  the  country  to  purchase,  whilst  the  increase  of  its 
exportable  articles  will  be  the  direct,  instead  of  the  indirect,  consequence  of 
a  temporary  incapacity  to  pay  for  previous  importations. 

3d.  During  the  whole  process  of  restoring  a  favorable  state  of  exchange, 
in  a  country  where  a  well-regulated  paper  currency  prevails,  the  price  of 
all  articles  not  exportable  will  suffer  no  material  variation.  The  funding 
of  the  currency,  which  will  probably  take  place,  will  not  be  immediately 
carried  so  far  as  to  reduce  the  price  of  exportable  articles  so  as  to  command 
a  profit  in  foreign  markets.  They  will,  so  long  as  the  rate  of  exchange  is 
unfavorable,  continue  to  command  higher  prices  than  when  the  exchange  is 
favorable.  This  increased  price  will  encourage  industry  and  enterprise,  and 
constantly  lend  to  augment  the  productive  energies  of  the  community. 
This  effect  cannot  fairly  be  attributed  to  any  depreciation  in  the  currency. 
That  will  continue  to  bear  nearly  the  same  proportion  to  the  exchangeable 
articles  of  the  state,  as  when  foreign  exchange  was  favorable.  It  is  proba- 
ble even  that  its  relation  to  those  articles  will  be  changed,  so  as  to  produce 
an  appreciation  of  the  currency ;  and  that  this  appreciation  will  be  perceived, 
in  a  slisrht  degree,  in  the  depression  of  the  value  of  all  articles  not  exportable. 
The  effects  of  this  appreciation  will,  however,  be  diminished  by  the  impulse 
given  to  industry  and  enterprise,  by  the  increased  price  of  all  articles  which 
can  be  exported. 

These  are  conceived  to  be  the  effects  which  a  well-regulated  paper  currency 
wiil  have  upon  the  foreign  exchanges,  and  upon  the  domestic  industry 
of  the  country  which  may  adopt  it.  If  the  value  of  currency  depends,  like 
that  of  all  other  articles,  upon  the  quantity  compared  with  the  demand,  the 
idea  of  its  depreciation  raising  the  price  of  articles,  in  the  case  which  has 
been  considered,  must  be  rejected.  That  this  position  is  incontrovertible, 
seems  to  have  been  admitted  by  all  writers  upon  the  subject.  This  admis- 
sion is  found  in  the  reports  which  have  been  made  to  the  British  Parliament, 
in  the  evidence  upon  which  those  reports  have  been  founded,  and  in  the  es- 
says of  those  who  have  opposed  the  paper  system  in  that  country,  since  the 
year  1797.  The  objection  to  the  paper  system,  as  it  existed  in  England,  was 
the  absence  of  all  restraint  upon  the  issue  of  paper,  and  the  supposed  im- 
possibility of  imposing  any  efficient  restraint.  In  fact,  no  attempt  has 
been  made  to  impose  such  restraint  in  that  country,  unconnected  with  the 
convertibility  of  bank  notes  into  the  precious  metals.  So  far  as  this  re- 
straint is  limited  to  the  convertibility  of  bank  notes  into  bullion  at  any 
given  rate,  it  is  rather  an  attempt  to  regulate  foreign  exchange  through 
the  instrumentality  of  the  bank,  than  to  confine  the  issue  of  bank  notes  to 
the  sound  demand  for  currency.  The  restraint  imposed  seems  to  rest  upon 
the  idea  that  an  unfavorable  state  of  foreign  exchange  must  be  the  result  of 
a  redundant  currency.  Nothing  can  be  more  incorrect  than  this  hypothesis. 


1820/1  SECRETARY  OF  THE  TREASURY. 

Considering  the  vitiated  state  of  the  currency  of  England  for  more  than 
twenty  years  past,  it  is  not  surprising  that  this  idea  should  there  be  enter- 
tained. During  that  period,  the  unfavorable  rate  of  foreign  exchange  which 
generally  prevailed,  was,  if  not  directly,  at  least  indirectly,  attributable  to 
the  depreciation  of  their  currency.  But,  in  this  interval,  a  favorable  rate  of 
foreign  exchange  more  than  once  occurred.  To  what  could  this  favorable 
exchange  be  attributed?  Certainly  not  to  the  depreciation  of  their  curren- 
cy. But  it  would  be  as  unjust  to  attribute  every  unfavorable  state  of  foreign 
exchange  to  the  depreciation  of  the  currency,  as  to  ascribe  to  that  currency 
the  credit  of  any  favorable  state  of  such  exchange.  The  truth  is,  that  fluc- 
tuctions  in  the  exchange,  between  two  countries  having  a  metallic  currency, 
continually  occur,  and  depend  upon  principles  wholly  unconnected  with 
the  idea  of  a  depreciated  currency. 

If  these  views  be  correct,  the  only  obstacles  to  the  establishment  of  a  paper 
currency,  by  a  Government  having  a  sovereign  right  to  establish  it,  is 'the 
danger  of  the  instability  and  want  of  integrity  and  intelligence  of  the  Gov- 
ernment.    There  is,  certainly,  just  reason  to  apprehend  that  emergencies 
may  arise  in  the  affairs  of  every  nation,  in  which  their  stability  may  be  men- 
aced by  foreign  force  or  domestic  insurrection.      In  such  an  event,  a  panic 
might  ensue,  and  the  credit  of  the  currency  be  utterly  annihilated.     How 
far  the  recent  examples  which  have  been  adverted  to  in  other  states — how 
far  the  influence  of  public  opinion  over  the  conduct  of  Governments  may 
be  relied  upon,  as  an  efficient  preventive  against  evils  of  such  magnitude, 
must  be  determined  by  those  to  whom,  under  Divine  Providence,  the  pros- 
perity and  happiness  of  nations  are  committed.     The  subject  involves  all 
the  complicated  interests  of  society,  except  the  enjoyment  of  civil,  political, 
and  religious  liberty.     It  ought  to  be  approached  with  more  than  ordinary 
circumspection.     In  states  the  best  qualified  to  attempt  the  change,  it  is  en- 
vironed with  doubts  which  can  only  be  dispelled  by  the  light  of  experiment. 
In  the  United  States  these  doubts  are  greatly  increased  by  the  complex  form 
of  the  Government.     In  the  division  of  power  between  the  Federal  and 
State  Governments,  the  line  of  separation  is  not  sufficiently  distinct  to  pre- 
vent collisions  which  may  disturb  the  harmony  of  the  system.     Collisions 
have  already  arisen,  and,  in  the  course  of  human  events,  may  be  reasona- 
bly expected  to  arise,  until  the  line  of  separation  by  which  their  relative 
powers  and  duties  are  determined  shall  be  distinctly  defined  by  practice,  or 
by  explanatory  amendments  of  the  constitution,  effected  according  to  the 
forms  prescribed  in  that  instrument.     Upon  no  question  will  collision  more 
likely  arise  than  that  contemplated  by  the  resolution  under  which  this  re- 
port is  submitted.     No  attempt  to  make  the  change  has  succeeded.     The 
measure,  when  stripped  of  extraneous  difficulties,  must  be  admitted  to  be  of 
doubtful  tendency.    Under  the  most  auspicious  circumstances,  it  may  prove 
abortive.     Under  circumstances  in  any  degree  adverse,  it  must  inevitably 
fail.     Any  obstacle  opposed  to  its  execution,  by  one  or  more  of  the  State 
Governments,  would  be  decisive  of  its  fate.     Their  simple  acquiescence  in 
the  measure  would  not  be  sufficient  to  secure  to  it  that  issue,  to  which  the 
principles   upon  which  it  might  be  established  would  necessarily  lead. 
Their  active  co-operation  would  be  indispensable.     The  banks  which  de- 
rive their  authority  from  the  State  Governments  are  generally  bound  by 
their  charters  to  discharge  their  notes  in  specie  on  demand.     From  this  ob- 
ligation it  would  be  necessary  to  the  system  to  relieve  them.     The  obliga- 
tion to  discharge  their  notes  upon  demand,  in  the  national  currency,  should 
be  substituted  for  that  of  paying  them  in  specie. 


512  REPORTS  OF  THE  [1820. 


,  • 


If  these  obstacles  should  be  removed,  that  connected  with  the  public  debt, 
v/hich  has  been  "suggested  in  a  previous  part  of  the  report,  would  still  re- 
main. After  the  substitution  of  the  national  currency,  gold  and  silver  would 
be  imported  only  in  the  quantity  required  for  manufactures,  and  for  the 
prosecution  of  those  branches  of  trade  in  which  they  are  primary  articles 
of  commerce.  For  these  purposes,  the  importations  would  be  sufficient. 
They  might  even  be  sufficient,  and  at  a  reasonable  price,  for  the  payment  of 
the  annual  interest  of  the  public  debt.  But  after  the  year  1824,  when  the 
sum  of  $10,000,000  would  annually  be  expended  by  the  commissioners  of 
the  sinking  fund,  it  is  probable  that  the  premium  which  would  be  paid  upon 
it  would  be  considerable,  until  the  debt  was  extinguished.  A  compromise. 
as  has  already  been  suggested,  with  the  public  creditors,  would  seem  to  be 
a  measure  preliminary  to  any  attempt  to  establish  a  paper  currency.  It  is 
more  than  probable  that  the  attempt  would  hot  only  be  unsuccessful,  but 
that  it  would  injuriously  affect  the  public  credit. 

It  may  also  be  proper  to  observe,  that  those  sections  of  the  Union  where 
a  measure  of  this  kind  would  be  most  likely  to  be  acceptable,  would  proba- 
bly derive  from  it  the  least  benefit.  In  the  west,  and  in  the  south,  the  com- 
plaints'of  a  deficient  currency  have  been  most  distinctly  heard.  In  the  lat- 
ter, these  complaints  are  of  recent  date.  In  both,  they  proceed  in  a  greater 
dsgrca  fromthj  disbursement  of  the  public  revenue  than  from  any  other 
cause.  The  great  mass  of  public  expenditure  is  made  to  the  east  of  this 
city.  The  revenue  accruing  from  imports,  though  principally  collected  in 
the  middle  and  eastern  States,  is  paid  by  the  great  mass  of'  consumers 
throughout  the  United  States.  That  which  is  paid  for  the  public  lands,  al- 
though in  some  degree  drawn  from  every  part  of  the  Union,  is  principally 
paid  by  the  citizens  of  the  west  and  of  the  south.  The  greatest  part  of 
the  revenue  accruing  from  the  public  lands,  as  well  as  that  collected  in  the 
southern  States,  upon  imports,  has  been  transferred  to  the  middle  and  east- 
ern States  to  be  expended.  The  necessity  of  making  this  transfer  arises 
from  the  circumstance  that  the  great  mass  of  the  public  debt  is  held  in  those 
States,  or  by  foreigners,  whose  agents  reside  in  them;  and  from  the  estab- 
lishment of  dock-yards  and  naval  stations  in  their  principal  ports.  This 
transfer  will  continue  to  be  necessary,  until  the  public  debt  shall  be  extin- 
guished, and  until  the  other  expenditures  of  the  Government  can,  consist- 
ently with  the  public  interest,  be  more  equally  distributed.  If  a  national 
currency  should  be  established,  the  demand  for  it  in  the  southern  and  west- 
ern States,  for  the  purpose  of  transmission,  would  be  incessant;  whilst  its  re- 
turn, by  the  ordinary  course  of  trade,  especially  in  the  latter,  would  be  slow, 
and  in  some  degree  uncertain.  The  currency,  being  everywhere  receiva- 
ble by  the  Government,  would,  for  the  purpose  of  remittance,  be  more  fre- 
quently demanded  in  that  section  than  specie,  for  the  same  reason  that  the 
notes  of  the  Bank  of  the  United  States  and  its  offices  command  there,  at  this 
time,  a  premium  in  specie.  As  the  transfers  of  the  public  money  are  made 
by  the  Bank  of  the  United  States,  the  excitement  produced  by  the  demand 
for  specie  or  funds  that  can  be  remitted  consequent  upon  such  transfers 
has  been  directed  against  that  institution.  All  the  evils  which  the  commu- 
nity in  particular  parts  of  the  country  has  suffered  from  the  sudden  decrease 
of  the  currency,  as  well  as  from  its  depreciation,  have  been  ascribed  to  the 
Bank  of  the  United  States,  which,  in  transferring  the  public  funds,  has  been 
a  passive  agent  in  the  hands  of  the  Government. 


1820.]  SECRETARY  OF  THE  TREASURY.  513 

It  is  then  believed  that  the  evils  which  are  felt  in  those  sections  of  the 
Union  where  the  distress  is  most  general,  will  not  be  extensively  relieved 
by  the  establishment  of  a  national  currency.  The  sufferings  which  have 
been  produced  by  the  efforts  that  have  been  made  to  resume,  and  to  con- 
tinue, specie  payments,  have  been  great.  They  are  not  terminated,  and 
must  continue  until  the  value  of  property,  and  the  price  of  labor,  shall 
assume  that  relation  to  the  precious  metals  which  our  wealth  and  industry, 
compared  with  those  of  other  states,  shall  enable  us  to  retain.  Until  this 
shall  be  effected,  an  abortive  attempt,  by  the  substitution  of  a  paper  cur- 
rency, to  arrest  the  evils  we  are  suffering,  will  produce  the  most  distressing 
consequences.  The  sufferings  that  are  past  will,  in  such  an  event,  recur 
with  additional  violence,  and  the  nation  will  again  find  itself  in  the  situa- 
tion which  it  held  at  the  moment  when  specie  payments  were  resumed. 

I  have  the  honor  to  be  your  most  obedient  servant, 

WM.  H.  CRAWFORD: 

The  Hon.  the  SPEAKER 

of  the  House  of  Representatives. 


VOL.  u.—33 


514 


[1820. 


I 


0   6   H.> 


1^1 


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§ci  o     eo  ooot— ooooo 

§}  o     ••*<  o  o —ico  o  oco  o  o 

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fc  <N  i-c  Tti       CO 

""I" 

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l^"t^"OC^OO   OOCDOCi'^ODCO'"^       CO 

o«o~-^  eo"  --~co~—rin"c-reo~cr<^f     oo" 
eo   -H  <M  2  21  °°  °*  ^  ^J  *° M      M 

ji*.         (M 

O  O  ^5   O  CTi  O  *O       <O 
O  »-i  4O   CO  -^"  O  t~       I— 

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o  in    — 1-1  co      i-« 

CO          CO  OJ 

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I  I  l  I  I  l  i  I  l  i  i  i  i  l  i  i  i  l     o 


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SECRETARY  OF  THE  TREASURY. 


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o~  F-?3i-;^-Hj^$<^5iSx3xt^O'>»c;oi»'-< 

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t- 

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i    i   i   i   i    i«o   i   i   i    i   i   i   i   i   i   i   i   i     *? 

. 

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REPORTS  OF  THE 


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1       1       I       •      |       1       |       1       |       t      t      |       |       1       |       1       |       1 


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£820.}  SECRETARY  OF  THE  TREASURY.  517 


«  o 
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II 


1820.] 


SECRETARY  OF  THE  TREASURY. 


519 


co  cs  o  oo  »*      -^  o      co 

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520 


REPORTS  OF  THE 
B. 


[1820. 


STA  TEMENT  of  the  bank  capital  in  the  several  Slates,  Districts,  and 
Territories  of  the  United  States,  as  far  as  it  was  known  at  the  Trea- 
sury, during  the  years  1814,  1815,  1816,  and  1817. 


State,  District,  or  Territory. 

Capital.  1814. 

Capital.  1815. 

Capital.  1816. 

Capital.  1817. 

Maine 

$1.380,000  00 

$1,930,000  00 

$1.860,000  00 

SI  ,720,  000  00 

New  Hampshire 
Vermont        -                        •• 

833,250  00 

942,350  00 

'943,350  00 

997,550  00 

Massachusetts 

11,350.000  00 

11,600,000  00 

11,650,000  00 

11,300^000  00 

Rhode  Island 

2,317,3-20  00 

2,317,320  00 

2,317,320  00 

2,317,320  00 

Connecticut  - 

3,655,750  00 

4,063,675  00 

3,909,575  00 

4,021,262  00 

.New  York     - 

17,185,352  00 

17,700,736  00 

17,145,979  00 

16,991,704  00 

New  Jersey   - 

2,121,932  00 

2,071,957  00 

1,67-2,115  00 

2,076,465  00 

Pennsylvania 

14,963,333  00 

15,346,432  00 

15,393,594  00 

15,732,615  00 

Delaware 

996,990  00 

973,890  00 

974,500  00 

974,500  00 

Maryland 

7,872,002  00 

8,243,422  00 

8,346,782  00 

8,657,147  00 

District  of  Columbia 

4,060,814  00 

4,244,765  00 

4,650,176  00 

5,008,527  00 

Virginia 

3,592,000  00 

4,752,460  00 

5,521.415  00 

4,884,565  OO 

North  Carolina 

1,576,600  00 

2,594,600  00 

2,776',000  00 

2,796,600  00 

South  Carolina 

3,730,900  00 

3,832,758  00 

3,832,758  00 

3,919,973  00 

Georgia 

623,580  00 

1,239,440  00 

1,502,600  00 

1,502,600  00 

Louisiana 

1,432,300  00 

1,402,300  00 

1,422,300  00 

1,432,300  00 

Mississippi     - 

100,000  00 

100,000  00 

100,000  00 

200,000  00 

Tennessee 

212,962  00 

365,610  00 

498,506  00 

995,500  00 

Kentucky 

932,600  00 

2,532,000  00 

2,057,000  00 

2,823,100  00 

Ohio  - 

1,435,819  00 

1,932,108  00 

2,806,737  00 

2,003,969  00 

Indiana 

_ 

_ 

_ 

127,624  00 

Missouri 

- 

- 

- 

193,125  00 

80,378,504  00 

88,185,823  00 

89,380,707  00 

90,676,446  00 

Bank  of  the  United  States    - 

- 

- 

- 

35,000,000  00 

•  s. 

-. 

•")    5'V"- 

125,676,446  0$ 

'••?• 


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.1  STATEMENT  showing  the  aggregate  amount  of  the  capital,  circu- 
lation, specie,  and  discounts,  of  several  banks,  (sixteen  in  number,) 
situated  in  Maine,  Massachusetts,  Rhode  Island,  Pennsylvania^  Dis- 
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Capital. 

Circulation. 

Specie. 

Discounts. 

1813 

£6,903,377 

«6,  845,  344 

83,059,149 

812,990,975 

1815 

8,852,371 

9,944,757 

1,693,918 

15,727,218 

1819 

9,711,960 

4,259,334 

1,726,465 

12,959,560 

524 


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INDEX. 


A. 

Agriculture,  promoted  by  domestic  manufactures,  321,  405,  445. 

how  affected  by  the  fall  in  price  of  domestic  articles  in  foreign 

markets  in  1818.  486. 

Appropriations  for  1814,  gross  amount  of,  29. 

Army  expenses  from  1st  January,  1812,  to  30th  September,  1815    15   29 
in  1816,  74. 

1817,  89,  111. 

1818,  111,  198. 

1819,  145,  198. 

1820,  168,  198. 

1821,  200,  217,  234. 

1822,  218,  239.  264. 

1823,  248,  269;  276,  294. 

1824,  277,  301,  313,  332. 

1825,  314,  339,  354,  372. 

1826,  355,  379,  393,  418. 

1827,  394,  426,  461,  472. 

1828,  466,  473. 

B. 
Balance  in  the  Treasury,  1st  January,  1815,  30. 

1816,  74. 

1817,  88. 

1818,  111. 

1819,  114. 

1820,  169. 

1821,  199. 

1822,  217. 

1823,  247. 

1824,  276. 

1825,  313. 

1826,  354. 

1827,  393,  472. 

1828,  448,  472. 

1829,  estimated,  448. 
Bank  capital  authorized  by  law,  in  1814-15-16-17,  481,  483,  520. 

of  sixteen  banks,  in  1813-15-19,  523. 

Bank  credits,  advantages  and  disadvantages  of,  considered,  491,  492. 
Bank,  national,  establishment  of  a,  recommended,  44. 
Bank  of  England,  suspended  specie  payments,  remarks  on,  491. 

excessive  issues  of,  reduced  the  rate  of  interest,  503. 
Bank  of  the  United  States,  subscription  to  the  stock  of  the,  90. 

a  modification  of  the  charter  of,  recommend- 
ed. 177. 
its  beneficial  effects  on  the  fiscal  operations  of 

Government.  446. 

condition  of  the,  on  the  30th  September,  1819, 
481,  514. 


52&  INDEX. 

Bank  dividends,  in  1817,  117. 

1818,  110,  155,  198. 

1819,  184,  198. 

1821,  199,  232. 

1822,  237,  260. 

1823,  292. 

1824,  330. 

1825,  337,  370. 

1826,  416. 

1827,  424,  460,  472. 

1828,  473. 
Bank  notes,  duty  on,  cease  in  1816,  9. 

'  in  circulation  in  1819,  482,  483,  518,  523. 
Banks  benefit  the  community,  under  certain  restrictions,  487. 
Banks  increased  since  the  termination  of  the  war  in  1815,  493. 

should  be  restrained  from  excessive  issues,  and  from  issuing  small 

notes,  494. 
Banks  in  the  several  States  and  Territories,  condition  of  the,  in  1819,  521. 

specie  possessed  by  the,  522. 
Bounties  and  allowances. — See  Imports. 

C. 

Chesapeake  and  Ohio  Canal  Company,  United  States  subscribe  to  the  stock 

of  the,  447. 

Circulating  medium,  plan  for  improving  the,  40. 
Cocoa,  a  reduction  of  the  duty  on,  recommended,  325. 
Coffee,  a  reduction  of  the  duty  on,  recommended,  325. 
Coinage  of  the  United  States  compared  with  that  of  other  nations,  494. 

an  increase  and  alterations  of  the.  recommend- 
ed, 495. 

Colonial  trade,  remarks  on  the,  410. 

Commerce,  how  affected  by  the  tariff  of  1824,  280,  319,  397. 
state  of  the  foreign,  in  1828,  442. 

how  affected  by  substituting  a  paper  for  a  metallic  currency,  509. 
Cotton,  exported  in  1825-26,  361. 
Cotton  fabrics,  further  protection  necessary  for  the  manufacturers  of,  149, 

325,  400. 

Crawford,  Mr.,  report  of,  on  currency,  481. 
Currency,  report  of  Mr.  Crawford  on,  481. 

of  what  it  consists,  and  its  condition,  482. 

causes  of  depreciation  in  the  paper,  484. 

of  metal  and  paper  in  circulation  in  1813-15-19.  485. 

when  purely  metallic,  its  effects,  488,  493. 

how  affected  by  bank  issues,  489. 

Treasury  notes  became  a  component  part  of  the,  in  the  eastern 

States,  in  1815-16,  491. 
paper  circulation  may  be  beneficially  connected  with  metallic, 

491,  493. 

?          metallic,  value  of,  compared  with  that  of  other  nations,  494. 
\",^l  the  issue  of  Treasury  notes  for  the  improvement  of  the,  consid- 

ered, 496. 


INDEX.  523 

Currency,  the  practicability  of  adopting  a  paper  for  a  metallic,  considered, 
497,  511. 

constitutionality  of  adopting  a  paper  for  a  metallic,  considered,  504. 
estimated  amount  required  for  Europe,  of  metallic,  501. 

B. 

Debentures  issued  in  1813-14,          65. 

1815,  82,  95,  150. 

1816,  95,  150. 

1817,  116,  150. 
1818-19-20,  179,205. 
1821,              225. 

v       1822,  253, 

1823,  285. 

1824,  327. 

1825,  367. 

1826,  413. 

1827,  451, 
Debt— See  Public  Debt. 

Direct  taxes  increased  in  1815,  12. 

a  reduction  of  the,  recommended,  36. — See  Revenue, 
Discriminating  duties  cease  in  1816,  7. 
Drawbacks — See  Debentures  issued. 
Duties  on  domestic  manufactures,  a  repeal  of  the,  proposed,  36, 

table  of  existing,  46. 

additional,  on  imports  and  tonnage,  cease  in  1S16,  7. 
a  continuance  of  the.  recommended,  38. 
on  stamps  and  refined  sugar,  cease  in  1816,  35. 
on  other  articles,  a  repeal  or  reduction  of,  recommended,  36. 
on  imports,  an  increase  of  the,  proposed  for  the  protection  of  certain 

articles  of  domestic  manufacture,  149,  204,  223,  252,  400. 
on  fine  cotton  fabrics  imported,  an  increase  of  the,  proposed,  325. 
on  teas,  coffee,  and  cocoa,  a  diminution  of  the,  proposed,  325. 
•on  imports,  remarks  on  the  credit  system,  in  the  collection  of  the, 
492. — See  Imports;  also,  Merchandise, 

E. 

Estimate  of  receipts  and  expenditures  for  1815-16,  24,  29,  33,  35,  73,  78. 

1817,  78,  80,  88. 

1818,  93,  110. 

1819,  113,  145. 

1820,  148,  167, 

1821,  170,  199, 

1822,  202, 218. 

1823,  220, 247. 
;                      1824,  250, 277, 

1825,  281, 314, 

1826,  318, 354. 

1827,  360, 393. 

1828,  396, 412. 

1829,  449. 

Exchange,  (foreign  and  inland,)  rate  of,  in  1813-14-15-16,  484,  524. 
Exchange,  (foreign)  how  affected  by  the  depreciation  of  paper  currency,  484. 

by  substituting  a  paper  for  a  metallic  currency,  509, 
VOL.  ii.— 34 


530  INDEX. 

Expenditures — See  Receipts  and  expenditures. 

Exports  for  the  year  ending  30th  September,  1822,  220.  222. 

'  1823,  250. 
•  1824,  280. 

1825,  318. 

1826,  360. 
for  the  years  1822  to  1827,  397. 

1821  to  1828,  442. 

F. 

Finances,  a  review  of  the.  in  reference  to  the  late  state  of  war,  5. 
state  of  the,  in  1815,  24. 

1816,  73. 

1817,  88. 

1818,  na. 

1819,  144. 

1820,  167. 

1821,  198. 

1822,  217. 

1823,  247. 

1824,  276. 

1825,  312. 

1826,  353. 

1827,  388. 

1828,  439. 

Flour  exported  in  1825-6,  361. 
Foreign  debt  extinguished  in  1810!>  20. 

H, 

Hamilton's  reports  on  finances  referred  to,  445. 
Hemp,  an  increase  of  the  ditty  on,  recommended,  400. 

I. 

Importations  into  several  ports,  a  comparative  statement  of  the  value  of.  305, 
gross  amount  of,  in  1821  to  1828,  442. 
in  1816,  increased  the  rate  of  exchange,  484. 
Imports,  statement  of  the  amount  of  duties  accrued  oo,  in  1813-14,  65. 

1815.  82,  150. 

1815-16,  95.  150. 

1817,  116,  150. 

1815-16-17-18.150. 

1817-18-19,  179. 

1818-19-20,  205, 

1821,  225. 

1822,  253. 

1823,  285. 

1824,  327. 

1825,  367. 

1826,  413. 

1827,  451.— See 
Merchandise  imported* 

Indemnity  by  Great  Britain  for  slaves.  &<*.,  amount  of,  393. 
distribution  of  the,  394,  418,  425. 

Internal  duties  increased  in  1315>  12, 

••  •  ' 


INDEX.  531 

Internal  duties,  repeal  of  some,  and  reduction  of  other  parts  of  the,  proposed,  36. 

repealed  31st  December,  1817,  148. — See  Revenue. 
Internal  improvements,  surplus  revenues  may  be  applied  to,  81. 
Iron,  an  increase  of  the  duty  on,  recommended,  400. 

L. 

Land  claimants  (Yazoo)  in  Mississippi,  statements  of  the  awards  to,  126, 

166,  190,  216,  246,  275,  311,  345,  387,  431,  474. 
Lands — See  Public  lands, 

Laws  creating  and  increasing  the  revenue,  reviewed,  8,  34. 
repeal  or  modification  of  certain,  proposed,  38. 
a  revision  of  the,  recommended,  445. 

Loans,  additional,  recommended,  75.  149,  178,  204,  282,  317,  359. 
receipts  from,  in  1S12-'13-'14,  15. 

in. 18 15,  26,  30. 

terms  on  which  obtained,  26,  53  to  64.  283.  306,  307. 
receipts  from,  in  1816,  74. 

1820,  178. 

1821,  199,  204,  217. 

1822,  223. 

1823,  283. 

1824,  312. 

1825,  354,  370— See  Revenue. 

M. 

Manufactures,  a  repeal  of  the  laws  injuriously  affecting  domestic,  pro- 
posed, 36. 

table  of  the  existing  duties  on  domestic,  46. 

a  modification  of  the  tariff,  proposed  for  the  better  protection 
of,  149.  204,  223,  252,  325,  397,  400. 

promote  the  interests  of  agriculture  and  commerce,  324,  445. 

domestic,  exported  in  1824-'25,  319. 

1826,  363. 

1827,  397. 

1821  to  1828.  442. 
how  affected  by  the  fall  in  price  of  domestic  articles  in 

foreign  ports  in  1818,  486. 

Mediterranean  fund,  discontinued  in  March,  1815,  6. 
Merchandise  imported,  (the  quantity  re-exported  deducted)  in  1814,  66. 

1815,  82,  95. 

1816,  95. 

1817,  116. 

1818,  151. 

1819,  180. 

1820,  206. 

1821,  226. 

1822,  254. 

1823,  286. 

1824,  347. 

1825,  476. 

1826,  433. 

1827,  452. 


532  INDEX. 

N. 

National  bank,  establishment  of  a,  recommended,  44. 

subscription  to  the  stock  of  the,  76. 
National  circulating  medium,  plan  for  improving  the,  40. 
Navy  expenses,  from  1st  January,  1812,  to  30th  September.  1815,  15,  29. 
for  1816,  74. 

1817,  89,  111. 

1818,  111,  198. 

1819,  145,  198. 

1820,  168,  198. 
1821,200,217,234. 

1822,  218,  241,  264. 

1823,  248,  270,  276,  295. 

1824,  277,  302,  313,  333. 

1825,  314,  340,  354.  374. 

1826,  354,  381,  393,  420. 

1827,  394,  428,  464,  472. 

1828,  469,  473. 

O. 

Officers  and  soldiers — See  Revolutionary  claims. 

P. 

Passports  and  clearances — See  Merchandise  imported  ;  also,  Imports. 
Postage  on  letters,  increased  in  1815,  12. — See  Revenue. 
Public  credit,  during  the  late  war,  state  of  the,  reviewed,  6. 
plan  for  improving  the,  38. 
state  of,  in  1828,  441. 

Public  debt,  amount  paid  from  1st  Jan.,  1812,  to  30th  Sept.,  1815, 15, 16,  30, 
amount  unpaid  on  30th  September,  1815,  19. 
amount  paid  to  1st  January,  1815,  22. 
statement  of  the,  from  1st  January,  1791,  to  1815.  47. 
state  of  the,  in  1816,  75,  82,  85,  90,  100, 

1817,  90,  100  to  103,  111,  119,  135. 

additions  made  to  the,  by  funding  Treasury  notes,  104, 146, 160. 
amount  of  the,  on  1st  January  and  1st  October,  1818, 112,  12Qr 

146,  160,  164. 
in  1819,  147,  161  to  166,  185. 

1820,  169,  186,  188,200,212. 

1821,  201,  213  to  216,  219,  235,  243. 

1822,  219,  244,  249,  265,  272. 

1823,  249,  271,  273,  278,  296,  308. 

1824,  278,  303,  30P,  334,  342. 
when  it  may  be  redeemed,  283. 

amount  paid  from  1st  January,  1817,  to  1st  January,  1825,284, 
343. 


INDEX.  533 

Public  debt,  amount  of  the,  on  1st  October,  1825,  315,  341,  344,  375,  384. 

1826, 356, 381, 385  to  387, 421. 

1827,  390, 429  to  431, 465, 472. 

1828,  470,  473. 

amount  paid  from  1st  Jan.,  1817,  to  1st  Jan.,  1829,  440,  472. 
amount  unpaid  on  1st  January,  1829,  471. 
Public  lands  sold  prior  to  the  establishment  of  land  offices,  51. 

from  the  opening  of  the  land  offices  to  1814,  51. 
from  1st  October,  1814,  to  30th  Sept.,  1815,  68  to  72,  88, 
receipts  from,  in  1816,  73,  88.  110. 
sold  from  1st  Oct.,  1816,  to  1st  Oct.,  1817,  97  to  99,  110. 
sold  in  1817-18,  110,  118,  135  to  143. 
1818-19,  145,  156  to  159,  191. 
1819-20,  167,  191  to  198. 
relief  to  purchasers  of,  recommended,  175. 
sold  in  1820-21,  199,  211,  230. 
effects  of  the  relief  laws  on  the  sale  of,  202. 
sold  in  1822,  236,  247,  258. 

1823,  248,  266,  276,  290. 

1824,  277,  297,  312,  328. 

1825,  313,  335,  368. 

1826,  376,  392,  414. 

1827,  393,  422,  457. 

remarks  on  the  credit  system  in  the  sale  of,  492. 

R. 

Receipts  and  expenditures,  from  1st  Jan.,  1812,  to  30th  Sept.,  1815, 16,  29. 

from  1791  to  1814,  45,  73. 
in  1815-16,  73,  88,  110. 
1816-17,  88,  110. 
1817-18,  111,  144. 
1818-19,  145,  167. 
1819_20,  167,  198. 
1820-21,  198,  217,  233. 
1821-22,  217,  233,  238  to  244,  247, 261. 
1822-23,  247,  261,  268,  293. 
1823-24,  276,  293,  300,  330-1. 
from  1st  Jan.,  1817,  to  1st  Jan.,  1825,  284. 
in  1824-25,  312,  330  to  352,  354, 371, 476. 
1825-26,  353,  371  to  382. 
1826-27,  392,  413  to  438,  451,  457,  460, 

472. 

from  1821  to  1828,  442,  448,  451,  465,  473. 
Revenue,  state  of  the,  during  the  late  war,  reviewed,  5. 
laws  passed  in  1815  for  increasing  the,  12. 
from  what  sources  derived,  and  the  amount  in  1815,  12,  23,  30. 
received  from  all  sources,  from  1st  Jan.,  1812,  to  30th  Sept.,  1815, 

16,  30. 

laws  relating  to  the  several  branches  of,  reviewed,  8,  34. 
laws,  modifications  of,  proposed,  36,  38,  445. 
plun  for  improving  the,  38. 


334  INDEX. 

Revenue,  amount  of,  in  1814-15-16,  73,  88,  96,  110,  144. 
1817,89,96,  110,  117,  144,  167. 

1818.  Ill,  144,  150,  167,  198. 

1819,  145,  155,  167,  184,  198. 

an  augmentation  of  the,  recommended,  149,  204,  223. 
amount  of.  in  1820,  167,  184,  198,  210. 

1821,  199,  217,  226.  232. 

1822,  218,  237,  254,  260. 

1823,  247,  266,  276,  286  to  292. 
from  1st  Jan.  1817,  to  1st  Jan,  1825,  234. 

in  1824,  276,  299,  312,  328,  330. 

1825,  313,  335  to  337,  354,  368  to  370,  476. 

1826,  377,  392,  413  to  416,  432  to  438. 

1827,  393,  422  to  424.  448,  451,  457  to  460. 
from  1821  to  1828.  442,  448. 

how  affected  by  the  issue  of  Treasury  notes,  496. — See  Mer 

chandise. 

Revolutionary  claims  paid  under  act  of  15th  May,  1828.  466. 
Rice,  amount  of,  exported  in  1825-6.  361. 


Salt  duty,  ceases  in  1816,  9,  34. 

a  continuation  of  the,  recommended,  36. 
Silk,  observations  on  the  culture  and  manufacture  of,  364. 
Sinking  fund,  operations  of  the,  to  30th  September,  1815,  20. 

rise  and  progress  of  the,  21 ,  39, 

further  powers  necessary  to  the,  40,  77. 

statement  of  the,  in  1816,  83. 

stock  purchased  by  the,  in  1817,  106  to  109. 

1818,  124. 

1819,  164. 
1826,  358,  382. 

7  per  cent,  stock,  to  be  purchased  by  the.  252. 
operations  of  the,  from  January,  1818,  to  January,  1829,  440. 
Slaves,  &c.,  amount  received  from  Great  Britain  for.  393, 460. 

amount  paid,  461,  466,  472,  473. 
Specie,  effects  of  the  suspension  of  the  payment  of,  by  banks,  on  the  fiscal 

operations  of  Government,  12,  24,  40,  114. 
payment  of,  resumed  by  banks,  114,  490. 
amount  possessed  by  banks,  and  in  circulation  in  1819,  482. 
causes  of  the  suspension  of  the  payment  of,  by  banks,  484,  490. 
an  article  of  commerce,  494. 

Spirits  distilled  in  the  United  States,  duties  on,  to  be  modified,  36.  178. 
importation  of,  to  be  prohibited,  178. 
quantity  imported. — See  Merchandise. 
Stamp  duties,  cease  in  1816,  35. 

a  continuation  of  the,  recommended,  36. 
Subscription  to  the  Bank  of  the  United  States,  90. 
Sugar,  quantity  imported. — See  Merchandise. 
refined,  duties  on,  cease  in  1816,  35. 

a  continuation  of  the  duties  on,  recommended,  36. 


INDEX,  535 

Surplus  fund,  unexpended  balances  carried  to  the,  in  1815,  29. 

amount  applied  to  the  payment  of  the  public  debt  since 

January,  1817.  441. 
Surplus  revenues  may  be  applied  to  internal  improvements,  81,  252. 

T. 

Tariff  of  duties  on  imports,  a  modification  of  the,  proposed  for  the  better 

protection  of  domestic  manufactures,  149. 
a  revision  of  the,  recommended,  204, 223, 252, 

325,  397. 

present  compared  with  former,  304. 
of  1828,  effect  of,  on  the  revenue,  445. 
Taxes,  a  view  of  the  several  descriptions  of,  in  1815. 12. — See  Direct  tayes; 

also.  Internal  duties. 
Teas  imported,  a  reduction  of  the  duties  on,  recommended,  325,  409,  445, 

— See  Merchandise. 
Tobacco  exported  in  1824-5-6,  361. 
Tonnage,  amount  of  American  and  foreign,  in  1814,  65. 

1815,  82,95,  150. 

1816,  95,  150. 

1817,  116,  150,  179. 

1818,  150,  179.205. 

1819,  179,  205. 

1820,  205. 

1821,  225. 

1822,  253. 

1823,  285. 

1824,  352. 

1825,  367. 

1826,  438. 

1827,  456. 

1828,  443. 
Treasury  notes  authorized  to  be  issued  in  1815.  13. 

amount  received  from,  in  1812-13-14,  15. 

issued  prior  to  February,  1815,  and  outstanding,  19. 

may  be  funded,  19. 

for  what  purposes  issued  in  1815,  26. 

amount  received  from,  in  1815,  31. 

re-issued  prior  to  October,  1815,  52. 

estimated  amount  of,  unpaid  in  1816,  64. 

issued,  92. 

funded  and  outstanding  in  1817,  104. 

1818,  112,  125. 

stock  issued  on,  to  31st  December,  1817,  121. 
outstanding  in  December,  1819,  165,  187. 

October,  1820,  189. 

November,  1821,  215. 

October,  1822.  246. 

1823,  275. 

1824,  310,  345. 


536  INDEX. 

Treasury  notes  outstanding  in  October,  1825,  316. 

1826,  387. 

1827,  431. 

1828,  474. 

constituted  an  essential  part  of  the  circulating  medium  in 
the  Eastern  States  in  1815-16,  490. 

expediency  of  issuing,  as  a  relief  from  the  general  pecu- 
niary distress  (in  1820)  considered,  496. 

W. 

Wines,  a  reduction  of  the  duties  on,  recommended,  409. — See  Merchandise. 
Woollen  fabrics,  further  protection  necessary  for  manufacturers  of,  149, 400. 

Y. 

Yazoo  claimants,  statement  of  awards  in  favor  of  the,  126,  166,  190,  216, 
246,  275,  311,  345,  387,  431,  474. 


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